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<TITLE>UBS AG</TITLE>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

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</DIV>

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

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

<P align="center">
<HR size="1" width="30%" align="center">

<P align="center">
<B><FONT size="5">FORM 20-F</FONT></B>

<P align="left">
<B>(Mark One)</B>

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	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><IMG src="y46460pi5-110.gif"></TD>
	<TD align="left">
	<B>REGISTRATION STATEMENT PURSUANT TO SECTION&nbsp;12(b) OR
	(g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

</TABLE>

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

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	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

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	<TD><IMG src="y46460pi5-178.gif"></TD>
	<TD align="left">
	<B>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">For the fiscal year ended December&nbsp;31,
2000</FONT></B>

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

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<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><IMG src="y46460pi5-110.gif"></TD>
	<TD align="left">
	<B>TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">For the transition period from
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT></B>

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

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

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

<P align="center">
<B>Switzerland</B>

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

<P align="center">
<B>Bahnhofstrasse 45, Zurich, Switzerland, and Aeschenvorstadt
1, Basel, Switzerland</B>

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

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Title of each class</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Name of each exchange on which registered</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Ordinary Shares (par value of CHF 10 each)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>New York Stock Exchange</B></FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>$75,000,000 18.5% GOALs due May&nbsp;28, 2002</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>American Stock Exchange</B></FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>$50,000,000 18.25% GOALs due June&nbsp;27, 2002</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>American Stock Exchange</B></FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>$60,000,000 19.5% GOALs due July&nbsp;23, 2002</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>American Stock Exchange</B></FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>$45,000,000 18.25% GOALs due July&nbsp;31, 2002</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>American Stock Exchange</B></FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>$30,000,000 14.125% GOALs due August&nbsp;15, 2002</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>American Stock Exchange</B></FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>$51,000,000 26% GOALs due September&nbsp;12, 2002</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>American Stock Exchange</B></FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B>Securities registered or to be registered pursuant to
Section&nbsp;12(g) of the Act: None</B>

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

<DIV align="center">
<B>8.622% Noncumulative Trust Preferred Securities</B>
</DIV>

<DIV align="center">
<B>8.622% Noncumulative Company Preferred Securities</B>
</DIV>

<DIV align="center">
<B>Subordinated Guarantee of UBS AG with respect to Company
Preferred Securities</B>
</DIV>

<DIV align="center">
<B>Guarantees with respect to certain securities of UBS Americas
Inc.,</B>
</DIV>

<DIV align="center">
<B>PWG Capital Trust I and PWG Capital Trust II.</B>
</DIV>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate the number of outstanding
shares of each of the issuer&#146;s classes of capital or common
stock as of 31&nbsp;December 2000:

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares, par value CHF 10
per share: 444,379,729 ordinary shares (including 18,421,783
treasury shares)

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

<P align="center">
Yes&nbsp;
<IMG src="y46460pi5-178.gif">
&nbsp;&nbsp;No&nbsp;<IMG src="y46460pi5-110.gif">

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark which
financial statement item the registrant has elected to follow.

<P align="center">
Item&nbsp;17&nbsp;
<IMG src="y46460pi5-110.gif">
&nbsp;&nbsp;Item&nbsp;18&nbsp;<IMG src="y46460pi5-178.gif">

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="4">Cautionary Statement Regarding Forward-Looking
Statements</FONT>

<P align="left">
This annual report contains statements that constitute
&#147;forward-looking statements&#148; within the meaning of
Section&nbsp;21E of the Securities Exchange Act of 1934. The
Private Securities Litigation Reform Act of 1995 provides a
&#147;safe harbor&#148; for forward-looking information to
encourage companies to provide prospective information about
themselves without fear of litigation so long as the information
is identified as forward looking and is accompanied by
meaningful cautionary statements identifying important factors
that could cause actual results to differ materially from those
projected in the information. The words &#147;anticipate&#148;,
&#147;believe&#148;, &#147;expect&#148;, &#147;estimate&#148;,
&#147;intend&#148;, &#147;plan&#148;, &#147;should&#148;,
&#147;could&#148;, &#147;may&#148; and other similar expressions
are used in connection with forward-looking statements. In this
annual report, forward-looking statements may, without
limitation, relate to:
<P>

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<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	The implementation of strategic initiatives, such as the
	implementation of the European wealth management strategy and a
	new business model for the UBS Capital business unit</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	The development of revenues overall and within specific business
	areas</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	The development of operating expenses</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	The anticipated level of capital expenditures and associated
	depreciation expense</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	The expected impact of the risks that affect UBS&#146;s
	business, including the risk of loss resulting from the default
	of an obligor or counterparty</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Expected credit losses based upon UBS&#146;s credit review</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Other statements relating to UBS&#146;s future business
	development and economic performance</TD>
</TR>

</TABLE>

<P align="left">
There can be no assurance that forward-looking statements will
approximate actual experience. Several important factors exist
that could cause UBS&#146;s actual results to differ materially
from expected results as described in the forward-looking
statements. Such factors include:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	General economic conditions, including prevailing interest rates
	and performance of financial markets, which may affect demand
	for products and services and the value of our assets</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Changes in UBS&#146;s expenses associated with acquisitions and
	dispositions</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	UBS&#146;s and PaineWebber&#146;s ability to achieve anticipated
	cost savings and efficiencies from their merger, to fully
	integrate their sales and distribution channels in a timely
	manner and to retain their key employees</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	General competitive factors, locally, nationally, regionally and
	globally</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Industry consolidation and competition</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Changes affecting the banking industry generally and UBS&#146;s
	banking operations specifically, including asset quality</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Developments in technology</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Credit ratings and the financial position of obligors and
	counterparties</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	UBS&#146;s ability to control risk in its businesses</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Changes in federal tax laws, which could adversely affect the
	tax advantages of certain of UBS&#146;s products and subject it
	to increased taxation</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	Changes in currency exchange rates, including the exchange rate
	for the Swiss franc into U.S. dollars</TD>
</TR>

</TABLE>

<P align="left">
UBS is not under any obligation to (and expressly disclaims any
such obligations to) update or alter its forward-looking
statements, whether as a result of new information, future
events, or otherwise.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 1</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="4">Part I</FONT>

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

<P align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.

<P align="left"><B>Item&nbsp;2.&nbsp; Offer Statistics and Expected
Timetable.</B>

<P align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.

<P align="left"><B>Item&nbsp;3.&nbsp;&nbsp;Key Information.</B>

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

<P align="left">
UBS&#146;s financial statements have been prepared in accordance
with International Accounting Standards (&#147;IAS&#148;) and
are denominated in Swiss francs, or &#147;CHF&#148;, the legal
tender of Switzerland. Certain financial information has also
been presented in accordance with U.S. GAAP.

<P align="left">
The tables below set forth, for the periods and dates indicated,
information concerning the noon buying rate for the Swiss franc,
expressed in United States dollars or &#147;USD&#148;, per one
Swiss franc. The &#147;noon buying rate&#148; is the rate in New
York City for cable transfers in foreign currencies as certified
for customs purposes by the Federal Reserve Bank of New York.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>High</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average Rate(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>At Period End</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Year Ended 31 December</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(USD per 1 CHF)</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8641</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7399</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8090</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7468</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7446</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6510</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6890</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6845</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7731</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6485</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6894</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7281</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7361</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6244</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6605</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6277</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6441</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5479</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5912</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6172</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Month</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>High</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	September 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5804</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5596</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	October 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5773</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5479</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	November 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5759</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5529</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	December 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6172</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	January 2001</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6240</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6031</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	February 2001</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6124</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5910</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The average of the noon buying rates on the
	last business day of each full month during the relevant
	period.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 2</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Income statement data</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>51&nbsp;745</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35&nbsp;604</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37&nbsp;442</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23&nbsp;669</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>43&nbsp;615</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29&nbsp;695</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32&nbsp;424</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16&nbsp;733</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8&nbsp;130</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5&nbsp;909</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5&nbsp;018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6&nbsp;936</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss recovery/(expense)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>130</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(956</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(951</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1&nbsp;278</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income after credit loss recovery/(expense)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8&nbsp;260</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4&nbsp;953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4&nbsp;067</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5&nbsp;658</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>16&nbsp;703</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;607</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;626</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;234</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net trading income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9&nbsp;953</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7&nbsp;719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3&nbsp;313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5&nbsp;491</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1&nbsp;486</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3&nbsp;146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2&nbsp;241</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;497</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>36&nbsp;402</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28&nbsp;425</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22&nbsp;247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24&nbsp;880</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>26&nbsp;203</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20&nbsp;532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18&nbsp;376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18&nbsp;636</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10&nbsp;199</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7&nbsp;893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3&nbsp;871</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6&nbsp;244</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Restructuring costs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7&nbsp;000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense/(benefit)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2&nbsp;320</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">904</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(105</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(87</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7&nbsp;792</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6&nbsp;153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2&nbsp;972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(667</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio&nbsp;(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>72.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio before goodwill amortization&nbsp;(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>70.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Per share data (CHF)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>19.33</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1.59</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,4,7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>20.99</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.04</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>19.04</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1.59</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,4,7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>20.67</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash dividends declared per share&nbsp;(CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.50</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>(9)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash dividends declared per share&nbsp;(USD)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2.57</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dividend payout ratio&nbsp;(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>23.28</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68.21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Rates of return&nbsp;(%)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity before goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>23.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on average equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>22.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2.0</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on average assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.70</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.07</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 3</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance sheet data</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1&nbsp;087&nbsp;552</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">896&nbsp;556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">861&nbsp;282</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;086&nbsp;414</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>44&nbsp;833</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30&nbsp;608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28&nbsp;794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30&nbsp;927</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market capitalization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>112&nbsp;666</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92&nbsp;642</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90&nbsp;720</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average equity to average assets&nbsp;(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.17</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.06</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Weighted average shares outstanding</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Registered ordinary shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>433&nbsp;486&nbsp;003</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">430&nbsp;497&nbsp;026</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429&nbsp;710&nbsp;128</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">426&nbsp;994&nbsp;240</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Own shares to be delivered</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2&nbsp;058&nbsp;212</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(32&nbsp;514&nbsp;906</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25&nbsp;754&nbsp;544</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(24&nbsp;487&nbsp;833</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7&nbsp;724&nbsp;236</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Weighted average shares for basic earnings per share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>403&nbsp;029&nbsp;309</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404&nbsp;742&nbsp;482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">405&nbsp;222&nbsp;295</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">419&nbsp;270&nbsp;004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>BIS capital ratios</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tier 1 (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>11.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total BIS (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>15.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk-weighted assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>273&nbsp;290</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">273&nbsp;107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">303 719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">345 904</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total assets under management (CHF billion)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2&nbsp;469</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;744</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;573</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Headcount (full time equivalents)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>71&nbsp;076</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49&nbsp;058</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48&nbsp;011</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Long-term ratings</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fitch, London</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>AAA</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AAA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AAA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Moody&#146;s, New York</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>Aa1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Aa1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Aa1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Standard &#38; Poor&#146;s, New York</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>AA+</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AA+</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AA+</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Earnings adjusted for significant financial
events(11)</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>36&nbsp;402</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26&nbsp;587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>25&nbsp;763</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20&nbsp;534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10&nbsp;639</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6&nbsp;053</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8&nbsp;132</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4&nbsp;665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio before goodwill (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>69.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before goodwill (CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,4,7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21.83</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before goodwill (CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,4,7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity before goodwill (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>24.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="3%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Note&nbsp;1 to the Financial
	Statements).</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Operating expenses/ operating income before
	credit loss expense.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(3)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The amortization of goodwill and other
	intangible assets is excluded from the calculation.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(4)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">For EPS calculation, see Note&nbsp;10 to the
	Financial Statements.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(5)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Net profit/average shareholders&#146; equity
	excluding dividends.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(6)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The Group headcount does not include the
	Klinik Hirslanden AG headcount.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(7)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 1999, 1998 and 1997 share figures are
	restated for the two-for-one share split, effective 8&nbsp;May
	2000.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(8)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Dividends are normally declared and paid in
	the year subsequent to the reporting period. In 2000, as part of
	the arrangements for the merger with PaineWebber, a dividend was
	paid on 5&nbsp; October 2000 in respect of the nine months ended
	30&nbsp;September 2000. Prior to the merger between Union Bank
	of Switzerland and Swiss Bank Corporation, each paid dividends
	in accordance with their own dividend policies. Union Bank of
	Switzerland&#146;s dividends for 1997 were CHF&nbsp;50.00
	(USD&nbsp;33.65) for its bearer shares and CHF&nbsp;10.00
	(USD&nbsp;6.73) for its registered shares. Swiss Bank
	Corporation paid a dividend of CHF&nbsp; 12.00 (USD&nbsp;8.01)
	in 1997. Dividend payments are reflected at actual historical
	amounts and have been translated to US&nbsp;dollars at an
	exchange rate equal to the noon buying rate in New York City on
	the date of payment.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 4</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="4%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><I><FONT size="2">(9)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Excludes a proposed distribution of
	CHF&nbsp;1.60 per share (USD&nbsp;0.976 per share at year end
	2000 spot rate) in the form of a par value reduction.</FONT></I></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(10)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">See Item 5B on page&nbsp;24 of this Form 20-F
	for information about the nature of these ratings.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(11)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Please see pages 4 to 5 of the attached
	Financial Report 2000 for a definition of significant financial
	events. UBS introduced the concept of significant financial
	events for the first time in its 1999 reporting and did not
	define significant financial events until 1999. Adjusted figures
	are therefore not shown for 1998 or 1997.</FONT></I></TD>
</TR>

</TABLE>

<P align="left"><B>Balance Sheet Data</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1&nbsp;087&nbsp;552</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">896&nbsp;556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">861&nbsp;282</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;086&nbsp;414</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>29&nbsp;147</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29&nbsp;907</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68&nbsp;495</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66&nbsp;582</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities borrowed</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>177&nbsp;857</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113&nbsp;162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91&nbsp;695</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82&nbsp;656</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>193&nbsp;801</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132&nbsp;391</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141&nbsp;285</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">216&nbsp;355</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>253&nbsp;296</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211&nbsp;932</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159&nbsp;179</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210&nbsp;738</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Positive replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>57&nbsp;875</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62&nbsp;957</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90&nbsp;511</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">149&nbsp;538</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans, net of allowances for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>244&nbsp;842</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234&nbsp;858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">247&nbsp;926</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">270&nbsp;917</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>82&nbsp;240</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76&nbsp;365</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85&nbsp;716</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159&nbsp;634</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities lent</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>23&nbsp;418</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;832</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19&nbsp;171</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14&nbsp;140</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>295&nbsp;513</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196&nbsp;914</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">137&nbsp;617</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">191&nbsp;793</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>82&nbsp;632</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54&nbsp;638</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47&nbsp;033</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68&nbsp;215</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Negative replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>75&nbsp;923</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95&nbsp;786</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">125&nbsp;847</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">170&nbsp;162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>310&nbsp;679</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">279&nbsp;960</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274&nbsp;850</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">302&nbsp;516</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>54&nbsp;855</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56&nbsp;332</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50&nbsp;783</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54&nbsp;284</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>44&nbsp;833</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30&nbsp;608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28&nbsp;794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30&nbsp;927</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Note&nbsp;1 to the Financial
	Statements).</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 5</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>U.S. GAAP Income Statement Data</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98(1)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>51&nbsp;565</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35&nbsp;404</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29&nbsp;136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(43&nbsp;584</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29&nbsp;660</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25&nbsp;773</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7&nbsp;981</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5&nbsp;744</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3&nbsp;363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss recovery/(expense)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>130</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(956</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(787</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income after credit loss recovery/(expense)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8&nbsp;111</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4&nbsp;788</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2&nbsp;576</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>16&nbsp;703</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;607</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8&nbsp;925</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net trading income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8&nbsp;597</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7&nbsp;174</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net gains from disposal of associates and subsidiaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>83</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;821</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1&nbsp;431</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;361</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">641</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>34&nbsp;925</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27&nbsp;751</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;681</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>17&nbsp;262</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;483</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7&nbsp;938</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6&nbsp;813</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6&nbsp;664</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6&nbsp;259</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation and amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3&nbsp;952</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3&nbsp;454</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2&nbsp;403</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Restructuring costs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>191</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;089</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>28&nbsp;218</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23&nbsp;351</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17&nbsp;689</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating profit/(loss) before tax and minority interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6&nbsp;707</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4&nbsp;400</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5&nbsp;008</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense/(benefit)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2&nbsp;183</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1&nbsp;509</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1&nbsp;339</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit/(loss) before minority interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4&nbsp;524</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2&nbsp;891</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3&nbsp;669</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(87</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit/(loss)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4&nbsp;437</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2&nbsp;837</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3&nbsp;665</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Notes&nbsp;1 and 41 to the Financial
	Statements).</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 6</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>U.S. GAAP Balance Sheet Data</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98(1)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1&nbsp;124&nbsp;554</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">893&nbsp;525</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">899&nbsp;589</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>29&nbsp;182</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29&nbsp;954</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68&nbsp;554</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities borrowed</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>177&nbsp;857</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113&nbsp;162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91&nbsp;695</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>193&nbsp;801</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132&nbsp;391</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141&nbsp;285</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>197&nbsp;048</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">184&nbsp;085</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">161&nbsp;440</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets, pledged</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>59&nbsp;448</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Positive replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>57&nbsp;775</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62&nbsp;294</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90&nbsp;520</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>245&nbsp;214</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">235&nbsp;401</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">248&nbsp;657</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Intangible assets and goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>35&nbsp;726</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21&nbsp;428</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21&nbsp;707</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>26&nbsp;971</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18&nbsp;717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29&nbsp;398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>82&nbsp;240</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76&nbsp;363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85&nbsp;716</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities lent</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>23&nbsp;418</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;832</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19&nbsp;127</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>295&nbsp;513</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">173&nbsp;840</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">136&nbsp;824</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>87&nbsp;832</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52&nbsp;658</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47&nbsp;772</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Negative replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>75&nbsp;423</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95&nbsp;004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">125&nbsp;857</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>310&nbsp;686</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">279&nbsp;971</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274&nbsp;861</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued expenses and deferred income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21&nbsp;038</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12&nbsp;040</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11&nbsp;232</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>54&nbsp;970</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56&nbsp;049</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50&nbsp;445</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>62&nbsp;960</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51&nbsp;833</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54&nbsp;761</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Notes&nbsp;1 and 41 to the Financial
	Statements).</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Adjusted for the adoption of FAS&nbsp;140
	required disclosures as of 31&nbsp;December 2000.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(3)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Positive and negative replacement values
	represent the fair value of derivative contracts.</FONT></I></TD>
</TR>

</TABLE>

<P align="left"><B><FONT size="2">Ratio of Earnings to Fixed Charges</FONT></B>

<DIV align="left">
The following table sets forth UBS AG&#146;s ratio of earnings
to fixed charges, for the periods indicated. Ratios of earnings
to combined fixed charges and preferred stock dividends
requirements are not presented as there were no preferred share
dividends in any of the periods indicated.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>IAS(1),(2)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.95</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>U.S. GAAP(1),(3)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">1.</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The ratio is provided using both IAS and U.S.
	GAAP values, as the ratio is materially different between the
	two accounting standards. No U.S. GAAP information is provided
	for 31&nbsp;December 1997 as a U.S. GAAP reconciliation was not
	required for that period.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">2.</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The deficiency in the coverage of fixed
	charges by earnings before fixed charges at 31&nbsp;December
	1997 was CHF&nbsp;851 million.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">3.</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The deficiency in the coverage of fixed
	charges by earnings before fixed charges at 31&nbsp;December
	1998 was CHF&nbsp;5,319 million.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 7</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B><FONT size="2">B&#151;Capitalization and
Indebtedness.</FONT></B>

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B><FONT size="2">C&#151;Reasons for the Offer and Use of
Proceeds.</FONT></B>

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B><FONT size="2">D&#151;Risk Factors.</FONT></B>

<DIV align="left">
Please see pages 5 to 6 of the attached Financial Report 2000.
</DIV>

<P align="left"><B>Item&nbsp;4.&nbsp;&nbsp;Information on the Company.</B>

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

<P align="left">
1.&nbsp;&nbsp;The legal name of the company is UBS AG.

<P align="left">
2.&nbsp;&nbsp;On 29&nbsp;June 1998, Union Bank of Switzerland
(founded 1860) and Swiss Bank Corporation (founded 1854) merged
to form UBS.

<P align="left">
3.&nbsp;&nbsp;UBS AG is incorporated and domiciled in
Switzerland and operates under Swiss Company Law and Swiss
Federal Banking Law as an Aktiengesellschaft, which means that
it is a corporation that has issued shares of common stock to
investors. The address and telephone number of our principal
places of business are Bahnhofstrasse&nbsp;45, Zurich,
Switzerland, telephone 011 41-1-234 11 11; and
Aeschenvorstadt&nbsp;1, Basel, Switzerland, telephone 011
41-61-288 20 20.

<P align="left">
4.&nbsp;&nbsp;Please see page 10 of the attached UBS Handbook
2000-2001.

<P align="left">
5., 6.&nbsp;&nbsp;Please see pages&nbsp;9 to 54 of the attached
Financial Report 2000.

<P align="left">
7.&nbsp;&nbsp;Not applicable.

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

<DIV align="left">
1.-3., 5., 7.&nbsp;&nbsp;Please see pages&nbsp;5 to 36 of the
attached UBS Handbook 2000-2001.
</DIV>

<P align="left">
4., 6.&nbsp;&nbsp;Not applicable.

<P align="left">
8.&nbsp;&nbsp;Please see pages&nbsp;86 to 90 of the attached UBS
Handbook 2000-2001.

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

<DIV align="left">
Please see Note&nbsp;38 to the UBS Group Financial Statements on
pages&nbsp;123 to 126 of the attached Financial Report 2000.
</DIV>

<P align="left"><B><FONT size="2">D&#151;Property, Plant and
Equipment.</FONT></B>

<DIV align="left">
At 31&nbsp;December 2000, UBS operated about 1,560 offices and
branches worldwide, of which about 57% were in Switzerland, 7%
in the rest of Europe, 34% in the Americas and 2% in Asia.
</DIV>

<P align="left">
43% of the offices and branches in Switzerland were owned
directly by UBS with the remainder, along with most of
UBS&#146;s offices outside Switzerland, being held under
commercial leases.

<P align="left">
These premises are subject to continuous maintenance and
upgrading and are considered suitable and adequate for our
current and anticipated operations.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 8</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B><FONT size="2">Information Required by Industry Guide
3</FONT></B>

<P align="left"><B>Selected Statistical Information</B>

<P align="left">
The tables below set forth selected statistical information
extracted from the financial statements regarding the
Group&#146;s banking operations. Unless otherwise indicated,
average balances for the year ended 31&nbsp;December 2000 and
1999 are calculated from monthly data, and averages for the year
ended 31&nbsp;December 1998 are calculated from quarterly data.
Certain prior year balances and figures have been reclassified
to conform to current year presentation. The distinction between
domestic and foreign generally is based on the domicile of the
booking location. For loans, this method is not significantly
different from an analysis based on domicile of the borrower.
Disclosures for the year ended 31&nbsp;December 1996, where
applicable, are presented for Union Bank of Switzerland and
Swiss Bank Corporation individually. Combined data is not
presented for this period because differences between accounting
policies of the predecessor banks were significant or could not
be quantified, or because significant inter-company balances
could not be identified and eliminated. For purposes of this
selected statistical information, &#147;UBS&#148; refers to
Union Bank of Switzerland and &#147;SBC&#148; refers to Swiss
Bank Corporation.

<P align="left"><B>&nbsp;&nbsp;</B><I>Average Balances and Interest Rates</I>

<P align="left">
The following table sets forth average interest-earning assets
and average interest-bearing liabilities, along with the average
rates, for the years ended 31&nbsp;December 2000, 1999 and 1998.

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
</TR>

<TR>
	<TD colspan="30"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="30"><HR size="1"></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,175</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>46</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,798</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>63,752</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,924</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,179</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,144</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,679</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>13,366</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,273</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,451</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,757</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,703</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>16,994</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,280</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>13.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,739</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43,705</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities borrowed and reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8,383</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>558</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,265</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">117</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,751</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>348,395</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>18,530</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223,962</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,305</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">275,549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>20,407</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>243</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,269</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,211</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>208,076</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8,829</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">124,564</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">119,629</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>181,646</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,985</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200,111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">207,937</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>67,528</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,813</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58,634</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,485</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72,445</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,658</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>60</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,066</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,306</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>142</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,737</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,070</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest on swaps</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,062</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,609</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total interest-earning assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>939,686</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>51,745</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>752,035</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>35,604</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>862,044</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-interest-earning assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Positive replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>135,762</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146,036</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164,708</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fixed assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9,660</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,824</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,316</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>32,925</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,957</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,050</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total average assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,118,033</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">941,852</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,073,118</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="50%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,724</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities borrowed and reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,291</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,823</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,839</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,440</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">268</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest on swaps</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total interest-earning assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>37,442</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-interest-earning assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total average assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 9</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
</TR>

<TR>
	<TD colspan="30"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="30"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Liabilities and equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>79</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">255</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>78,075</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,338</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,956</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,246</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,435</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>31,133</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,397</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,581</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,254</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,140</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>57,258</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,758</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,583</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,261</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,209</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities lent and repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>12,700</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>478</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.8</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,830</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,261</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>284,220</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>14,437</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144,837</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,340</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186,819</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,078</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>66,597</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5,305</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,560</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,070</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,677</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>143,809</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,202</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155,887</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,931</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">161,688</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>143,432</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,303</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">122,411</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,399</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132,338</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>15,490</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>778</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,241</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">951</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,267</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>38,020</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,615</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,963</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,024</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total interest-bearing liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>871,891</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>43,615</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>675,995</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>29,695</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>783,113</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-interest-bearing liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Negative replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>157,668</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">171,800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,934</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>53,049</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,946</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,184</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,082,608</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">908,741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,040,231</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>35,425</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,887</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total average liabilities and shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,118,033</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">941,852</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,073,118</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net interest income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8,130</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,909</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net yield on interest-earning assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="50%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Liabilities and equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,557</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,422</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,783</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities lent and repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,472</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,613</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,277</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,138</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,348</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total interest-bearing liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>32,424</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-interest-bearing liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total average liabilities and shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net interest income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net yield on interest-earning assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>

<P align="left">
All assets and liabilities are translated into Swiss francs at
uniform month-end rates. Income and expenses are translated at
monthly average rates.

<P align="left">
Average rates earned and paid on assets and liabilities can
change from period to period based on the changes in interest
rates in general, but are also affected by changes in the
currency mix included in the assets and liabilities. This is
especially true for foreign assets and liabilities. Tax exempt
income is not recorded on a tax-equivalent basis. For all three
years presented, tax exempt income is considered to be
insignificant and therefore the impact from such income is
negligible.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 10</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Analysis of Changes in Interest Income and
Expense</I>

<P align="left">
The following tables allocate, by categories of interest-earning
assets and interest-bearing liabilities, the changes in interest
income and expense due to changes in volume and interest rates
for the year ended 31&nbsp;December 2000 compared to the year
ended 31&nbsp;December 1999, and for the year ended
31&nbsp;December 1999 compared to the year ended
31&nbsp;December 1998. Volume and rate variances have been
calculated on movements in average balances and changes in
interest rates. Changes due to a combination of volume and rate
have been allocated proportionally.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>2000 compared to 1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>1999 compared to 1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Increase (decrease)</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Increase (decrease)</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>due to changes in</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>due to changes in</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Volume</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Volume</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change</B></FONT></TD>
</TR>

<TR>
	<TD colspan="26"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="26"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Interest income from interest-earning assets:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(16</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>35</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>19</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(43</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>370</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,410</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,780</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">985</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(582</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">403</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(550</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>66</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(484</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(229</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,134</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>675</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(459</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,590</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(395</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,985</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities borrowed and reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>183</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>258</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>441</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(52</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6,281</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>944</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,225</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,926</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,941</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,015</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(31</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>202</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>171</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(42</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,976</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,414</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,390</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">158</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">458</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">616</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(807</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,042</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,235</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(333</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">244</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(89</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>529</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(201</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>328</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,037</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(918</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,955</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(35</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(14</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(30</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>82</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(26</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>56</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(126</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(57</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(183</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,200</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,568</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,368</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(690</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">707</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9,104</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,216</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>13,320</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,536</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,447</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,089</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total interest income from interest- earning assets:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,904</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,784</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>15,688</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(4,226</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,154</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(2,072</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest on swaps</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>453</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total interest income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>16,141</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,838</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 11</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>2000 compared to 1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>1999 compared to 1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Increase (decrease)</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Increase (decrease)</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>due to changes in</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>due to changes in</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Volume</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Volume</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change</B></FONT></TD>
</TR>

<TR>
	<TD colspan="26"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="26"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Interest expense on interest-bearing liabilities:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>780</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,312</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,092</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">324</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(635</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(311</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(558</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(299</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(857</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,106</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,938</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">832</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>852</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>645</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,497</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,087</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,435</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,522</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities lent and repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>373</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>372</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8,026</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,929</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6,097</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,679</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,547</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">868</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>769</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,466</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,235</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(454</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">783</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">329</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(150</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>421</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>271</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(94</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(588</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(682</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,099</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(195</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>904</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(546</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(332</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(878</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(44</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(129</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(173</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(269</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(187</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>476</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>479</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">302</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">486</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">788</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(750</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>366</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(384</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,467</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>11,529</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,775</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>14,304</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,140</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">414</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,726</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total interest expense</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,779</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,141</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>13,920</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,607</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,878</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,729</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 12</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Deposits</I>

<P align="left">
The following table analyzes average deposits and the average
rates on each deposit category listed below at and for the years
ended 31&nbsp;December 2000, 1999 and 1998. The geographic
allocation is based on the location of the office or branch
where the deposit is made.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Deposit</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Deposit</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Deposit</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rate (%)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="26"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="26"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Demand deposits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,649</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,736</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,890</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Time deposits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8,717</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>8.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,715</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,813</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total domestic offices</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>13,366</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,451</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,703</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest-bearing deposits(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>16,994</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43,705</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total due to banks</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>30,360</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,450</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66,408</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Customer accounts</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Demand deposits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>44,403</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,261</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,569</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Savings deposits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>72,207</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82,561</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Time deposits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>27,199</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,083</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,558</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total domestic offices</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>143,809</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155,887</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">161,688</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Demand deposits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>143,432</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">122,411</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132,338</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total due to customers</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>287,241</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">278,298</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">294,026</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Mainly time deposits.</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
As of 31&nbsp;December 2000, the maturity of time deposits
exceeding CHF 150,000, or an equivalent amount in other
currencies, was as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Domestic</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Foreign</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Within 3&nbsp;months</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	74,277</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	3 to 12&nbsp;months</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,371</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,703</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1 to 5&nbsp;years</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,128</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Over 5&nbsp;years</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">231</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	497</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total time deposits</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,059</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	85,605</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 13</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Short-term Borrowings</I>

<P align="left">
The following table presents period-end, average and maximum
month-end outstanding amounts for short-term borrowings, along
with the average rate and period-end rates at and for the years
ended 31&nbsp;December 2000, 1999 and 1998.

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>Money Market Paper Issued</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>Due to Banks</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Period-end balance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>74,780</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	64,655</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	51,527</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>51,245</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	40,580</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10,361</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average balance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>78,154</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58,102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	51,690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>58,031</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30,714</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	53,941</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Maximum month-end balance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>89,821</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76,368</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	53,710</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>73,355</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	64,562</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	89,072</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average interest rate during the period (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>5.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>7.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.1</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average interest rate at period-end (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>6.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>4.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.4</FONT></TD>
</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="60%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><I>Repurchase Agreements</I></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><I>31.12.00</I></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><I>31.12.99</I></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><I>31.12.98</I></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Period-end balance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>330,857</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	217,736</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	137,617</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average balance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>278,601</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	149,071</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	177,298</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Maximum month-end balance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>342,427</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	217,736</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	202,062</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average interest rate during the period (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>4.8</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.6</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average interest rate at period-end (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>4.8</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.9</FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 14</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Loans</I>

<P align="left">
Loans are widely dispersed over customer categories both within
and outside of Switzerland. With the exceptions of private
households (foreign and domestic) and banks and financial
institutions outside Switzerland, there is no material
concentration of loans. For further discussion of the loan
portfolio, see &#147;&#151;Risk Analysis&#151;Credit Risk&#148;
in the attached Handbook 2000-2001. The following table
illustrates the diversification of the loan portfolio among
customer categories at 31&nbsp;December 2000, 1999, 1998, 1997
and 1996. The industry categories presented are consistent with
the classification of loans for reporting to the Swiss Federal
Banking Commission and Swiss National Bank.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,896</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,802</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,751</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15,039</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,532</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,870</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,577</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,897</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,627</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,022</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,556</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5,725</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,387</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,240</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,371</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14,465</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,752</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Hotels and restaurants</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,526</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,259</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,129</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,668</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,815</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,200</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9,577</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,377</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,505</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,440</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,650</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,019</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private households</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>91,667</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,846</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97,664</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">109,044</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	55,088</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	59,098</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Public authorities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5,658</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,277</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,354</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,271</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,972</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>16,673</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,835</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,231</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,915</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9,635</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,904</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,912</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,512</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,220</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,602</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>11,767</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,862</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,582</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,083</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,841</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,383</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,651</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,818</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,662</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,862</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,156</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	694</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>164,645</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">183,944</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,223</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223,627</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	124,567</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	102,808</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>27,168</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,983</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,559</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25,048</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	70,758</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Chemicals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,423</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>773</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Electricity, gas and water supply</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,584</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>20,348</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,596</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mining</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,070</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private households</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>29,470</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Public authorities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>11,754</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5,077</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,862</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,585</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Transport, storage and communication</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>993</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>11,168</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,087</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,054</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	33,412</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	34,758</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>119,871</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94,070</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">143,741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">129,613</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58,460</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	105,516</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total gross</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>284,516</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">278,014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">330,964</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">353,240</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	183,027</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	208,324</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<DIV align="left">
<I><FONT size="2">(1)&nbsp;&nbsp;Includes chemicals.</FONT></I>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes transportation, communication, health
	and social work, education and other social and personal service
	activities.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(3)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes mining and electricity, gas and water
	supply.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 15</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
The following table analyzes the Group&#146;s mortgage portfolio
by geographic origin of customer and type of mortgage at
31&nbsp;December 2000, 1999, 1998, 1997 and 1996. Mortgages are
included in the aforementioned industry categories.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>116,348</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">126,677</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">138,306</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">142,919</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	68,534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	70,966</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,206</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,310</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,479</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,883</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,657</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,266</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total gross mortgages</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>120,554</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127,987</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146,802</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	70,191</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	73,232</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Residential</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>96,181</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91,408</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106,093</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,926</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	48,508</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	49,794</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Commercial</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>24,373</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,579</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,692</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,876</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21,683</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23,438</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total gross mortgages</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>120,554</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127,987</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146,802</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	70,191</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	73,232</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>&nbsp;&nbsp;</B><I>Loan Maturities</I>

<P align="left">
The following table discloses loans by maturities at
31&nbsp;December 2000. The determination of maturities is based
on contract terms. Information on interest rate sensitivities
can be found in Note&nbsp;32 to the Financial Statements.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Within 1 Year</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>1 to 5 Years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Over 5 Years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,896</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgages</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	68,619</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	43,664</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,065</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	116,348</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	33,444</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,461</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,496</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	45,401</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total domestic</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	104,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	53,919</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,590</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	164,645</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26,616</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	353</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	199</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27,168</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgages</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	869</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	230</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,206</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	82,827</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,357</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	88,497</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total foreign</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	112,550</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,535</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,786</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	119,871</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total gross loans</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	216,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	59,454</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	284,516</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>&nbsp;&nbsp;</B><I>Impaired, Non-performing and Restructured
Loans</I>

<P align="left">
The Group classifies a loan as impaired when it is determined
that there is a high probability that it will suffer a partial
or full loss. A provision is then made with respect to the
probable loss to be incurred for the loan in question. Within
the category are non-performing loans, for which the contractual
payments of principal, interest or commission are in arrears for
90&nbsp;days or more. After the 90-day period, interest income
is no longer recognized on the loan and a charge is taken for
the unpaid and accrued interest or commission receivable.
Unrecognized interest related to non-performing loans amounted
to CHF&nbsp;182 million, CHF&nbsp;409 million, CHF&nbsp;423
million and CHF&nbsp;450 million for the years ended
31&nbsp;December 2000, 1999, 1998 and 1997, respectively.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
The table below provides an analysis of the Group&#146;s
non-performing and restructured loans. For further discussion of
impaired and non-performing loans, see &#147;&#151;Risk
Analysis&#151;Credit Risk&#148; in the attached UBS Handbook
2000-2001.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,588</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,435</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,023</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,238</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,171</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,864</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,638</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,091</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,426</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">414</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,446</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total non-performing loans</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,452</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,114</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,664</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,033</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Foreign restructured loans</B>(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>179</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">287</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">449</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">638</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">473</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">289</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Amounts presented for 2000, 1999 and 1998
	include only performing foreign restructured loans. Amounts
	presented for prior years include both performing and
	non-performing foreign restructured loans. UBS does not, as a
	matter of policy, typically restructure loans to accrue interest
	at rates different from the original contractual terms or reduce
	the principal amount of loans. Instead, specific loan allowances
	are established as necessary. Unrecognized interest related to
	foreign restructured loans was not material to the results of
	operations during these periods.</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
In addition to the data above analyzing non-performing loans,
the Group had CHF&nbsp;8,042 million, CHF&nbsp;9,383 million and
CHF&nbsp;10,333 million in &#147;other impaired loans&#148; for
the years ended 31&nbsp;December 2000, 1999 and 1998,
respectively. These are loans that are current, or less than
90&nbsp;days in arrears, with respect to payment of principal or
interest; however, the Group&#146;s credit officers have
expressed doubts as to the ability of the borrowers to repay the
loans. As of 31&nbsp;December 2000 specific allowances of
CHF&nbsp;2,835 million have been established against these
loans, which are primarily domestic.

<P align="left"><B>&nbsp;&nbsp;</B><I>Cross-Border Outstandings</I>

<P align="left">
Cross-border outstandings consist of general banking products
such as loans and deposits with third parties, credit
equivalents of over-the-counter derivatives and repurchase
agreements, and the market value of the inventory of securities.
The outstandings are monitored and reported on an ongoing basis
by the credit risk management and control organization, with a
dedicated country risk information system. With the exception of
the 27 most developed economies, the exposures are rigorously
limited.

<P align="left">
Claims that are secured by third party guarantees are recorded
against the guarantor&#146;s country of domicile. Outstandings
that are secured by collateral are recorded against the country
where the asset could be liquidated. This follows the
&#147;Guidelines for the Management of Country Risk&#148;, which
are applicable to all banks that are supervised by the Swiss
Federal Banking Commission.

<P align="left">
The following tables list those countries for which the
cross-border outstandings exceeded 0.75% of total assets at 31
December&nbsp;2000, 1999 and 1998. At 31&nbsp;December 2000,
there were no outstandings that exceeded 0.75% of total assets
in any country currently facing liquidity problems that the
Group expects would materially impact the country&#146;s ability
to service its obligations.

<P align="left">
For more information on cross-border outstandings, see
&#147;&#151;Risk Analysis&#151;Credit Risk&#148; in the attached
UBS Handbook 2000-2001.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>31&nbsp;December 2000</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Banking Products</B></FONT></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Traded</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Tradeable</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% of Total</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Banks</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Non-Banks</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Products(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assets(2)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assets</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	United States</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,826</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">958</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,796</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,077</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88,657</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Japan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">895</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,378</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58,779</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66,175</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	United Kingdom</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,795</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,224</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,037</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,440</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,496</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Germany</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,720</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,198</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,085</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,689</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Italy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,293</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">931</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,629</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,700</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,553</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	France</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,085</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,956</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,987</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,928</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Netherlands</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">910</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,480</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,092</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,803</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,285</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Australia</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">370</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,113</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,508</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>31&nbsp;December 1999</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Banking Products</B></FONT></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Traded</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Tradeable</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% of Total</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Banks</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Non-Banks</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Products(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assets(2)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assets</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	United States</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,202</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,508</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,970</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,012</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95,692</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Japan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,117</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">965</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,194</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,429</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	United Kingdom</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,417</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,273</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,183</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Germany</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,455</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,174</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,422</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,181</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,232</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Italy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,462</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">762</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,803</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,708</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,735</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Netherlands</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,932</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,648</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,993</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,722</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	France</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,395</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,324</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,379</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,298</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Australia</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,688</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">409</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,342</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,735</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,174</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Canada</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">866</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">492</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,233</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">807</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>31&nbsp;December 1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Banking Products</B></FONT></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Traded</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Tradeable</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% of Total</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Banks</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Non-Banks</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Products(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assets(2)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assets</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	United States</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,882</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,292</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,922</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">109,639</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	United Kingdom</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,583</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,912</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,348</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,849</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Japan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,633</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">768</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,879</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,413</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Germany</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,850</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,666</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,903</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,919</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	France</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,490</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,420</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,037</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,521</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,468</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Italy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,174</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,201</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,236</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,394</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Australia</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,749</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,097</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,760</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Netherlands</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,221</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,086</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,804</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Sweden</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">449</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">812</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,710</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,091</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,062</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Canada</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">755</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,479</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,945</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Austria</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">769</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,513</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,436</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Spain</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">913</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,495</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,701</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,459</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Belgium</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,248</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,393</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,599</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,402</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Luxembourg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,212</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,723</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,195</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,260</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Traded products consist of derivative
	instruments and repurchase agreements. In 2000 unsecured OTC
	derivatives exposure is reported based on the Potential Credit
	Exposure measurement methodology and is therefore not directly
	comparable to the exposure in the prior years, which were
	measured based on Gross Replacement Values plus
	Add-On.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Tradeable assets consist of equity and fixed
	income financial instruments held for trading purposes, which
	are marked to market on a daily basis.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Summary of Movements in Allowances and
Provisions for Credit Losses</I>

<P align="left">
The following table provides an analysis of movements in
allowances and provisions for credit losses.

<P align="left">
As a result of the Swiss bankruptcy laws, banks will write off
loans against allowances only upon final settlement of
bankruptcy proceedings, the sale of the underlying asset and/or
in case of the forgiveness of debt. Under Swiss law, a creditor
can continue to collect from a debtor who has emerged from
bankruptcy, unless the debt has been forgiven through a formal
agreement.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="27"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="27"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at beginning of year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>13,398</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,978</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,135</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,413</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,700</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Write-offs:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(261</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(296</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(228</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(408</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(103</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(140</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(178</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(92</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(66</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(226</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(32</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(284</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Hotels and restaurants</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(193</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(137</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(98</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(138</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(28</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(37</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(264</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(242</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(214</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(514</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(179</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(111</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private households</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(640</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(598</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(534</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,214</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(306</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(389</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Public authorities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">( 2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(19</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(729</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(823</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(610</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(871</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(561</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(263</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(160</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(210</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(178</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(227</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(108</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(46</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(227</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(315</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(116</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(229</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(220</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(30</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(85</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(35</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total domestic write-offs</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(2,682</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,758</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,063</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,880</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,622</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,362</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign(4):</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(15</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(13</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Electricity, gas and water supply</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(3</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(33</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(11</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Public authorities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(4</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(160</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(8</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Transport, storage and communication</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(11</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(55</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total foreign write-offs</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(313</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(517</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(261</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(240</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(49</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(350</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total write-offs</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(2,995</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,275</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,324</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,120</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,671</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,712</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Recoveries:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>124</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">406</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">438</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>39</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total recoveries</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>163</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">442</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">463</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net write-offs</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(2,832</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,210</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,265</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,678</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,208</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,621</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 19</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Increase (decrease)&nbsp;in credit loss allowances</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(130</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">956</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">951</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,432</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,272</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Special provisions(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,289</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,480</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other adjustments(6)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>145</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">674</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">324</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">652</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at end of year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,581</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,978</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,229</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes chemicals.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes transportation, communication, health
	and social work, education and other social and personal service
	activities.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(3)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes mining and electricity, gas and water
	supply.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(4)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">For years prior to 2000, no detailed industry
	classifications are available.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(5)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 1996 UBS amount includes a special
	provision of CHF 3,000 million for credit risks, and the release
	of a CHF 711 million provision for general banking risks from
	the prior year.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(6)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes the following for 2000, 1999, 1998
	and 1997:</FONT></I></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>CHF million</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>31.12.00</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>31.12.99</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>31.12.98</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>31.12.97</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Doubtful interest</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>182</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>409</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>423</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>450</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Net foreign exchange</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>23</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>351</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(98</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>91</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Subsidiaries sold and other</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(60</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(86</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(246</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(217</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total adjustments</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>145</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>674</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>79</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>324</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Allocation of the Allowances and
Provisions for Credit Losses</I>

<P align="left">
The following tables provide an analysis of the allocation of
the allowances and provisions for credit losses by customer
categories and geographic location at 31&nbsp;December 2000,
1999, 1998, 1997 and 1996. For a description of procedures with
respect to allowances and provisions for credit losses, see
&#147;&#151;Risk Analysis&#151;Credit Risk&#148; in the attached
UBS Handbook 2000&#150;2001.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>843</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,449</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">716</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">539</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>328</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">342</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">668</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">510</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">403</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Hotels and restaurants</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>454</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">657</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">512</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">172</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>863</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,223</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,331</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,036</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">603</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">438</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private households</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,570</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,264</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">970</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,459</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Public authorities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,635</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,696</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,333</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,591</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,286</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,335</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>629</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">779</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">825</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">723</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">371</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">263</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>419</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">934</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">766</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">661</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">160</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>413</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total domestic</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,154</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,483</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,219</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,891</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,749</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,856</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Foreign(8):</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks(4)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>32</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>11</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Electricity, gas and water supply</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>107</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>262</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>547</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mining</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>586</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private households</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>72</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>82</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>41</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>126</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Transport, storage and communication</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>267</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total foreign, net of country provisions</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,135</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,539</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,309</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,399</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">353</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,286</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Country provisions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,292</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,450</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,175</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">804</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total foreign</B>(6)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3,427</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,915</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,759</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,574</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unallocated allowances(7)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,748</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,683</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total allowances and provisions for credit losses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,581</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,978</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,229</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes chemicals.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes transportation, communication, health
	and social work, education and other social and personal service
	activities.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(3)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes mining and electricity, gas and water
	supply.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(4)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Counterparty allowances and provisions only.
	Country provisions with banking counterparties amounting to CHF
	885 million are disclosed under country provisions.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(5)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Includes hotels and restaurants.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(6)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 2000, 1999 and 1998 amounts include CHF 54
	million, CHF 149 million and CHF 435 million of provisions and
	commitments for contingent liabilities, respectively.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(7)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">The 1997 amount includes a provision for
	commitments and contingent liabilities of CHF 472 million. In
	addition, the 1996 SBC amount includes CHF 603 million of
	provisions for commitments and contingent liabilities.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(8)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">For years prior to 2000, no detailed industry
	classifications are available.</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
The following table presents the percentage of loans in each
category to total loans. This table can be read in conjunction
with the preceding table showing the breakdown of the allowances
and provisions for credit losses by loan categories to evaluate
the credit risks in each of the categories.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>in %</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.2</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.2</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.2</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Hotels and restaurants</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.0</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.3</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private households</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>32.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.4</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Public authorities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.4</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.2</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.1</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.3</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total domestic</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>57.9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	68.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	49.3</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	34.0</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Chemicals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Construction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Electricity, gas and water supply</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Manufacturing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mining</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private households</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Public authorities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate and rentals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.8</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retail and wholesale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.6</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Transport, storage and communication</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>0.3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.8</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.7</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total foreign</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>42.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	50.7</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total gross loans</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>100.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	100.0</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Loss History Statistics</I>

<P align="left">
The following is a summary of the Group&#146;s loan loss history.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.96</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>SBC</B></FONT></TD>
</TR>

<TR>
	<TD colspan="22"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="22"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>284,516</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">278,014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">330,964</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">353,240</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	183,027</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	208,324</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Impaired loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>18,494</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,456</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,447</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-performing loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,452</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,114</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,664</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11,033</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowances and provisions for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,581</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,978</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,229</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net write-offs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,832</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,210</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,265</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,678</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,208</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,621</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss (recovery)/expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(130</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">956</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">951</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,432</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,272</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,018</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Impaired loans as a percentage of gross loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-performing loans as a percentage of gross loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.3</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance and provisions for credit losses as a percentage of:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.4</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Impaired loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>57.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-performing loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>101.2</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	117.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	83.6</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allocated allowances (1)&nbsp;as a percentage of impaired loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>52.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allocated allowances (2)&nbsp;as a percentage of non-performing
	loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>65.5</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net write-offs as a percentage of:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.8</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance and provisions for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>26.8</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.6</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance and provisions for credit losses as a multiple of net
	write-offs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3.74</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.61</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.41</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.69</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Allowances relating to impaired loans
	only</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Allowances relating to non-performing loans
	only</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>Item&nbsp;5.&nbsp;&nbsp;Operating and Financial Review and
Prospects.</B>

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

<DIV align="left">
Please see pages&nbsp;3 to 54 of the attached Financial Report
2000.
</DIV>

<P align="left"><B><FONT size="2">B&#151;Liquidity and Capital
Resources.</FONT></B>

<DIV align="left">
Group liquidity and capital management is undertaken at UBS by
Group Treasury as an integral asset and liability management
function. For a detailed discussion of our asset and liability
management and capital management, including our capital
resources, please see pages&nbsp;66 to 75 of the attached UBS
Handbook 2000-2001.
</DIV>

<P align="left">
For comments on UBS Group&#146;s balance sheet and consolidated
cash flows, please see pages&nbsp;18 to 19 of the attached
Financial Report 2000.

<P align="left">
UBS&#146;s financial stability stems from the fact that it is
one of the most well capitalized banks in the world. UBS
believes that this financial strength is a key part of the value
proposition offered to both clients and investors. For details
of UBS Group&#146;s long term credit ratings, please see the
Selected Financial Data on page&nbsp;4 above. These ratings are
also shown in the Group Financial Highlights on page&nbsp;7 of
the attached Financial Report 2000 and on page&nbsp;4 of the
attached UBS&nbsp;Handbook 2000-2001.

<P align="left">
Each of these ratings reflects only the view of the applicable
rating agency at the time the rating was issued, and any
explanation of the significance of such rating may be obtained
only from such rating agency. There is no assurance that any
such credit rating will remain in effect for any given period of
time or that such rating will not be lowered, suspended or
withdrawn entirely by the applicable rating agency, if in such
rating agency&#146;s judgment, circumstances so warrant.
Moody&#146;s announced on 28&nbsp;April 2000 that it had changed
its outlook for its long-term rating of UBS AG from stable to
negative.

<P align="left"><B><FONT size="2">C&#151;Research and Development, Patents and
Licenses, etc.</FONT></B>

<DIV align="left">
Not applicable.
</DIV>

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

<DIV align="left">
Please see pages 3 to 54 of the attached Financial Report 2000.
</DIV>

<P align="left"><B>Item&nbsp;6.&nbsp;&nbsp;Directors, Senior Management and
Employees.</B>

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

<DIV align="left">
1.-3.:&nbsp;&nbsp;Please see pages&nbsp;81 to 85 of the attached
UBS Handbook 2000-2001.
</DIV>

<P align="left">
4. and 5.:&nbsp;&nbsp;None.

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

<DIV align="left">
Please see Notes&nbsp;35 and 36 to the UBS Group Financial
Statements on pages&nbsp;119 to 122 of the attached Financial
Report 2000.
</DIV>

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

<DIV align="left">
Please see pages&nbsp;78 to 85 of the attached UBS Handbook
2000-2001 and Note&nbsp;36 to the UBS Group Financial Statements
on page&nbsp;122 of the attached Financial Report 2000. Alex
Krauer and Alberto Togni, the Chairman and Vice Chairman of the
Board of Directors, have entered into contracts with UBS&nbsp;AG
in connection with their service in those capacities. The
compensation payable to them under those contracts is included
in the compensation arrangements described in Notes&nbsp;35 and
36 to the UBS Group Financial Statements on pages 119 to 122 of
the attached Financial Report 2000. There are no service
contracts with any of the other members of the Board of
Directors.
</DIV>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

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

<DIV align="left">
Please see page&nbsp;16 of the attached Financial Report 2000
and the chart on page&nbsp;8 of the attached UBS Handbook
2000-2001.
</DIV>

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

<DIV align="left">
No member of the Board of Directors or the Group Executive Board
is the beneficial owner of more than 1% of the company&#146;s
shares.
</DIV>

<P align="left">
Please see Notes&nbsp;35 and 36 to the UBS Group Financial
Statements on pages&nbsp;119 to 122 of the attached Financial
Report 2000.

<P align="left"><B>Item&nbsp;7.&nbsp;&nbsp;Major Shareholders and Related Party
Transactions.</B>

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

<DIV align="left">
As far as UBS is aware, UBS is neither directly nor indirectly
owned nor controlled by another corporation or any government,
there are no arrangements in place the operation of which may
result in a change in control and UBS has no shareholders whose
beneficial ownership exceeds 5% of the total shares issued. At
31&nbsp;December 2000, Chase Nominees Ltd., London was entered
in UBS&#146;s shareholder register as a trustee/ nominee holding
6.3% of all shares issued.
</DIV>

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

<DIV align="left">
Related parties include the Board of Directors, the Group
Executive Board, the Group Managing Board, close family members
and enterprises which are controlled by these individuals.
</DIV>

<P align="left">
For 2000 and 1999, please see Note&nbsp;36 to the UBS Group
Financial Statements on page&nbsp;122 of the attached Financial
Report 2000.

<P align="left">
Total remuneration of related parties during 1998 amounted to
CHF 102.8 million. Total loans and advances receivable were
CHF&nbsp;27.1&nbsp;million at 31&nbsp;December 1998. The number
of long-term stock options outstanding from equity plans was
127,500 at 31&nbsp;December 1998.

<P align="left">
The total number of shares held by members of the Board of
Directors, Group Executive Board and Group Managing Board was
4,635,804 as of 31&nbsp;December 1998.

<P align="left"><B><FONT size="2">C&#151;Interests of Experts and
Counsel.</FONT></B>

<DIV align="left">
Not applicable because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B>Item&nbsp;8.&nbsp;&nbsp;Financial Information.</B>

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

<DIV align="left">
Please see Item 18 of this Form 20-F.
</DIV>

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

<DIV align="left">
UBS is not aware of any significant change that has occurred
since the date of the annual financial statements included in
this Form 20-F.
</DIV>

<P align="left"><B>Item&nbsp;9.&nbsp;&nbsp;The Offer and Listing.</B>

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

<DIV align="left">
1.-3., 5.-7. are not required because this Form&nbsp;20-F is
filed as an annual report.
</DIV>

<P align="left">
4.&nbsp;&nbsp;Information regarding the stock exchange price
history of UBS AG&#146;s ordinary shares is shown in the table
below.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>Stock exchange prices(1)</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>SWX Swiss Exchange</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>New York Stock Exchange (NYSE)(2)</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>High CHF</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low CHF</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Period end</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>High USD</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low USD</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Period end</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>2000</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>264.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>190.75</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>264.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>153.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>129.85</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>163.40</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Fourth quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>264.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>213.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>264.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>163.40</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>141.80</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>163.40</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	December</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">244.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">163.40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141.80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">163.40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	November</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">259.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">240.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">240.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135.55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">137.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	October</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">249.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">249.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">121.35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Third quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>264.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>224.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>230.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>153.25</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>135.19</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>135.45</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	September</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">257.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">230.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">230.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">147.56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135.45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135.45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	August</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">240.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">253.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">153.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146.19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	July</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">242.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">224.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">240.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">149.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135.19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Second quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>250.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>209.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>239.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>153.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>129.85</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>147.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	June</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">227.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">239.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">153.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135.56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">147.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	May(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">236.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">227.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">136.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">129.85</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	April</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">224.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">209.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>First quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>218.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>190.75</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>218.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	March</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">218.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">199.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">218.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	February</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">212.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">198.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">202.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	January</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">217.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">190.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">192.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>1999</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>264.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>202.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>215.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Fourth quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">239.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">202.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">215.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Third quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">246.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">202.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Second quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">221.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">232.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>First quarter</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">246.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">207.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">232.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>1998(3)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>326.50</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>135.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>211.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>1997(3)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>1996(3)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Restated for the 2:1 stock split effective
	8&nbsp;May&nbsp;2000.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">UBS was listed on the NYSE on 16&nbsp;May
	2000. NYSE figures for May&nbsp;2000 are therefore for the
	period 16&nbsp;May 2000 to 31&nbsp;May 2000 only, NYSE figures
	for second quarter are for 16&nbsp;May 2000 to 30&nbsp;June 2000
	only, and NYSE figures for 2000 are for 16&nbsp;May 2000 to
	31&nbsp; December 2000 only. There are no NYSE figures for
	periods prior to May&nbsp;2000.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(3)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">UBS was created by the merger of Union Bank of
	Switzerland and Swiss Bank Corporation, on 29&nbsp;June 1998.
	1998 figures are therefore for the period 29&nbsp;June 1998 to
	31&nbsp; December 1998 only. There are no figures for 1997 and
	1996.</FONT></I></TD>
</TR>

</TABLE>

<P align="left"><B><FONT size="2">B&#151;Plan of Distribution</FONT></B>

<P align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.

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

<P align="left">
UBS&#146;s shares are traded on the SWX Swiss Exchange, the New
York Stock Exchange and the Tokyo Stock Exchange. The symbols
are shown on page&nbsp;157 of the attached Financial Report 2000.

<P align="left"><I>Trading on the SWX Swiss Exchange</I>

<P align="left">
The SWX Swiss Exchange was founded in 1993 as the successor to
the local stock exchanges of Zurich, Basel and Geneva. Trading
in foreign equities and derivatives began in December&nbsp;1995.
In August&nbsp;1996, the SWX Swiss Exchange introduced full
electronic trading in Swiss equities, derivatives and bonds. The
aggregate turnover of the SWX Swiss Exchange, for both equity
and debt instruments, was in excess of CHF 1.3 trillion in 2000.
As of 31&nbsp;December 2000, the equity securities of more than

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<DIV align="left">
450 corporations, including over 170 foreign corporations, were
listed and traded on the SWX Swiss Exchange.
</DIV>

<P align="left">
Trading on the SWX Swiss Exchange occurs through a fully
integrated trading system covering the entire process from trade
order through settlement. Trading begins each business day at
9:00&nbsp;a.m. and continues until 5:00&nbsp;p.m. After close of
exchange trading, new orders can be entered or deleted until
10:00&nbsp;p.m., the system is not available between
10:00&nbsp;p.m. and 6:00&nbsp;a.m. From 6:00&nbsp;a.m., new
entries and inquires can be made until 9:00&nbsp;a.m. For the
opening phase, starting at 9:00&nbsp;a.m., the system closes the
order book and starts opening procedures; it establishes the
opening prices and determines orders to be executed according to
established rules that match bid and asked prices.

<P align="left">
Transactions take place through the automatic matching of
orders. Each valid order is entered and listed according to the
price limit. In general, market orders (orders placed at best
price), are executed first, followed by limit orders (orders
placed at a price limit), provided that if several orders are
listed at the same price, they are executed according to the
time of entry. Transactions in shares elected by or through
members of the SWX Swiss Exchange are subject to a stock
exchange levy of up to 0.02%, calculated on the settlement price.

<P align="left">
Banks and broker-dealers doing business in Switzerland are
required to report all transactions in listed securities traded
on the SWX Swiss Exchange. For transactions effected via the
exchange system, reporting occurs automatically. Off-exchange
transactions must be reported to the SWX Swiss Exchange within
30 minutes. Transaction information is collected, processed and
immediately distributed by the SWX Swiss Exchange. Transactions
outside trading hours must be reported no later than the next
opening. The SWX Swiss Exchange distributes a comprehensive
range of information through various publications, including in
particular the Swiss Market Feed (&#147;SMF&#148;). The SMF
supplies SWX Swiss Exchange data in real time to all
subscribers, as well as to other information providers such as
Reuters.

<P align="left">
Exchange transactions are usually settled on a &#147;T+3&#148;
basis, meaning that delivery and payment of exchange
transactions occur three days after the trade date. The SWX
Swiss Exchange promotes efficient processing by automatically
transmitting transactions to SIS SEGAINTERSETTLE AG via the SE
OM electronic settlement system.

<P align="left">
A listed security may be suspended by the SWX Swiss Exchange if
large price fluctuations are observed, if important,
price-sensitive information is about to be disclosed, or in
other situations that might endanger fair and orderly trading.
Surveillance and monitoring is the responsibility of the SWX
Swiss Exchange, as the organizer of the market. The aim of
supervision is to ensure fair trading and an orderly market.

<P align="left"><I>Trading on the New York Stock Exchange</I>

<DIV align="left">
UBS listed its shares on the New York Stock Exchange
(&#147;NYSE&#148;) on 16&nbsp;May 2000.
</DIV>

<P align="left">
As of 31 December 2000, the equity securities of more than 2,800
corporations were listed on the NYSE. The NYSE is open Monday
through Friday, 9:30&nbsp;A.M.&nbsp;&#150; 4:00&nbsp;P.M.

<P align="left">
The NYSE is an agency auction market. The essential point is
that trading at the NYSE takes place by open bids and offers by
Exchange members, acting as agents for institutions or
individual investors. Buy and sell orders meet directly on the
trading floor, and prices are determined by the interplay of
supply and demand. In contrast, in the over-the-counter market,
the price is determined by a dealer who buys and sells out of
inventory.

<P align="left">
At the NYSE, each listed stock is assigned to a single post
where the specialist manages the auction process. NYSE members
bring all orders for NYSE-listed stocks to the Exchange floor
either electronically or by a floor broker. As a result, the
flow of buy and sell orders for each stock is funneled to a
single location.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<P align="left">
This heavy stream of diverse orders is one of the great
strengths of the Exchange. It provides liquidity&#151;the ease
with which securities can be bought and sold without wide price
fluctuations.

<P align="left">
When an investor&#146;s transaction is completed, the best price
will have been exposed to a wide range of would-be buyers and
sellers.

<P align="left">
Every transaction made at the NYSE is under continuous
surveillance during the trading day. Stock Watch, a computer
system that searches for unusual trading patterns, alerts NYSE
regulatory personnel to possible insider trading abuses or other
prohibited trading practices. The Exchange&#146;s other
regulatory activities include the supervision of member firms to
enforce compliance with financial and operational requirements,
periodic checks on broker&#146;s sales practices, and the
continuous monitoring of specialist operations.

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

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

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

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B><FONT size="2">F&#151;Expenses of the Issue.</FONT></B>

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B>Item&nbsp;10.&nbsp; Additional Information.</B>

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

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B><FONT size="2">B&#151;Memorandum and Articles of
Association.</FONT></B>

<DIV align="left">
Please see Item&nbsp;14 of our registration statement on
Form&nbsp;20-F filed 9&nbsp;May 2000.
</DIV>

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

<DIV align="left">
None.
</DIV>

<P align="left"><B><FONT size="2">D&#151;Exchange Controls.</FONT></B>

<P align="left"><I>Exchange Controls and Other Limitations Affecting Holders of
UBS Shares</I>

<DIV align="left">
There are no restrictions under UBS&#146;s Articles of
Association or Swiss law, presently in force, that limit the
right of non-resident or foreign owners to hold UBS&#146;s
securities freely or to vote UBS&#146;s securities freely in
matters put to a vote of UBS security holders generally. There
are currently no Swiss foreign exchange controls or laws
restricting the import or export of capital. In addition, there
are currently no restrictions under Swiss law affecting the
remittance of dividends, interest or other payments to
non-resident holders of UBS securities.
</DIV>

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

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

<P align="left">
The discussion does not address the tax consequences to persons
who hold UBS ordinary shares in particular circumstances, such
as tax-exempt entities, banks, financial institutions, insurance
companies, broker-dealers, traders in securities that elect to
mark to market, holders liable for alternative minimum tax,
holders that actually or constructively own 10% or more of the
voting stock of UBS, holders that hold UBS ordinary shares as
part of a straddle or a hedging or conversion transaction or
holders whose functional currency for US tax purposes is not the
U.S. dollar. This discussion also does not apply to holders who
acquired their UBS ordinary shares pursuant to the

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<DIV align="left">
exercise of employee stock options or otherwise as compensation
or through a tax-qualified retirement plan.
</DIV>

<P align="left">
The discussion is based on the tax laws of Switzerland and the
United States, including the Internal Revenue Code of 1986, as
amended, its legislative history, existing and proposed
regulations under the Internal Revenue Code, published rulings
and court decisions, as in effect on the date of this document,
as well as the convention between the United States of America
and Switzerland, which we call the &#147;Treaty,&#148; all of
which may be subject to change or change in interpretation,
possibly with retroactive effect.

<P align="left">
For purposes of this discussion, a &#147;U.S. holder&#148; is
any beneficial owner of UBS ordinary shares that is
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	a citizen or resident of the United States,</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	a corporation or other entity taxable as a corporation organized
	under the laws of the United States or any political subdivision
	of the United States,</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	an estate the income of which is subject to United States
	federal income tax without regard to its source, or</TD>
</TR>

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

<TR valign="top">
	<TD>&#149;</TD>
	<TD align="left">
	a trust if a court within the United States is able to exercise
	primary supervision over the administration of the trust and one
	or more United States persons have the authority to control all
	substantial decisions of the trust.</TD>
</TR>

</TABLE>

<P align="left">
The discussion does not generally address any aspects of United
States taxation other than federal income taxation or any
aspects of Swiss taxation other than income and capital
taxation. Holders of UBS shares are urged to consult their tax
advisors regarding the United States federal, state and local
and the Swiss and other tax consequences of owning and disposing
of these shares.

<P align="left"><I>Ownership of UBS Ordinary Shares&#151;Swiss Taxation</I>

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

<DIV align="left">
Dividends paid and similar cash or in-kind distributions made by
UBS to a holder of UBS ordinary shares (including dividends on
liquidation proceeds and stock dividends) are subject to a Swiss
federal withholding tax at a rate of 35%. The withholding tax
must be withheld from the gross distribution, and be paid to the
Swiss Federal Tax Administration.
</DIV>

<P align="left">
A U.S. holder that qualifies for Treaty benefits may apply for a
refund of the withholding tax withheld in excess of the 15%
Treaty rate. The claim for refund must be filed with the Swiss
Federal Tax Administration, Eigerstrasse 65, 3003 Berne,
Switzerland. The form used for obtaining a refund is Swiss Tax
Form&nbsp;82 (82C for companies; 82E for other entities; 82I for
individuals), which may be obtained from any Swiss Consulate
General in the United States or from the Swiss Federal Tax
Administration at the address above. The form must be filled out
in triplicate with each copy duly completed and signed before a
notary public in the United States. The form must be accompanied
by evidence of the deduction of withholding tax withheld at the
source.

<P align="left">
Repayment of capital in the form of a par value reduction is not
subject to Swiss withholding tax.

<P align="left"><B>Transfers of UBS Ordinary Shares</B>

<DIV align="left">
The sale of UBS ordinary shares, whether by Swiss resident or
non-resident holders (including U.S. holders), may be subject to
a Swiss securities transfer stamp duty of up to 0.15% calculated
on the sale proceeds if it occurs through or with a Swiss bank
or other Swiss securities dealer as defined in the Swiss Federal
Stamp Tax Act. In addition to the stamp duty, the sale of UBS
ordinary shares by or through a member of the SWX Swiss Exchange
may be subject to a stock exchange levy. Capital gains realized
by a U.S. holder upon the sale of UBS ordinary shares are not
subject to Swiss income or gains taxes, unless such U.S. holder
holds such shares as business assets of a Swiss business
operation qualifying as a permanent establishment for the
purposes of the Treaty. In the latter case, gains are
</DIV>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<DIV align="left">
taxed at ordinary Swiss individual or corporate income tax
rates, as the case may be, and losses are deductible for
purposes of Swiss income taxes.
</DIV>

<P align="left"><I>Ownership of UBS Ordinary Shares&#151;United States Federal
Income Taxation</I>

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

<DIV align="left">
Subject to the passive foreign investment company rules
discussed below, U.S. holders will include in gross income the
gross amount of any dividend paid, before reduction for Swiss
withholding taxes, by UBS out of its current or accumulated
earnings and profits, as determined for United States federal
income tax purposes, as ordinary income when the dividend is
actually or constructively received by the U.S. holder.
</DIV>

<P align="left">
Dividends will be income from sources outside the United States
for foreign tax credit limitation purposes, but generally will
be &#147;passive income&#148; or &#147;financial services
income,&#148; which are treated separately from other types of
income for foreign tax credit limitation purposes. The dividend
will not be eligible for the dividends-received deduction
generally allowed to United States corporations in respect of
dividends received from other United States corporations. The
amount of the dividend distribution included in income of a U.S.
holder will be the U.S. dollar value of the Swiss franc payments
made, determined at the spot Swiss franc/ U.S. dollar rate on
the date such dividend distribution is included in the income of
the U.S. holder, regardless of whether the payment is in fact
converted into U.S. dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period
from the date the dividend distribution is included in income to
the date such dividend distribution is converted into U.S.
dollars will be treated as ordinary income or loss. Such gain or
loss will generally be income or loss from sources within the
United States for foreign tax credit limitation purposes.
Distributions in excess of current and accumulated earnings and
profits, as determined for United States federal income tax
purposes, will be treated as a return of capital to the extent
of the U.S. holder&#146;s basis in its UBS ordinary shares and
thereafter as capital gain.

<P align="left">
Subject to certain limitations, the Swiss tax withheld in
accordance with the Treaty and paid over to Switzerland will be
creditable against the U.S. holder&#146;s United States federal
income tax liability. To the extent a refund of the tax withheld
is available to a U.S. holder under the laws of Switzerland or
under the Treaty, the amount of tax withheld that is refundable
will not be eligible for credit against the U.S. holder&#146;s
United States federal income tax liability, whether or not the
refund is actually obtained.

<P align="left">
Stock dividends to U.S. holders that are made as part of a pro
rata distribution to all shareholders of UBS generally will not
be subject to United States federal income tax. U.S. holders
that received a stock dividend that is subject to Swiss tax but
not U.S. tax, may not have enough foreign income for U.S. tax
purposes to receive the benefit of the foreign tax credit
associated with such tax, unless the holder has foreign income
from other sources.

<P align="left"><B>Transfers of UBS Ordinary Shares</B>

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

<P align="left"><B>Passive Foreign Investment Company Rules</B>

<DIV align="left">
UBS believes that UBS ordinary shares should not be treated as
stock of a passive foreign investment company for United States
federal income tax purposes, but this conclusion is a factual
determination made annually and thus may be subject to change.
In general, UBS will be a passive foreign investment
</DIV>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<DIV align="left">
company with respect to a U.S. holder if, for any taxable year
in which the U.S. holder held UBS ordinary shares, either at
least 75% of the gross income of UBS for the taxable year is
passive income or at least 50% of the value, determined on the
basis of a quarterly average, of UBS&#146;s assets is
attributable to assets that produce or are held for the
production of passive income. If UBS were to be treated as a
passive foreign investment company, then unless a U.S. holder
makes a mark-to-market election, gain realized on the sale or
other disposition of UBS ordinary shares would in general not be
treated as capital gain. Instead, a U.S. holder would be treated
as if the holder had realized such gain and certain &#147;excess
distributions&#148; ratably over the holder&#146;s holding
period for the shares and would be taxed at the highest tax rate
in effect for each such year to which the gain was allocated,
together with an interest charge in respect of the tax
attributable to each such year.
</DIV>

<P align="left"><B><FONT size="2">F&#151;Dividends and Paying Agents.</FONT></B>

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B><FONT size="2">G&#151;Statement by Experts.</FONT></B>

<DIV align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.
</DIV>

<P align="left"><B><FONT size="2">H&#151;Documents on Display.</FONT></B>

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

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

<DIV align="left">
Not applicable.
</DIV>

<P align="left"><B>Item&nbsp;11.&nbsp;&nbsp;Quantitative and Qualitative
Disclosures About Market Risk.</B>

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

<DIV align="left">
Please see pages&nbsp;48 to 75 of the attached UBS Handbook
2000-2001.
</DIV>

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

<DIV align="left">
Please see pages&nbsp;48 to 75 of the attached UBS Handbook
2000-2001.
</DIV>

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

<DIV align="left">
Not applicable.
</DIV>

<P align="left"><B><FONT size="2">D&#151;Safe Harbor.</FONT></B>

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

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

<DIV align="left">
Not applicable.
</DIV>

<P align="left"><B>Item&nbsp;12.&nbsp;&nbsp;Description of Securities Other than
Equity Securities.</B>

<P align="left">
Not required because this Form&nbsp;20-F is filed as an annual
report.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<P align="left"><FONT size="4">Part II</FONT>

<P align="left"><B>Item&nbsp;13.&nbsp;&nbsp;Defaults, Dividend Arrearages and
Delinquencies.</B>

<P align="left">
There has been no material default in respect of any
indebtedness of UBS AG or any of its significant subsidiaries or
any arrearages of dividends or any other material delinquency
not cured within 30&nbsp;days relating to any preferred stock of
UBS AG or any of its subsidiaries.

<P align="left"><B>Item&nbsp;14.&nbsp;&nbsp;Material Modifications to the Rights
of Security Holders and Use of Proceeds.</B>

<P align="left">
Not applicable.

<P align="left"><B>Item&nbsp;15.&nbsp;&nbsp;[Reserved].</B>

<P align="left"><B>Item&nbsp;16.&nbsp;&nbsp;[Reserved].</B>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

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

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<DIV align="left">
<B><FONT size="2">Part II</FONT></B>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><FONT size="4">Part III</FONT>

<P align="left"><B>Item&nbsp;17.&nbsp;&nbsp;Financial Statements.</B>

<DIV align="left">
Not applicable.
</DIV>

<P align="left"><B>Item&nbsp;18.&nbsp;&nbsp;Financial Statements.</B>

<P align="left">
The UBS Group financial statements included on pages&nbsp;58 to
142 in the attached Financial Report 2000 are incorporated by
reference herein. Notes&nbsp;43 and 44 presented below include
additional information required by U.S.&nbsp;GAAP or SEC rules
and are a part of the UBS Group Financial Statements for
purposes of this Item&nbsp;18 and the Report of Independent
Auditors that appears on page&nbsp;37 of this Form&nbsp;20-F.

<P align="left"><B><FONT size="2">Note 43&nbsp;&nbsp;Acquisition of Paine Webber
Group, Inc.&#151;Pro Forma Results</FONT></B>

<DIV align="left">
The following table presents pro forma consolidated financial
information about the combined company as if the acquisition had
occurred on 1&nbsp;January 2000 and 1999, respectively:
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except per share data</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43,373</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,020</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,045</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,286</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Earnings per share (EPS)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
For purposes of calculating earnings per share, the effects of a
share repurchase program associated with the acquisition funding
have been reflected in the determination of weighted average
outstanding shares as if the program had been executed at the
pro forma acquisition dates. In addition, CHF 290 million of
non-recurring charges recognized by the Group in 2000 which
resulted directly from the acquisition and CHF 68 million of
direct charges relating to the acquisition, incurred and
expensed by Paine Webber Group, Inc. (&#147;PaineWebber&#148;)
prior to 3&nbsp;November 2000, have been excluded from the pro
forma Net Profit.

<P align="left"><B><FONT size="2">Note 44&nbsp;&nbsp;Supplemental Guarantor
Information</FONT></B>

<DIV align="left"><I>&nbsp;&nbsp;Guarantee of PaineWebber securities</I>
</DIV>

<DIV align="left">
Following the acquisition of PaineWebber, UBS AG made a full and
unconditional guarantee of the publicly traded debt and trust
preferred securities of PaineWebber. Prior to the acquisition,
PaineWebber was an SEC registrant. Upon the acquisition,
PaineWebber was merged into UBS Americas Inc., a wholly owned
subsidiary of UBS&nbsp;AG. The following is summarized
consolidating financial information segregating UBS&nbsp;AG
Parent Bank, UBS Americas Inc. and UBS&nbsp;AG&#146;s other
non-guarantor subsidiaries.
</DIV>

<P align="left">
The UBS AG Parent Bank financial statements use the cost method
for investments in associates. In this note, investments in
associates are presented on the equity method.

<P align="left">
The information presented in this note is prepared in accordance
with International Accounting Standards and should be read in
conjunction with the consolidated financial statements of the
Group of which this information is a part. Below each column,
Net profit and Shareholders&#146; equity has been reconciled to
U.S. GAAP. See Note&nbsp;41 for a more detailed reconciliation
of the IAS financial statements to U.S. GAAP for the Group on a
consolidated basis.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 33</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>Consolidating Income Statement</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS AG</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Group</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Parent</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Americas</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidating</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended 31 December&nbsp;2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Bank(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Inc.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Subsidiaries</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Entries</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Statement</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,362</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,268</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,701</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,586</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,745</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,161</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,282</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,758</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,586</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43,615</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,201</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(57</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss recovery</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income after credit loss recovery</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,320</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(48</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,260</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,145</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">949</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,609</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,703</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net trading income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,344</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">195</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,414</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net gains from disposal of associates and subsidiaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income from subsidiaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,804</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,804</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">276</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,127</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,403</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,895</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,132</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,179</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,804</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,402</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,501</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,141</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,521</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,163</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,296</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation and amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,410</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">183</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">682</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,275</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,207</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,674</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,322</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,203</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating profit/(loss) before tax and minority interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>9,688</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(542</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,857</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,804</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,199</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense/(benefit)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,896</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(128</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">552</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,320</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit/(loss) before minority interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,792</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(414</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,305</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,804</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,879</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(87</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(87</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit/(loss)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,792</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(414</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,218</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,804</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,792</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Net profit/(loss)&nbsp;&#151; U.S. GAAP(2)</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>4,342</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(414</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>2,313</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(1,804</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>4,437</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">UBS AG prepares its financial statements in
	accordance with Swiss Banking Law requirements as presented on
	pages&nbsp;146 to 156 of the attached Financial Statements. For
	the purpose of this disclosure the accounts have been adjusted
	to IAS.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">See Note&nbsp;41.1 and 41.4 to the Financial
	Statements for a description of the differences between IAS and
	U.S. GAAP. U.S. GAAP adjustments are principally related to UBS
	AG Parent Bank.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 34</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>Consolidating Balance&nbsp;Sheet</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS AG</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Parent</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS&nbsp;Americas</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidating</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Group</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of 31&nbsp;December 2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Bank(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Inc.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Subsidiaries</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Entries</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance Sheet</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and balances with central banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2 242</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">737</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2 979</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61 153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3 348</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1 953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66 454</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75 473</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13 007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">86 125</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(145 458</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29 147</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities borrowed</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40 791</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33 992</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144 778</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41 704</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177 857</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157 417</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32 589</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102 209</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(98 414</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">193 801</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">151 326</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7 425</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94 545</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">253 296</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Positive replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59 246</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">232</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6 029</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7 632</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57 875</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">261 946</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18 283</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15 153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50 540</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">244 842</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7 751</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2 289</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6 365</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16 405</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued income and prepaid expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3 239</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1 771</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3 702</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1 650</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7 062</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investments in associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14 010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4 800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17 930</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">880</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6 348</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1 587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8 910</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">262</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16 163</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3 112</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19 537</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5 556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1 488</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3 533</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2 070</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8 507</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>846 760</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>131 562</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>474 628</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(365 398</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1 087 552</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

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

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36 341</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38 316</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74 780</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105 074</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31 040</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91 584</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(145 458</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82 240</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities lent</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22 792</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6 151</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36 179</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41 704</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23 418</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127 433</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49 940</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">216 554</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(98 414</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">295 513</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62 242</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1 360</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19 030</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82 632</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Negative replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74 675</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">231</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8 649</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7 632</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75 923</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">304 389</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21 760</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35 070</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50 540</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">310 679</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued expenses and deferred income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11 057</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5 224</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6 407</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1 650</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21 038</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44 334</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8 790</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1 731</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54 855</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13 590</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1 482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5 754</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2 070</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18 756</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>801 927</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>126 101</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>459 274</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(347 468</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1 039 834</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Minority interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2 885</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2 885</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Shareholders&#146; equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4 444</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3 808</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3 808</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4 444</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share premium account</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20 885</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5 868</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2 813</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8 681</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20 885</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(687</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(40</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(687</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retained earnings</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24 191</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(414</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5 888</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5 474</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24 191</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4 000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4 000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total shareholders&#146; equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>44 833</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5 461</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>12 469</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(17 930</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>44 833</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total liabilities, minority interests and shareholders&#146;
	equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>846 760</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>131 562</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>474 628</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(365 398</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1 087 552</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total shareholders&#146; equity&nbsp;&#151;
	U.S.&nbsp;GAAP(2)</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>62 868</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>5 389</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>12 633</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(17 930</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>62 960</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">UBS AG prepares its financial statements in
	accordance with Swiss Banking Law requirements as presented on
	pages&nbsp;146 to 156 of the attached Financial Statements. For
	the purpose of this disclosure the accounts have been adjusted
	to IAS.</FONT></I></TD>
</TR>

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

<TR valign="top">
	<TD><I><FONT size="2">(2)&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">See Note&nbsp;41.1 and 41.4 to the Financial
	Statements for a description of the differences between IAS and
	U.S.&nbsp;GAAP. U.S.&nbsp; GAAP adjustments are principally
	related to UBS AG Parent Bank. Total assets under U.S. GAAP do
	not differ materially from total assets presented on an IAS
	basis.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 35</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>Consolidating Cash Flow Statement</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Group</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS AG</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Americas</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended 31 December 2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Parent Bank(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Inc.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Subsidiaries</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Sheet</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net cash flow from operating activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>38,788</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>6,358</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(33,449</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>11,697</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash flow from investing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investments in subsidiaries and associates, net</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(379</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,350</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,729</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Disposal of subsidiaries and associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">669</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">669</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Purchase of property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(937</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(139</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(564</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,640</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Disposal of property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">269</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">335</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net (investment)/divestment in financial investments&nbsp;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,656</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,340</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(774</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,770</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net cash flow from investing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(6,034</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(11,829</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,272</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(19,135</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash flow from financing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(11,589</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,591</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,125</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net movements in treasury shares and treasury share contract
	activity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(647</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(647</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Capital issuance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dividends paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,928</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,928</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issuance of long term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,391</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">349</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,884</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repayment of long term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(19,089</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(782</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,769</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(24,640</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issuances of minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,683</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,683</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repayment of minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(73</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(73</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net activity in investments in subsidiaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,039</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,609</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(570</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net cash flow from financing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(30,886</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10,094</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>19,211</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(1,581</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Effects of exchange rate differences</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(538</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">782</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(132</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net increase/(decrease) in cash equivalents</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,330</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5,405</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(15,642</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(8,907</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and cash equivalents, beginning of period</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,918</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,359</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102,277</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and cash equivalents, end of period</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,248</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,405</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,370</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash and cash equivalents comprise:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and balances with central banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,242</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">737</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,979</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market papers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,348</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66,454</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks maturing in less than three months</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,853</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,057</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,027</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,937</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,248</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,405</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,370</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(1)&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">UBS AG prepares its financial statements in
	accordance with Swiss Banking Law requirements as presented on
	pages&nbsp;146 to 156 of the Financial Report. For the purpose
	of this disclosure the accounts have been adjusted to
	IAS.</FONT></I></TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;</B><I>Guarantee of other securities.</I>

<P align="left">
On 10&nbsp;October 2000, UBS AG, acting through a wholly-owned
subsidiary, issued USD 1.5 billion (CHF 2.6 billion at issuance)
8.622% UBS Trust Preferred securities. UBS AG has fully and
unconditionally guaranteed these securities.

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 36</FONT></B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="4">Report of Independent Auditors</FONT>

<P align="left">The Board of Directors and Group Executive Board UBS&nbsp;AG:

<P align="left">
We have audited the accompanying consolidated balance sheets of
UBS&nbsp;AG and subsidiaries as of 31&nbsp;December 2000 and
1999, and the related consolidated statements of income, cash
flows and changes in shareholders&#146; equity for each of the
three years in the period ended 31&nbsp;December 2000 referred
to in Item&nbsp;18 of Form&nbsp;20-F. These financial statements
are the responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these financial
statements based on our audits.

<P align="left">
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. These
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

<P align="left">
In our opinion, based on our audits, the consolidated financial
statements referred to above present fairly, in all material
respects, the consolidated financial position of UBS&nbsp;AG as
of 31&nbsp;December 2000 and 1999, and the consolidated results
of their operations and their cash flows for each of the three
years in the period ended 31&nbsp;December 2000, in conformity
with International Accounting Standards (&#147;IAS&#148;) and
comply with Swiss Law.

<P align="left">
IAS vary in certain significant respects from accounting
principles generally accepted in the United States of America.
Application of accounting principles generally accepted in the
United States of America would have affected shareholders&#146;
equity as of 31&nbsp;December 2000, 1999 and 1998 and the
results of operations for the three years then ended to the
extent summarized in Note&nbsp;41 of the Notes to the Financial
Statements.

<P align="left">
Basel, 5&nbsp;March
2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst
 &#38; Young Ltd

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	/s/ ROGER K. PERKIN<BR>
	Roger K. Perkin<BR>
	Chartered Accountant<BR>
	in charge of the audit</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	/s/ PETER HECKENDORN<BR>
	Peter Heckendorn<BR>
	lic. oec.<BR>
	in charge of the audit</FONT></DIV>
	</TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 37</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>Item&nbsp;19. Exhibits.</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Exhibit</B></FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Description</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1.2.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Bylaws of UBS AG(1)</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">8.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Significant Subsidiaries of UBS AG</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">10.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Consent of Ernst &#38; Young Ltd.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Incorporated by reference to Exhibit&nbsp;3.2
	to the registration statement (File&nbsp; No.&nbsp;333-52832)
	filed on Form&nbsp;F-1 on 27&nbsp; December 2000.</FONT></I></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="left">
<B><FONT size="2"> 38</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

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

<P align="left">
The registrant hereby certifies that it meets all of the
requirements for filing on Form&nbsp;20-F and that it has duly
caused and authorized the undersigned to sign this annual report
on its behalf.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	UBS AG</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	/s/ LUQMAN ARNOLD</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Name: Luqman Arnold</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="5%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>Title:</TD>
	<TD align="left">
	Group Chief Financial Officer and Member of the Group Executive
	Board</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="62%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	/s/ HUGO SCHAUB</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Name: Hugo Schaub</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="38%"></TD>
	<TD width="5%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>Title:</TD>
	<TD align="left">
	Group Controller and Member of the Group Managing Board</TD>
</TR>

</TABLE>

<P align="left">
Date: March&nbsp;15, 2001

<DIV>&nbsp;</DIV>

<DIV align="center">

</DIV>

<DIV align="right">
<B><FONT size="2"> 39</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="8%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="y46460y46432l1.gif" alt="(UBS LOGO)"></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="12%"></TD>
	<TD width="88%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="y46460y46432a1.gif" alt="Handbook 2000-2001"></TD>
</TR>

</TABLE>

<P align="left">
<IMG src="y4646046432a1a.gif" alt="(HANDBOOK PHOTOS)">

<DIV>&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B><FONT size="6">Our Information Portfolio</FONT></B>

<P align="left">
<FONT size="2">This Handbook is available in English and German
(SAP-80532-0101) and is supplemented by the following
documents:</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><FONT size="2">Annual Review 2000</FONT></B>

<DIV align="left">
<FONT size="2">Our Annual Review provides brief descriptions of
our business groups and a summary review of the year 2000. It is
available in English, German, French, Italian and Spanish
(SAP-80530-0101).</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><FONT size="2">Financial Report 2000</FONT></B>

<DIV align="left">
<FONT size="2">Our Financial Report contains our audited
financial statements for the year 2000 and accompanying detailed
analysis. It is available in English and German
(SAP-80531-0101).</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

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

<DIV align="left">
<FONT size="2">UBS provides detailed quarterly financial
reporting and analysis, including comment on the progress of its
businesses and key strategic initiatives.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><FONT size="2">Our Commitment 1999/2000</FONT></B>

<DIV align="left">
<FONT size="2">The Report &#147;Our Commitment 1999/2000&#148;
illustrates how we create value for our clients, employees,
shareholders and the community and how we meet our
responsibility to all our stakeholder groups. It is available in
English, German and French (SAP-81011-0001).</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left">
<FONT size="2">Each of these reports is available on the
internet at: www.ubs.com/ investor-relations.</FONT>

<P align="left">
<FONT size="2">Alternatively, printed copies of these reports
can be ordered, quoting the SAP number and language preference,
from: UBS AG, Information Center, CA50-XMB, P.O. Box, CH-8098
Zurich, Switzerland.</FONT>

<P align="right">
<IMG src="y46460y46432a2.gif" alt="(EXCELLENCE)">

<DIV align="right">
<IMG src="y4646046432a2a.gif" alt="(HANDBOOK PHOTOS)">
</DIV>

<DIV>&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"><FONT size="2">The UBS Group</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001"><FONT size="2">UBS Group Financial Highlights</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002"><FONT size="2">Strategy, Structure and History</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"><FONT size="2">The Business Groups</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004"><FONT size="2">UBS Switzerland</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005"><FONT size="2">UBS Asset Management</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006"><FONT size="2">UBS Warburg</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007"><FONT size="2">Corporate Center</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008"><FONT size="2">Risk Management and Control</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009"><FONT size="2">Asset and Liability Management</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#010"><FONT size="2">Corporate Governance</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#011"><FONT size="2">Corporate Organization</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012"><FONT size="2">Directors and Officers of UBS</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013"><FONT size="2">Relations with Regulators</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#014"><FONT size="2">Financial Disclosure Principles</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015"><FONT size="2">The Global Registered Share</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#016"><FONT size="2">UBS Shares 2000</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017"><FONT size="2">UBS share price performance in 2000</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#018"><FONT size="2">Introduction</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#019"><FONT size="2">Information for Readers</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#020"><FONT size="2">UBS Group Financial Highlights</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#021"><FONT size="2">Principles</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#022"><FONT size="2">UBS Switzerland</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#023"><FONT size="2">UBS Asset Management</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024"><FONT size="2">UBS Warburg</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#025"><FONT size="2">Financial Statements</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026"><FONT size="2">Table of Contents</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#027"><FONT size="2">Financial Statements</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="#028"><FONT size="2">UBS AG (Parent Bank)</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#029"><FONT size="2">UBS AG (Parent Bank) Table of Contents</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#030"><FONT size="2">Parent Bank Review</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#031"><FONT size="2">Financial Statements</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#032"><FONT size="2">Information for Shareholders</FONT></A></TD></TR>
<TR><TD colspan="9"><A HREF="y46460ex99-1_1.htm">EX-1.1 ARTICLES OF ASSOCIATION OF UBS AG</A></TD></TR>
<TR><TD colspan="9"><A HREF="y46460ex99-7.htm">EX-7 STATEMENT REGARDING RATIO OF EARNINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y46460ex99-8.txt">EX-8 SUBSIDIARIES OF UBS AG</A></TD></TR>
<TR><TD colspan="9"><A HREF="y46460ex99-10.htm">EX-10 CONSENT OF ERNST & YOUNG LTD</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>

<P align="left"><B><FONT size="6">Table of Contents</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Group Financial Highlights</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Strategy, Structure and History</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Center</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk Management and Control</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk Analysis</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Asset and Liability Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Organization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Directors and Officers of UBS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Relations with Regulators</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial Disclosure Principles</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Share Information</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	The Global Registered Share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Shares 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">96</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 1</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Introduction</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">The UBS Handbook, published here for the
first time, brings together in one place a complete range of
in-depth non-financial information about UBS.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6">Introduction</FONT></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">The Handbook describes the UBS Group: its
strategy and organization, and the businesses it operates. It
outlines the principles by which the Group manages risk, and
reports on developments during 2000 in the areas of Credit Risk,
Market Risk, and Asset and Liability Management. It contains a
description of the Group&#146;s environmental performance.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Handbook introduces the value-based
management processes that are being implemented at UBS, and
describes the new brand management strategy that was put in
place during 2000. It contains an extensive discussion of the
Group&#146;s corporate governance arrangements and its
relationships with regulators and shareholders, and provides
detailed facts about the UBS share.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The UBS Handbook should be read in conjunction
with the other information published by UBS, in particular the
Financial Report 2000, which provides full statutory reporting
and discussion of the Group&#146;s financial results for 2000.
In addition, UBS publishes detailed Quarterly Financial Reports,
analyzing its performance during each quarter of the year, and
an Annual Review, which provides a brief summary of the Group
and its financial performance in 2000.</FONT>
</DIV>

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

<P align="left">
<FONT size="2">Please contact UBS Investor Relations:</FONT>

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

<DIV align="left">
<FONT size="2">Investor Relations G41B</FONT>
</DIV>

<DIV align="left">
<FONT size="2">P.O. Box, CH-8098 Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Phone +41-1-234 41 00</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fax +41-1-234 34 15</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E-mail SH-investorrelations@ubs.com</FONT>
</DIV>

<DIV align="left">
<FONT size="2">www.ubs.com/investor-relations</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "<FONT size="2">The UBS Group</FONT>" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left">
<B><FONT size="6">The UBS Group</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The UBS Group</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">UBS Group Financial Highlights</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">UBS Group Financial Highlights</FONT>" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><B><FONT size="6">UBS Group</FONT></B>

<DIV align="left">
<B><FONT size="6">Financial Highlights</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Income statement key figures</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,425</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,203</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,871</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio(%)&nbsp;<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">72.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio before goodwill(%)&nbsp;<SUP>2, 3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">70.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Per share data (CHF)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share&nbsp;<SUP>4, 7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before goodwill&nbsp;<SUP>3, 4, 7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.99</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.04</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share&nbsp;<SUP>4, 7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before goodwill&nbsp;<SUP>3, 4,
	7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.67</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Return on shareholders&#146; equity(%)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity&nbsp;<SUP>5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity before goodwill&nbsp;<SUP>3,
	5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">23.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Balance sheet key figures</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">896,556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">861,282</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44,833</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market capitalization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">112,666</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92,642</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90,720</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>BIS capital ratios</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tier 1(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total BIS(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk-weighted assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">273,290</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">273,107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">303,719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total assets under management (CHF billion)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,469</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,744</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,573</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Headcount (full time equivalents)&nbsp;<SUP>6</SUP></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">71,076</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,058</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,011</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Long-term ratings</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fitch, London</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">AAA</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AAA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AAA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Moody&#146;s, New York</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">Aa1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Aa1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Aa1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Standard &#38; Poor&#146;s, New York</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">AA+</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AA+</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">AA+</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">

</DIV>

<P align="left"><B><FONT size="2">Earnings adjusted for significant financial
events&nbsp;<SUP>8</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>from</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Operating income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">25,763</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,639</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,053</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,132</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio before goodwill(%)&nbsp;<SUP>2, 3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">69.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before goodwill (CHF)&nbsp;<SUP>3, 4,
	7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21.83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before goodwill (CHF)&nbsp;<SUP>3, 4,
	7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21.50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity before
	goodwill(%)&nbsp;<SUP>3, 5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">24.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see UBS Financial Report
2000).&nbsp;<SUP>2</SUP>&nbsp;Operating expenses/operating
income before credit loss
recovery/(expense).&nbsp;<SUP>3</SUP>&nbsp;The amortization of
goodwill and other intangible assets is excluded from the
calculation.&nbsp;<SUP>4</SUP>&nbsp;For EPS calculation, see UBS
Financial Report 2000.&nbsp;<SUP>5</SUP>&nbsp;Net profit/average
shareholders&#146; equity excluding
dividends.&nbsp;<SUP>6</SUP>&nbsp;The Group headcount does not
include the Klinik Hirslanden AG headcount of 1,839 and 1,853
for 31 December 2000 and 31 December&nbsp;1999,
respectively.&nbsp;<SUP>7</SUP>&nbsp;1999 and 1998 share figures
are restated for the two-for-one share split, effective 8 May
2000.&nbsp;<SUP>8</SUP>&nbsp;Details of Significant Financial
Events can be found in the UBS Financial Report 2000.</FONT>
</DIV>

<P align="left">
<FONT size="2">Except where otherwise stated, all 31
December&nbsp;2000 figures throughout this handbook include the
impact of the acquisition of PaineWebber, which occurred on 3
November&nbsp;2000.</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The UBS Group</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Strategy, Structure</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">and History</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">Our vision is to be the preeminent global
integrated investment services firm and the leading bank in
Switzerland. We are the world&#146;s leading provider of private
banking services and one of the largest asset managers globally.
In the investment banking and securities businesses, we are
among the select bracket of major global houses. In Switzerland,
we are the clear market leader in retail and corporate banking.
As an integrated Group, not merely a holding company, we create
added-value for clients by drawing on the combined resources and
expertise of all our businesses.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">Strategy, Structure and History</FONT>" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left"><B><FONT size="6">Strategy, Structure</FONT></B>

<DIV align="left">
<B><FONT size="6">and History</FONT></B>
</DIV>

<P align="left">
<FONT size="2">We will only succeed by providing our <I>clients
</I>with innovative and high-quality service coupled with
long-term personal relationships. Client focus is the main
driver of all our activities.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">We seek to create value for our<I>
shareholders</I> through sustainable growth of our business
within appropriate risk parameters. Being dedicated to total
value management means creating value for all
stakeholders.</FONT>
</DIV>

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

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

<P align="left"><B><U><FONT size="2" color="#C66005">Strategy</FONT></U></B>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Choice is central to enhancing UBS&#146;s client
offerings. The Group aims to increase product choice by
supporting the in-house range with a quality-screened selection
of third-party products.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS believes that in the future, its clients will
be global in outlook: either with global presence or global
investments. All our businesses must compete on a global
scale.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is committed to attaining scale and scope in
all its key businesses: this is both desirable and necessary to
enable us to deliver the full spectrum of services at maximum
efficiency, though price will rarely be a first-line competitive
weapon.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s client philosophy is advice-led, with
intimacy stemming from the quality of its relationship managers.
UBS&#146;s businesses offer convenient access through multiple
conventional and online channels, but put advice at the heart of
relationships.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is committed to being part of the
technological elite, but sees e-commerce not as a business per
se, nor as a discipline in its own right, but as integral to all
its businesses. The Group aims to use technology to extend its
reach to clients and markets it could not previously have
accessed, to perfect clients&#146; experience of UBS, to
increase the number of products and services they buy, and to
minimize the production cost of its services.</FONT>
</DIV>

<P align="left">
<IMG src="y46460y46432a3.gif" alt="(UBS FUND SOLUTIONS)">

<DIV align="right">
<FONT size="2"> 5</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The UBS Group</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Strategy, Structure</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">and History</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<IMG src="y46460y46432f1.gif" alt="(INTEGRATED CLIENT SERVICE MODEL GRAPH)">
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;
	<FONT size="2">The first GOALs deal marketed to PaineWebber
	clients, in November&nbsp;2000, demonstrates the strength of
	this model. GOALs are equity-linked securities created by UBS
	Warburg that combine a bond with a short put option on a
	specific stock. This deal provided access to an entirely new
	investment product for PaineWebber clients, using UBS
	Warburg&#146;s expertise in packaging structured products for
	private clients. The credit element of the product relied on UBS
	Group&#146;s rating and capital strength. Combined with the
	equity derivative features, this was a product that PaineWebber
	could not have originated before joining the UBS Group, and UBS
	Warburg could not have distributed in the US.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="left">
<IMG src="y46460y4643201.gif" alt="(BIS TIER 1 RATIO GRAPH)">

<P align="left"><B><U><FONT size="2" color="#C66005">Capital
strength</FONT></U></B>

<P align="left">
<FONT size="2">UBS has a strong and well-managed capital
structure. Our financial stability stems from the fact that we
are one of the best capitalized banks in the world. UBS believes
that this financial strength is a key part of the value
proposition it offers to both clients and investors.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is committed to rigorous balance sheet
management and the optimization of its capital structure. It
uses the full range of capital management tools to apply any
excess capital generated in the best interests of its
shareholders, or to return it to them.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Business and management
structure</FONT></U></B>

<P align="left">
<FONT size="2">UBS pursues its strategies through three Business
Groups, all of which are in the top echelon of their businesses
globally, and aims to further enhance the competitive position
of each one. However, UBS is not merely a holding company&nbsp;
&#150; it operates an integrated client service model.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s Business Groups are managed together
to optimise shareholder value&nbsp; &#150; to make the whole
worth more than the sum of the parts.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In practice this means that products from the
wholesale-focused units, Corporate and Institutional Clients,
UBS Capital and UBS Asset Management, are distributed to their
own corporate and institutional clients and through the units
focused on individual clients, International Private Clients, US
Private Clients and UBS Switzerland. This benefits both
sides&nbsp; &#150; UBS&#146;s individual clients get access to
sophisticated products and services; UBS&#146;s wholesale units
have access to premier distribution; and the Group captures the
whole of the value chain.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Each Business Group is led by a member of the
Group Executive Board who is individually responsible for the
performance of the Business Group.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 6</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The UBS Group</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Strategy, Structure</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">and History</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<IMG src="y46460y46432f2.gif" alt="(UBS's reporting structure in 2000 GRAPH)">
</DIV>

<P align="left"><B><FONT size="2">UBS Switzerland&nbsp; &#150; Stephan
Haeringer</FONT></B>

<DIV align="left">
<FONT size="2">UBS Switzerland&#146;s Private Banking business
unit offers comprehensive wealth management services for private
clients from across the world, who bank in Switzerland and other
financial centers world-wide.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private Banking is the world&#146;s biggest
private bank. Its strategy is centered on the client advisor,
combining strong personal relationships with a full range of
products and services specifically designed for the wealthy
client, complemented by leading-edge technology.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Within Switzerland, the Private and Corporate
Clients business unit provides a complete set of banking and
securities services for individual and corporate clients,
focused foremost on customer service excellence, profitability
and growth via multi-channel distribution.</FONT>
</DIV>

<P align="left"><B><FONT size="2">UBS Asset Management&nbsp; &#150; Peter
Wuffli</FONT></B>

<DIV align="left">
<FONT size="2">UBS Asset Management provides asset management
services and products to a broad range of institutional and
mutual fund clients across the world. It offers a diverse range
of investment management capabilities from the traditional to
the alternative, with a core focus on price/ value management.
UBS Asset Management also provides investment fund products for
the UBS Group and intends to increasingly widen its reach
through third parties to individual clients outside the UBS
Group.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Asset Management is one of the top five
institutional asset managers in the world, the largest
investment fund manager in Europe and the leading fund manager
in Switzerland.</FONT>
</DIV>

<P align="left"><B><FONT size="2">UBS Warburg&nbsp; &#150; Markus
Granziol</FONT></B>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Through UBS PaineWebber, the fourth largest
private client firm in the US, we provide advisory services and
best-in-class products to a uniquely affluent US client
base.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Corporate Center&nbsp; &#150; Luqman
Arnold</FONT></B>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Corporate Center is led by Luqman Arnold,
President of the Group Executive Board from
April&nbsp;2001.</FONT>
</DIV>

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

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

<P align="left"><B><U><FONT size="2" color="#C66005">UBS&#146;s financial
targets</FONT></U></B>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS seeks to increase the value of the Group by
	achieving a sustainable, after-tax</FONT></TD>
</TR>

</TABLE>

<DIV align="right">
<FONT size="2"> 7</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The UBS Group</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Strategy, Structure</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">and History</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<IMG src="y46460y46432a4.gif" alt="(SEC REGISTRATION AND BEYOND GRAPH)">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	<FONT size="2">return on equity of 15&#150;20%, across periods
	of varying market conditions.</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aims to increase shareholder value through
	double-digit average annual earnings per share (EPS) growth,
	across periods of varying market conditions.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Through cost reduction and earnings enhancement
	initiatives UBS aims to reduce the Group&#146;s cost/ income
	ratio to a level that compares positively with best-in-class
	competitors.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aims to achieve a clear growth trend in net
	new money in the private client businesses.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">The first three targets are all reported
pre-good-will amortization, and adjusted for significant
financial events (see Financial Disclosure Principles on
pages&nbsp;91 to 92).</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS seeks to achieve a fair market value by
always communicating transparently, openly and consistently with
investors and the financial markets.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">PaineWebber</FONT></U></B>

<P align="left">
<FONT size="2">On 14&nbsp;December&nbsp;1999, UBS announced its
plans to apply for registration with the US Securities and
Exchange Commission and to list its shares on the New York Stock
Exchange. It achieved this goal on 16&nbsp;May 2000, when its
shares started trading in New York. On 12&nbsp;July 2000, it
announced an agreement to merge with PaineWebber Group, Inc. The
merger and associated capital issuance by UBS were approved by
PaineWebber and UBS shareholders, and the merger was completed
on 3&nbsp;November 2000.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The progress of the integration of Paine Webber
into UBS has been very successful with all businesses
operationally integrated by the end of 2000, and no significant
client advisor turnover. The merger has received an excellent
reception from PaineWebber staff, with 98% of</FONT>
</DIV>

<P align="left">
<IMG src="y46460y4643202.gif" alt="(UBS HEADCOUNT PRE- AND POST-MERGER GRAPH)">

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The UBS Group</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Strategy, Structure</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">and History</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<IMG src="y46460y4643203.gif" alt="(ASSETS BY CLIENT DOMICILE GRAPH)">
</DIV>

<DIV align="left">
<FONT size="2">those offered jobs in the new Group accepting
them.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The merger with PaineWebber brings UBS a leading
wealth management franchise in the US, with a focus on the
higher end of the wealth management market. PaineWebber has a
significantly higher average account size than its biggest
rivals.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">PaineWebber provides a new route for product
distribution in the US, and transforms the size and geographic
spread of UBS&#146;s client base, making it unique in extent and
global coverage.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The impact of the merger extends beyond
UBS&#146;s private client businesses. It expands UBS
Warburg&#146;s US capabilities in asset-backed securities, real
estate, corporate finance and fixed income sales, and transforms
its US equities franchise, with UBS analysts now covering 90% of
S&#38;P&nbsp;500 and NASDAQ 100 companies.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As well as this direct impact, the integration
with PaineWebber has also positioned UBS Warburg much more
strongly as an employer of choice in the US investment banking
market, providing a platform on which to take advantage of the
ongoing industry consolidation and build capabilities by hiring
new staff across a wide range of products.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Industry
trends</FONT></U></B>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The increasing reliance of individuals on equity
investment, for their personal savings and for their pension
provision, will benefit firms that manage assets or trade in
capital market products.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Commoditization of wholesale products, with
increased competition and shrinking margins, is a fact of life,
but one that is least harmful to institutions like UBS with the
scale, global reach and technology infrastructure to support the
volumes required to maintain profitability.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS believes markets will further deregulate and
globalize, driving sharp increases in crossborder investment,
both corporate and institutional. These changes present enormous
opportunities for a firm like UBS with a global presence and the
expertise to capitalize on cross-border flows.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The biggest trend that will drive UBS&#146;s
business in the coming years is the anticipated expansion and
concentration of private wealth. In the US, wealthy households
(those with USD 500,000 or more in net investable assets),
represented 65% of assets in 1999. By 2003 they are expected to
represent 78% of total household assets. In Europe, the effect
is less pronounced, but still, wealthy individuals (in this case
with more than EUR 500,000 of investable assets), are expected
to represent 43% of total household assets by 2005, up from 35%
in 2000. The combination of this growth in wealth with the
increasing shift towards equity investments, will provide huge
opportunities for the best, most global, asset managers. Those
securities firms with large institutional franchises will
experience significant growth servicing the expanding asset
management industry. And of course, the concentration and growth
of wealth will bring</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The UBS Group</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Strategy, Structure</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">and History</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">with it a huge demand for private banking
services, providing a further opportunity for the current market
leaders to grow their market share.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">All of UBS&#146;s businesses are positioned to
benefit from this increase in private wealth. UBS Asset
Management is among the top five global asset managers, with an
increasingly diversified range of investment styles. UBS Warburg
has an extremely strong institutional client franchise&nbsp;
&#150; only 20% of its revenues derive from corporate clients.
And the combination of Private Banking and PaineWebber already
gives UBS the largest and most balanced share of the global
wealth market.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">History and development of
UBS</FONT></U></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">UBS was formed on 29 June&nbsp;1998, by the
	merger of two of Switzerland&#146;s leading banking Groups,
	Union Bank of Switzerland and Swiss Bank Corporation.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;
	<FONT size="2">Union Bank of Switzerland&#146;s history as a
	powerful force in banking began in the 1860s with the founding
	of the Bank in Winterthur and the Toggenburger Bank. In 1912,
	the merger of these two financial institutions resulted in the
	creation of the Union Bank of Switzerland. Subsequently, Union
	Bank of Switzerland developed primarily through internal growth,
	although it also made certain significant acquisitions such as
	the asset management firm Phillips &#38; Drew in 1985.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;
	<FONT size="2">Swiss Bank Corporation celebrated its 125th
	anniversary in 1997. It was incorporated in Basel in 1872 and
	its history can be traced back to the creation of
	&#147;Bankverein&#148; from six private banking houses in 1854.
	Swiss Bank Corporation&#146;s expansion involved significant
	acquisitions, including:</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="2%"></TD>
	<TD width="96%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">O&#146;Connor &#38; Associates, a group of
	affiliated firms specializing in the trading of options and
	other derivative instruments, in 1992;</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Brinson Partners, a leading institutional
	investment management firm, in 1995;</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the investment banking and securities operations
	of S.G.&nbsp;Warburg Group, in 1995, and</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Dillon Read &#38; Co. Inc., a United States-based
	investment bank in 1997.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;
	<FONT size="2">All the entities that have joined UBS have,
	regardless of their size, had a significant impact on its
	culture and ethos. O&#146;Connor &#38; Associates was a much
	smaller firm than Swiss Bank Corporation, but brought an
	affinity for technology, which has remained with UBS ever since,
	and a trading approach and risk management sophistication which
	still remains core to UBS today. The most significant benefit
	was the reverse cultural revolution O&#146;Connor brought to
	SBC. This was quite deliberate; it transformed SBC and helped it
	move into the modern age in a dramatic way. Later mergers
	reinforced this pattern of cultural change, with S.G. Warburg
	bringing a deep and passionate client focus, and Brinson
	Partners redefining the asset management process.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;
	<FONT size="2">This history of acquisition and openness to
	cultural diversity continues to be a key strength of the UBS
	Group. UBS is conscious of the importance of cultural change as
	a response to the growing challenges of the competitive global
	environment. The diversity of knowledge and experience offered
	by new acquisitions means UBS can import better corporate
	cultures, better ways of doing business and better
	insights.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;
	<FONT size="2">In May&nbsp;2000, UBS listed its Global
	Registered Share on the New York Stock Exchange (NYSE). On
	3&nbsp;November 2000, UBS transformed the scope and scale of its
	private client business in the US, through the merger with
	PaineWebber, one of the leading US wealth management firms. Like
	previous merger partners, we expect that PaineWebber will
	transform UBS; not just through increased US presence, but
	through the proven strengths in marketing, technology, product
	development and training that PaineWebber can now bring to all
	our private client businesses, leveraging PaineWebber&#146;s
	skills to drive UBS&#146;s European private banking
	strategy.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 10</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "<FONT size="2">The Business Groups</FONT>" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center">
<B><FONT size="6">The Business Groups</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">UBS Switzerland offers comprehensive
wealth management services for private banking clients from
across the world, banking in Switzerland and in other financial
centers. Our strategy is centered on the client advisor,
combining strong personal relationships with a full range of
products and services specifically designed for the wealthy
client, supplemented by leading-edge technology. Within
Switzerland, we also provide a complete set of banking and
securities services for individual and corporate clients,
focused foremost on customer service excellence, profitability
and growth via multi-channel distribution. We are the leading
bank in Switzerland.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">UBS Switzerland</FONT>" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left">
<B><FONT size="6">UBS Switzerland</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P align="left">
<B><FONT size="2">Reporting by Business Units</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Private and</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Corporate Clients</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Private Banking</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>&nbsp;UBS Switzerland</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,443</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,739</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,568</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,182</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,761</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Credit loss expense</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(759</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,050</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(25</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(784</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,071</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total operating income</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,684</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,143</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,714</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,547</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13,398</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Personnel expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,187</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,572</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,328</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,759</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,691</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	General and administrative expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,058</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,336</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,185</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,394</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,308</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">419</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">384</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">89</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">508</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">460</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Goodwill amortization</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">35</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">62</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total operating expenses</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,691</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,872</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,032</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,610</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,723</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,993</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,271</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,682</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,937</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,675</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,208</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cost/ income ratio (%)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">63</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">45</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">54</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Assets under management (CHF billion)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">440</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">681</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,121</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Headcount (full time equivalents)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,098</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,685</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,256</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,785</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,354</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Organization
structure</FONT></U></B>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Private Banking; wealth management services</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Private and Corporate Clients; banking for
	private individuals and commercial clients in Switzerland.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">These two business units were brought together
under a single management in February 2000, to benefit from the
synergies available from the utilization of a common
infrastructure in the domestic market and the potential for
shared distribution and servicing of clients located outside of
Switzerland. In addition, the centralization of core functions
such as investment research and financial planning and wealth
management, allows us to serve all UBS Switzerland&#146;s client
groups consistently, efficiently, to the highest standard, and
without duplication.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">e-Channels and
Products</FONT></U></B>

<P align="left">
<FONT size="2">UBS Switzerland created a single &#147;e-Channels
and Products&#148; business area in April&nbsp;2000 to lead its
e-banking activities and drive forward its e-commerce vision and
strategy.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This new business area is responsible for all
electronic channels and products, as well as associated services
and customer support centers. All revenues earned from e-banking
activities are reflected in the results of the UBS Switzerland
business units concerned and not within the &#147;e-Channels and
Products&#148; business area which is run as a cost center. Its
costs are shared between Private Banking and Private and
Corporate Clients.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">e-commerce brings direct cost benefits to UBS
Switzerland. Processing transactions which are entered online is
less expensive and more efficient, and this is reflected in the
new personal account charging structure introduced in Private
and Corporate Clients in January 2001, which rewards clients for
the use of electronic services.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Cost savings are not our key focus however. UBS
Switzerland aims to use e-banking to help perfect the client
experience&nbsp; &#150; offering the information and services
that clients want in the most convenient way, and increasing the
personalization of their interface with the bank. Through this,
UBS increases client retention, and increases the proportion of
their savings and investments that clients hold with UBS rather
than elsewhere. As internet usage increases, and the public
becomes more used to transacting online, a top-class e-banking
service can also encourage client acquisition.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">There is obviously a risk of conflict between
UBS&#146;s e-banking offerings and its traditional channels.
However, despite the growth of online banking, UBS Switzerland
has not experienced a significant level of cannibalization</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 12</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">of its revenues. Based on continuous monitoring
of customer behavior online, UBS estimates that 80% of
revenue-generating e-banking transactions during 2000
represented additional revenue, as the ease of transacting
online leads clients to do more.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">UBS Switzerland&#146;s internet offering
continues to grow at a significant rate, as new functions and
services are added and client acceptance of this convenient and
easy to use distribution channel increases. The number of
customers with e-banking contracts has risen during 2000 from
454,000 to 555,000. In December 2000, 22% of all payment orders
processed by UBS Switzerland were initiated through e-banking,
as were 14% of stock exchange transactions, up from 6% in
December 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Switzerland&#146;s comprehensive free on-line
financial information service, UBS Quotes, is an integral part
of UBS&#146;s e-commerce offering, acting both as a service for
existing clients and a tool to attract new clients to the bank.
UBS Quotes now has the broadest coverage of any free-access
financial information system, with prices for more than 500,000
different financial instruments. It received an average of 22
million page views per month during 2000, up 60% from December
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Switzerland&#146;s e-banking solution is
particularly noted for its integrated approach and seamless
navigation, permitting rapid access to all e-banking offerings
through a consistent user interface. Forrester Research&#146;s
&#147;Best of Europe&#146;s Net Banking&#148; report, published
in November 2000, ranked UBS e-banking as the number two
internet bank in Europe, and in January 2001, BlueSky Rating, an
independent provider of on-line broker ratings, named UBS
e-banking as the best online broker in Switzerland.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS aims to remain at the forefront of technical
developments in e-commerce, where clear client benefits are
obvious. During 2000 we became one of the first banks in the
world to offer stock market transactions via mobile phones, with
the launch in August of a WAP-based mobile-telephone banking
service. In September 2000, we were the first bank in
Switzerland to introduce a fully integrated business to business
electronic bill presentment and payment system.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Switzerland has invested heavily in its
e-commerce offering, and expects to continue to invest
approximately CHF 100 million per year, to remain a market
leader. UBS Switzerland will build on these strengths, and
intends to further enhance its leading position by developing
increased personalization of its websites and a broadened
content offering.</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">Private and Corporate Clients mission is
to further develop its position as the most profitable bank
serving private and corporate clients in Switzerland. To achieve
its objectives, Private and Corporate Clients has established a
clear business strategy focused on creating additional value for
its clients, and centered on providing integrated solutions
incorporating world-class products and services.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="6" color="#C66005">Private
and Corporate Clients</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Business description and
organization</FONT></U></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">The Private and Corporate Clients business unit
of UBS Switzerland is the leading bank in Switzerland. It aims
to provide our clients with optimal levels of convenience and
service by continuously expanding our comprehensive range of
alternative distribution channels, built around a successful
e-banking offering, full-service ATM&#146;s, customer service
centers and more physical locations across Switzerland than any
of our competitors. At the same time, we follow a program of
business excellence to ensure that our operating infrastructure
is efficient, cost effective and capable of supporting our
overall objectives.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private and Corporate Clients is committed to
providing its clients with innovative, personalized products,
which consistently meet the highest standards, and to optimizing
customer related processes.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">At 31&nbsp;December 2000, this business unit had
CHF&nbsp;440 billion in assets under management and a loan
portfolio of approximately CHF&nbsp;155 billion. Private and
Corporate Clients employs over 21,000 people.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private and Corporate Clients consists of six
business areas, four of which have income generating activities
(Individual Clients, Corporate Clients, Operations and Risk
Transformation and Capital Management) and two of which provide
essential support services (Resources and Information
Technology).</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">This business area provides a comprehensive range
of financial products and services for private clients, from
residential mortgages to current accounts, savings products,
wealth management and life insurance, combining UBS Group&#146;s
own products with best-in-class third-party products, through an
open product architecture.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">At year end, Private and Corporate Clients had in
excess of 4&nbsp;million individual client accounts of which
more than one-quarter related to affluent clients, with an
account balance of between approximately CHF&nbsp;50,000 and
CHF&nbsp;1&nbsp;million. The trend towards growth in wealth is
expected to benefit this key client group, and represents a
significant opportunity&nbsp; &#150; providing the financial
products and services necessary to support and attract this key
segment is a clear focus. An example of this effort is the
recent introduction of UBS Fund Solutions, which provides
clients access to a quality-screened selection of third party
and UBS investment funds. UBS Switzerland&#146;s Investment
Center selects a recommended list of funds on the basis of their
asset allocation, past performance and the quality of their
management. Individual clients and their client advisors then
select the appropriate combination of these funds to meet the
client&#146;s investment philosophy and risk profile.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private and Corporate Clients also continues to
promote its electronic services, both to</FONT>
</DIV>

<P align="left"><B><FONT size="2">Assets under Management</FONT></B>

<DIV align="left">

</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>&nbsp;For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Individual clients</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">218</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">229</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Corporate clients</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">217</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">212</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">440</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">434</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Assets under Management by Asset
Class</FONT></B>

<DIV align="left">

</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>&nbsp;For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Deposit and current accounts</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">128</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">129</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Securities accounts</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">312</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">310</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">281</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">440</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">434</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 14</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">increase convenience for clients and to reduce
costs. A new charging structure was introduced at the beginning
of 2001, in which charges reflect more closely the type and cost
of services used, rewarding customers who use low cost
electronic alternatives such as e-banking and the extensive UBS
ATM network. It is expected to further reduce the amount of
routine transactional business carried out face to face or by
phone to branches, giving client advisors more capacity, and
allowing them to intensify sales efforts and enhance the quality
of the advice they can offer.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During 2000, we further expanded our range of
alternative distribution channels and closed another 36
branches, bringing the total number of post-merger closures to
209. We believe that we are fast approaching the optimal number
of physical locations required to adequately serve our clients,
but will continue to develop the profitability of all our
sites.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Private and Corporate Clients&#146; corporate
client list consists of some 160 top-tier companies, many of
which are multinationals and whose needs include frequent use of
the capital markets; approximately 7,500 large companies who
require expertise in handling complex financial transactions,
and some 180,000 small and medium size enterprises with specific
needs related to business financing.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Private and Corporate Clients provides its
corporate clients with a full range of banking products and
services including traditional credit products, transaction
services, structured finance and investment advisory services.
In addition, and in conjunction with UBS Warburg, it is able to
assist its clients in accessing the world&#146;s capital
markets. The Corporate Clients business area also supports
promising Swiss-based enterprises by providing start-up
financing, primarily in the form of equity participations,
through its UBS Startcapital unit and the Aventic AG
subsidiary.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Corporate Clients business area has also
taken an equity stake in plenaxx.com, the first comprehensive
B2B internet portal for small and medium sized enterprises (SME)
in Switzerland serving as the hub for the daily internet
activities of SME&#146;s and their employees, and intends to
further take advantage of the rapidly growing B2B marketplace
during 2001 and beyond.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Operations provides transaction processing
support to UBS Switzerland and to Swiss-based offices of other
UBS units. This combined approach reduces duplication of efforts
and ensures that synergies between the different units in
Switzerland are fully realized.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Operations business area also provides
payment and custodial services to approximately 1,800 banking
institutions throughout the industrialized world and some 700 in
emerging markets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Following the merger between UBS and SBC in 1998,
and the tremendous efforts required to integrate the transaction
processes of the combined bank, this unit is now focused on
generating additional operating efficiencies and on realizing
further economies of scale from the combined volumes of Private
and Corporate Clients and Private Banking.</FONT>
</DIV>

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

<DIV align="left">
<B><FONT size="2">Management</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">This business area was formed in 1999 and has
responsibility for clients with impaired or non-performing loans
and for managing the risk in the Private and Corporate
Clients&#146; loan portfolio. It is also responsible for
optimizing capital utilization in UBS Switzerland, including
equity participations, and works closely with Group Treasury and
UBS Warburg on funding and other asset and liability management
matters.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During 2000, Risk Transformation and Capital
Management began implementation of its portfolio management
strategy, which focuses on providing advice to the client
servicing business areas within Private and Corporate Clients.
It also achieved a number of &#147;firsts&#148; in the Swiss
market by working closely with UBS Warburg on key secondary
market initiatives.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">At the end of the second quarter 2000, a special
purpose vehicle, Helvetic Asset Trust AG (HAT), was created by
UBS in order to securitize parts of the credit risk attached to
a CHF&nbsp;2.5 billion reference portfolio consisting primarily
of loans to Swiss small and medium sized enterprises. This was
the first domestic Swiss franc capital market transaction of its
kind, in which the credit default risk, but not</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">the loan itself, was transferred to the capital
market in the form of a fixed-rate bond. The bond, which offered
a higher yield than was previously available on debt of a
similar quality, was well received by the markets and was named
as the &#147;Swiss Franc Bond of the Year&#148; by the
International Financial Review. HAT is another indication of the
way in which UBS seeks to implement innovative solutions by
providing investors, both institutional and private, with
attractive portfolio diversification opportunities while, at the
same time, optimizing the risk/return profile of its credit
portfolio.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Risk Transformation and Capital Management also
helped to reduce Private and Corporate Clients large exposure to
the Swiss real estate sector by the creation and sale of two
real estate companies, Impris&nbsp;AG and
Nurestra&nbsp;SA.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">UBS businesses in Switzerland are provided with
real estate, marketing, personnel and administrative services by
the Resources business area and information technology by the
Information Technology business area.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During 2000, the Information Technology business
area embarked on a program to replace aging and multifaceted IT
platforms with a new architecture utilizing components which can
be used across all business units in Switzerland. This
standardization will help to provide efficient support for our
multichannel distribution strategy, enhanced flexibility and the
ability to more rapidly deploy new applications.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During fourth quarter 2000, UBS Warburg&#146;s
mainframe computer system in Stamford, used for processing
worldwide foreign exchange trading, was closed-down and the
processing moved onto systems operated by the Operations
business area in Switzerland. The integration of these systems
not only allows for significant cost savings but also
demonstrates the ability of UBS to work on a truly global scale,
creating synergies through the utilization of common technical
resources across its different business groups. Further
consolidation is planned later this year, with the move of UBS
Warburg&#146;s London-based securities transaction processing
system onto mainframes in Zurich.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>&nbsp;For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Commercial credits</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">38</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgages</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">117</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">121</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">121</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">155</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">165</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">165</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	of which recovery</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Development in UBS&#146;s Recovery
Portfolio</FONT></B>

<DIV align="left">

</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><I>CHF billion</I></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Balance, 1&nbsp;January 1998</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>29</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Changes in 1998:</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	New recovery loans added</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Settlement of outstanding recovery loans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Balance, 31&nbsp;December 1998</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>26</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Changes in 1999:</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	New recovery loans added</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Settlement of outstanding recovery loans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Balance, 31&nbsp;December 1999</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Changes in 2000:</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	New recovery loans added</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>3</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Settlement of outstanding recovery loans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(9</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Balance, 31&nbsp;December 2000</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>15.0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 16</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT size="2" color="#C66005">Loan
portfolio</FONT></U></B>

<P align="left">
<FONT size="2">At 31&nbsp;December 2000, about CHF 117 billion
(or 75%) of the CHF 155 billion loan portfolio in Private and
Corporate Clients related to mortgages, of which approximately
84% were secured by residential real estate.</FONT>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Private and Corporate Clients&#146; impaired
loans, which include non-performing loans, are transferred to
the Risk Transformation and Capital Management business area to
be managed by the Recovery Group, which specializes in
working-out or otherwise recovering the value of those loans. At
31&nbsp;December 2000, Private and Corporate Clients&#146; loan
portfolio included approximately CHF&nbsp;15 billion in this
recovery portfolio. CHF&nbsp;13.7 billion of Private and
Corporate Clients&#146; year-end recovery portfolio was impaired
and related to provisioned positions and positions which
resulted from the weakness in Swiss commercial real estate
markets during the 1990s. Total provisions of CHF&nbsp;7.3
billion have been established against the portion of impaired
loans not secured by collateral or otherwise deemed
uncollectable. Approximately CHF&nbsp;1.4 billion of UBS&#146;s
recovery portfolio was performing and unimpaired at
31&nbsp;December 2000. The unimpaired loans included in
UBS&#146;s recovery portfolio are outstanding with
counterparties for whom other loans have become impaired. No
provisions have been established against these loans. UBS&#146;s
lending officers actively manage the recovery portfolio, seeking
to transform the lending relationship with a goal of removing
the loan from the recovery portfolio.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Approximately two-thirds of the loans that were
originally included in UBS&#146;s recovery portfolio in 1997
have been worked-out and removed.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Private and Corporate Clients concentrates its
lending activities on seeking out quality counterparties, rather
than simply chasing increased market share. This, together with
the continued implementation of risk-adjusted pricing, which
differentiates loan pricing based on risk profiles, has led to
improved credit quality and higher margins on UBS
Switzerland&#146;s lending portfolio, resulting in a more
effective use of UBS&#146;s capital.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Further information on the credit portfolio can
be found in the Credit Risk section of the Review of Risk
Management and Control on pages&nbsp;53 to&nbsp;61.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Strategic
initiatives</FONT></U></B>

<DIV align="left">

</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">One of the key aims of UBS when it was formed in
1998 from the merger of Union Bank of Switzerland and Swiss Bank
Corporation, was to generate synergies and increased revenue
opportunities from the integration of the two Groups&#146; Swiss
based retail and corporate banking businesses. This has been a
major and successful effort, which is still continuing.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A number of initiatives covering both revenue
generation and cost saving, intended to enhance profitability
and exploit merger synergies, are included within our Strategic
Project Portfolio and continue to show good progress. UBS
believes that in the two and half years since the merger, these
strategic projects have contributed significant earnings
enhancement, some of which has been reinvested in growth
initiatives such as e-banking.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Our revenue enhancement initiatives include
offering personalized client relationship management, based on
the utilization of sophisticated data mining technologies in
order to optimize advisory processes and maximize cross-selling
opportunities. In addition, we continue to optimize our credit
portfolio by implementing risk adjusted pricing, securitizing
parts of the portfolio and realigning the balance of our
exposures towards preferred risk classes. In order to meet the
changing needs of our clients, we have also successfully
launched a number of new products and services such as the Money
Line flexible mortgage and UBS Fund Solutions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Strategic Projects Portfolio also has a
strong focus on costs, primarily through process reengineering
in logistics and IT areas, the automation of credit processes,
and the rationalization of infrastructure, including branch
closures and alternative distribution channels.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Our multichannel distribution strategy is aimed
at reducing counter traffic and provid-</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 17</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">ing our customers with convenient alternative
points of service, including our e-banking services. During
2000, we started implementing a two-zone concept in our
branches, creating a cash services zone and a flexible advisory
zone. We also continue to replace increasing numbers of
traditional automated teller machines with sophisticated
multifunctional BancomatPlus and Multimat machines which allow
clients to perform core banking transactions 24-hours a day at
strategic sites throughout Switzerland.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS has also continued to close branches,
reducing the duplication and redundancy in the network it
inherited from its predecessor banks. 209 branches, or 38% of
the pre-merger network had been closed by the end of 2000. The
pace of branch closures is expected to slow-down this year as
the number of branches approaches the optimal level necessary to
service UBS&#146;s clients effectively. However, UBS will not
compromise the return requirements for its branch locations and
will continue to evaluate each branch&#146;s profitability in
light of changing client demands and willingness to utilize
alternative distribution channels.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 18</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
UBS Private Banking&#146;s mission is to provide customized
solutions through a comprehensive range of financial products
and services to wealthy private individuals. Caring for our
clients is central. To achieve our objectives, we combine strong
personal relationships with state-of-the-art technology and are
committed to accessibility, quality and confidentiality.
</DIV>

<P align="left">
<IMG src="y46460y4643204.gif">

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="5" color="#C66005">Private
Banking</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Business description and
organization</FONT></U></B>

<P align="left">
<FONT size="2">The Private Banking business unit of UBS
Switzerland is the leading provider of private banking services
in Switzerland and in other financial centers internationally.
Its client advisors cater to the needs of wealthy individuals
worldwide.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As of 31 December&nbsp;2000, the Private Banking
business unit had CHF 681 billion in assets under management
with slightly more than 21% of these managed on a discretionary
basis. Private Banking employs over 7,000 people and conducts
business in more than 60 locations throughout the world, with
products and services tailored to the specific needs of
different markets and client segments. Key banking centers
outside Switzerland include London, Luxembourg, Monaco, Jersey,
New York, Singapore and Toronto.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private Banking tailors its advice and products
to the specific needs of its clients. Client advisors are
organized by client market, which allows them to make best use
of their extensive local market knowledge and to provide a high
level of dedicated client focus. We also meet the needs of
specialized client segments across regions, and have formed
dedicated client advisor teams to serve entrepreneurs,
executives, and sports and entertainment professionals.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Private Banking business unit consists of
four business areas which maintain direct client
relationships:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Europe, Middle East and Africa;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Overseas&nbsp; &#150;&nbsp; including the
	Americas and Asia;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Swiss Clients&nbsp; &#150;&nbsp; responsible for
	the domestic market;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Private Banks: six independently branded, but
	wholly-owned Private Banks: Cantrade, Banco di Lugano, Ferrier
	Lullin, Ehinger, Armand von Ernst and Hyposwiss,</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">and other areas which provide services to the
rest of Private Banking:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Investment Center,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Investment Products and Services
	(IP&#38;S),</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Logistics.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">As part of UBS Switzerland, Private Banking uses
support services from the Private and Corporate Clients business
unit, including its information technology platforms, securities
and payment processing services and multichannel distribution
platform. Private Banking also benefits from close cooperation
with other parts of the UBS Group to help it provide its clients
with a unique offering of global financial products.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The Investment Center, which started operations
on 1 October 2000, is responsible for developing coherent and
high quality investment strategies for the core investment
products and services offered by UBS Switzerland. The strategies
developed by the Investment Center guide the investment process
through which the two business units manage private wealth and
advise their clients on their global investment decisions. The
strategies and advice developed by the Investment Center are
primarily &#147;buy-side&#148; oriented. The Center filters and
further analyzes research, sourced both from inside UBS and from
complementary external providers, and transforms this into
investment strategies and advice specifically suited to private
clients. The Investment Center also controls the tactical asset
allocation for active advisory products, the UBS Strategy Funds
and for discretionary managed portfolios. It is central to UBS
Switzerland&#146;s new open architecture strategy, taking
responsibility for the &#147;screening&#148; of third party
investment funds for the new UBS Fund Solutions products.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The Investment Products and Services business
area includes the teams focusing on Active Advisory, Portfolio
Management, Financial Planning and Wealth Management, and Credit
Origination &#38; Structuring. These units support the
client-facing areas in delivering new, high quality products and
providing active advisory services.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">This area manages Private Banking&#146;s
relations with other service providers within the UBS</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 19</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">Group, and provides additional IT and facilities
management services where required.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Marketing, distribution,
products and services</FONT></U></B>

<P align="left">
<FONT size="2">Private Banking&#146;s client advisors are
central to the delivery of services to Private Banking&#146;s
clients and retain primary responsibility for introducing new
products and services to existing and prospective clients.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Each business area is responsible for its own
marketing activities, supported by a centralized UBS Switzerland
marketing function, which is responsible for co-ordinating brand
management activities, advertizing, market research, and for
sponsoring and the preparation of standardized marketing
materials.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private Banking is committed to leveraging UBS
Switzerland&#146;s e-solutions and rolling out these services
globally, adapting them to meet local requirements. Private
Banking&#146;s e-strategy clearly places the client advisor at
the center of the client relationship, with electronic channels
providing complementary support and information. As well as
offering UBS Switzerland&#146;s e-banking solutions to its
clients, Private Banking is actively involved in the development
of a personalized interface between the client and UBS. In
addition to access to the full range of UBS&#146;s e-banking and
information services, in a format designed by the client with
his or her advisor, this will provide a direct channel between
them for communication of advice and recommendations.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private Banking provides a full range of
financial products and services, including:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">financial planning and wealth management
	consulting, covering proprietary trusts and foundations, the
	execution of wills, corporate and personal tax structuring, art
	banking and numismatics, and tax efficient investments;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">asset-based services such as portfolio
	management, custody, deposit accounts, loans and fiduciary
	products;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">transaction-based services, such as trading,
	brokerage, and investment funds;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Private Banking also provides loan facilities to
	some of its clients. At 31 December&nbsp;2000, outstanding loans
	amounted to CHF 28.6 billion, or 16% of UBS Switzerland&#146;s
	gross loan book.</FONT></TD>
</TR>

</TABLE>

<P align="left"><B><U><FONT size="2" color="#C66005">Strategic
initiatives</FONT></U></B>

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

<DIV align="left">
<FONT size="2">UBS is committed to developing an open product
platform, widening the choices available to its clients by
complementing its own range of products with the sale of top
quality third party products through a screened
open-architecture. During 2000, Private Banking has made
significant progress towards this goal.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In September&nbsp;2000, Private Banking began
offering GAM funds to its clients in Switzerland. GAM was
acquired by UBS in December&nbsp;1999 and is part of UBS Asset
Management. Its business model is based on the belief that
clients always deserve access to the best investment talent, and
recognizes that this may not always be found in-house. GAM
therefore operates a screened multi-manager program, giving
access to the highest quality expertise in specialized areas.
Private Banking clients now also have access to this investment
talent.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Type of Engagement</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Assets under management</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Advisory</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">535</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">517</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">437</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Discretionary</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">146</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">142</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">681</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">579</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Deposit and current accounts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">63</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">187</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">148</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Bonds</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">189</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Investment funds</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">104</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">138</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">101</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">681</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">579</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 20</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;
<FONT size="2">In December&nbsp;2000, UBS Switzerland extended
this idea with the launch of UBS Fund Solutions. This new
product offers access to a pre-screened selection of &#147;best
in class&#148; investment funds from a range of UBS and third
party fund managers, helping clients obtain the best funds from
a &#147;confusing universe&#148;.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The entire population of funds available for sale
in Switzerland is screened by the Investment Center using their
expertise to select the best balance between performance and
risk. Each individual client then receives a tailored sub-set of
the screened funds, selected by their client advisor to suit
their investment objectives and risk appetite, and pays an
all-in &#147;wrap&#148; fee, based on the level of assets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Private Banking is also focused on generating
increased asset-based revenues, which currently represent about
65% of total revenues, and further reducing its reliance on more
volatile transaction fees. Two new products provided by the
Active Advisory Team are designed to achieve this goal:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Active Portfolio Supervision (APS) in which a
	client receives investment recommendations whenever their
	portfolio breaches specified parameters; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Active Portfolio Advisory (APA) which, in
	addition, provides direct access to a dedicated investment
	specialist and tailor-made strategies.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Both are structured advisory services based on an
all-inclusive fee.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Through its merger with PaineWebber, UBS now has
scale and excellence in two different traditions of serving
private clients: the banking model, through Private Banking; and
the brokerage model, through UBS PaineWebber. UBS is therefore
uniquely positioned to combine these capabilities, giving its
clients access to the best of both traditions, and the full
range of its combined expertise, wherever they hold their
accounts, whether in their home countries or
internationally.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As an important step towards this vision, UBS is
bringing together its domestic and international private client
businesses in Europe, and infusing the new combination with the
spirit and expertise of UBS PaineWebber&nbsp; &#150; the key
catalyst to build a successful future.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s strategy is to build on its successful
domestic private client businesses in the key target markets of
Germany, the UK, France, Italy and Spain, by adding the skills
and experience of the UBS PaineWebber team&nbsp; &#150;&nbsp; in
marketing, product innovation, training and technology&nbsp;
&#150;&nbsp; and by transferring knowledge and resources from
UBS Switzerland&#146;s International Private Banking business.
Client advisors will be central to the success of our plans, and
we see potential for increasing the number of advisors in this
business at an average rate of 250 per annum over the next five
years, obviously carefully tailoring that growth to the evolving
market opportunities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The private banking industry will increasingly
reflect the changing profile of high-net-worth individuals,
emerging technologies and increased competition. Clients are
taking a more active role in managing their wealth and are
demanding more sophisticated products and a broader geographical
range of services. They are focused on asset performance and
allocation, quality of information and advice and extended
availability of services, such as 24-hour, remote and internet
access. More wealth now resides in the domestic markets where
clients are domiciled, particularly in the form of equity and
equity-linked investments, as capital markets become more
developed. UBS believes that its unique mix of businesses
positions it excellently to meet these trends.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 21</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">UBS Asset Management provides asset
management services and products to a retail and institutional
client base across the world. We have a diverse range of
investment management capabilities from the traditional to the
alternative, with a core focus on price/value management. UBS
Asset Management also provides investment fund products for the
UBS Group and will increasingly widen its reach through third
parties to individual clients outside the UBS Group.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">UBS Asset Management</FONT>" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left">
<B><FONT size="6">UBS Asset Management</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Reporting by Business Units</FONT></B>

<TABLE width="90%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Institutional</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Investment Funds&nbsp;/</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Asset Management</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>GAM</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,301</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,099</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">652</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	270</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,301</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,099</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">652</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	270</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">631</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	458</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">249</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">243</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">196</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	93</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">27</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<FONT color="#E8112D">25</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">173</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	113</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">90</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,074</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	774</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">557</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	158</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Business Group performance before&nbsp;tax</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">227</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	325</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">95</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	112</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">85</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	59</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Assets under management (CHF&nbsp; billion)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">496</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	574</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">219</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	225</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,728</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,653</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,132</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	923</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="60%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Asset Management</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,369</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,369</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">880</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	516</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">439</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	271</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">49</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">263</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	113</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,631</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	932</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Business Group performance before&nbsp;tax</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">322</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	437</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">84</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	68</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Assets under management (CHF&nbsp; billion)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">522</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	598</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,860</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,576</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Business description and
organization</FONT></U></B>

<P align="left">
<FONT size="2">UBS Asset Management brings together all of
UBS&#146;s asset management businesses. Formed in
February&nbsp;2000, it was organized in two business units
during the year:</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Institutional Asset
	Management&nbsp;&#150;&nbsp;one of the largest institutional
	asset managers in the world.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Investment
	Funds&nbsp;/&nbsp;GAM&nbsp;&#150;&nbsp;one of the two largest
	fund providers in Europe and the seventh largest in the world.
	GAM is a diversified asset management group focused on private
	client portfolios.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">In 2001, these business units have been combined
and will no longer be reported separately.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In February&nbsp;2001, UBS PaineWebber&#146;s
asset management unit, Mitchell Hutchins, also became a part of
UBS Asset Management. UBS Asset Management is headquartered in
Chicago, with offices across the world.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Institutional Asset
Management</FONT></U></B>

<P align="left">
<FONT size="2">Based on assets under management, Institutional
Asset Management is one of the largest institutional asset
managers in the world and particularly prominent in the United
States, the United Kingdom and Switzerland. At 31
December&nbsp;2000, Institutional Asset Management had CHF 496
billion in assets under management, including CHF 300 billion of
institutional assets and CHF 196 billion of non-institutional
assets, including the UBS Investment Funds.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Institutional Asset Management markets its
services under the UBS Asset Management umbrella, with two major
sub-brands: Brinson Partners in the US, and Phillips &#38; Drew
in the UK. Institutional Asset Management will pursue growth
opportunities in Continental Europe and Asia-Pacific and
maintain its strong positions in the mature markets it serves in
the United States, the United Kingdom and Switzerland.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Institutional Asset Management operates a
client-centric business model with strong local presence through
regional business areas in the UK, Americas, Asia and Europe. A
new specialized unit branded O&#146;Connor, was formed in June
2000. Reviving the name of the derivatives business which became
part of the Group in 1992, O&#146;Connor focuses on alternative
investment strategies designed to provide attractive
risk-adjusted returns with a low correlation to traditional
investments.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Institutional Asset Management has a diverse
institutional client base located throughout the world. Its
clients consist of</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">corporate and public pension plans;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">endowments and private foundations;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">insurance companies;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">central banks and supranationals; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">financial advisors.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 22</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Asset Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Assets under Management by Client
Type</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Institutional</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">300</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">360</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-institutional</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">196</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">198</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">171</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Institutional Assets under Management by
Client Location</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Europe, Middle East &#38; Africa</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">160</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">185</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">202</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	The Americas</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Asia-Pacific</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">40</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">300</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">360</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Institutional Assets under Management by
Client Mandate</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">89</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">125</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">115</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Asset allocation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">94</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">148</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fixed income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">77</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private markets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">40</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">300</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">360</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

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

<DIV align="left">
<FONT size="2">Institutional Asset Management uses its longterm
track record and strong client franchise to increase the
penetration of its services with both new and existing clients.
It is a full service institutional asset management firm,
offering its clients a comprehensive range of research and
investment analysis as part of its overall service and
capability package.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In consultant-driven markets, such as the United
States and the United Kingdom, Institutional Asset Management
relies on its strong relationships with the major consultants
that advise corporate and public pension plans, endowments,
foundations, and other institutions. It also dedicates resources
to generating new business directly with large clients.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Brinson Advisors, the former PaineWebber Mitchell
Hutchins business, provides products and services to the
wholesale intermediary market in the US, focusing on three core
areas: quantitatively driven investments, short-term fixed
income products and municipal securities.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Investment process and research</FONT></B>

<DIV align="left">
<FONT size="2">Institutional Asset Management&#146;s client
mandates reflect the very broad range of its capabilities, from
fully discretionary global asset allocation portfolios to equity
or fixed income portfolios with a single country emphasis,
including alternative asset classes such as real estate, timber,
and private equity. These portfolios are available through
separately managed portfolios as well as through a comprehensive
range of pooled investment funds.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Within this wide range of capabilities,
Institutional Asset Management&#146;s core investment process is
based on its efforts to determine and quantify investment value.
Its method is to identify periodic discrepancies between market
price and investment value and turn them to its clients&#146;
advantage.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Institutional Asset Management operates a global
investment platform. Research and strategies are coordinated
across regions, giving clients access to the whole of
Institutional Asset Management&#146;s expertise, wherever they
are located.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Investment
Funds</FONT></U></B>

<P align="left">
<FONT size="2">Investment Funds is the leading investment fund
provider in Switzerland in terms of assets under management, and
seventh largest in the world. As of 31 December&nbsp;2000,
Investment Funds had CHF 199 billion in assets under <BR>
</FONT>

<DIV align="right">
<FONT size="2"> 23</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Asset allocation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">48</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Bond</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">60</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Capital preservation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Real estate</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">201</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">176</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">management, including CHF&nbsp;9.3&nbsp;billion
in assets under management distributed through third-party
partners. In addition, Investment Funds has a significant
third-party fund administration business.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Investment Funds has an extensive product range
of approximately 159 funds.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The continuing trend toward equity investments
helped increase equity funds by 13% since the end of 1999,
making it Investment Funds&#146; largest asset category,
accounting for 30% of total volume. UBS Switzerland&#146;s
Investment Fund Accounts, which make it easy for clients to make
regular savings in UBS Investment Funds, have grown in number by
57% to over 140,000 during 2000, with assets invested through
them increasing by 20% to a total of CHF 3.1 billion at 31
December&nbsp;2000.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Investment Funds are distributed primarily
through UBS Switzerland and UBS Warburg, with a minority of
assets distributed through third-party providers.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Investment Fund&#146;s penetration of UBS
Group&#146;s existing client base is already very high, and the
implementation of screened open architecture in UBS Switzerland
will make sales within the group increasingly competitive.
Investment Funds is therefore evolving towards an open,
multichannel distribution architecture, in which an increasing
proportion of its funds will be sold by third parties, outside
the UBS Group.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s intermediary strategy, funds@ubs, was
launched in November&nbsp;2000. It is designed to boost
third-party distribution of our funds by providing a turn-key
solution for distribution partners, including technical,
administrative and operational support. The first
implementation, in partnership with Lufthansa, provides
Lufthansa Miles and More clients with access to UBS Investment
Funds. A new web-site dedicated to Lufthansa clients provides
investment education, advice on investment strategies and online
decision support tools, and will provide automated online fund
purchases. Over the coming months, UBS expects to announce
similar joint ventures with other non-traditional
intermediaries, using the same strategy and technical
platform.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Other distribution initiatives include
establishing additional partnerships with financial
intermediaries, developing direct electronic sale channels and
leveraging Institutional Asset Management&#146;s distribution
efforts to better capture defined contribution opportunities for
Investment Funds.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is also expanding its distribution in Asia,
with the creation of a joint venture investment advisory firm to
manage Real Estate Investment Trusts in Japan and the
acquisition of a majority holding of Taiwan-based mutual fund
provider, Fortune Securities Investment&nbsp;&#38; Trust
Company.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Investment process and research</FONT></B>

<DIV align="left">
<FONT size="2">The Institutional Asset Management business unit
is responsible for managing almost all the investment funds
offered by Investment Funds, other than some real estate funds.
However, Investment Funds is responsible for managing its
product range, which is tailored to meet the needs of individual
investors, and for the development and marketing of individual
funds.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Global Asset
Management</FONT></U></B>

<P align="left">
<FONT size="2">Acquired in late 1999, Global Asset Management,
or GAM, is a diversified asset management group with CHF 20
billion of assets under management, slightly over 600 employees
and operations in Europe, North America, Asia and the Middle
East. Its mandates include private client portfolios, over 230
mutual funds, and institutional mandates. GAM</FONT>

<DIV align="left">
<FONT size="2"> 24</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Asset Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">operates under its established brand name within
UBS Asset Management and continues to employ its own distinctive
investment style.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Asset Management will increasingly leverage
GAM&#146;s range of mutual funds and its external manager
selection process, in which it selects the best from over 4,000
third-party fund providers, to enhance the range of its
investment styles and products. GAM products are now actively
distributed by UBS Switzerland.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">GAM operates a client-centric business model with
regional client acquisition and servicing
responsibilities.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Investment process and research</FONT></B>

<DIV align="left">
<FONT size="2">GAM was founded in 1983 to give private clients
&#147;access to great investment talent&#148;. As a result, its
investment process is based on selecting the world&#146;s
leading investment talent, whether the manager selected for a
particular fund or mandate is employed by GAM or an external
manager. GAM has pioneered a unique and highly disciplined
approach to identifying, selecting and managing external fund
managers.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">An in-house team of investment professionals is
responsible for managing the various internally managed mandates
or funds, and also for creating external and multimanager
mandates. Approximately 1,000 external managers are selected,
using a quantitative database of 50,000 funds, and a qualitative
database of over 4,000 investment managers. These are then
subjected to detailed qualitative scrutiny to identify less than
a hundred of the world&#146;s most talented investment managers,
whose talents are then used to create single and multimanager
funds for use by GAM clients.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The range of funds and mandates extends from
traditional equity and bond funds to a comprehensive range of
alternative investment funds.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Strategy</FONT></U></B>

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

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Externally managed pension assets constitute the
majority of worldwide available institutional assets. The
pension market is undergoing a shift from traditional defined
benefit plans to defined contribution schemes. This is
especially true in the US, while in other major markets defined
contribution business is still in a relatively embryonic state.
However, the need for pension reform is widely recognized.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Asset Management believes that it is strongly
positioned to take advantage of this growing and changing
market:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">It has the reach to succeed in an increasingly
	global industry.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">It has a multispecialist offering of diverse
	investment capabilities matched by very few companies.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">It is one of very few investment management firms
	of its size with an equally strong institutional and mutual fund
	capability.</FONT></TD>
</TR>

</TABLE>

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

<DIV align="left">
<FONT size="2">UBS Asset Management&#146;s biggest challenge in
recent years has been the relative under-performance of its core
value-based investment style compared to growth investment
styles. 2000 saw a reversal of this trend, with a retreat in
technology stock valuations and generally difficult market
conditions, and consequently significant improvements in UBS
Asset Management&#146;s performance relative to benchmarks and
peers. UBS Asset Management has also invested in diversification
of its investment approach, with the expansion of its growth
capabilities and the very successful launch of O&#146;Connor,
its alternative investment business area. UBS Asset Management
intends to further leverage the strengths of O&#146;Connor and
GAM to expand its range of investment capabilities and
styles.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Asset Management will continue to develop the
integrated global investment platform it created in 2000,
increasing the coverage of its research in all major asset
classes, broadening its search for future investment
opportunities in alternative asset classes and committing to
product innovation.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 25</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">UBS Warburg operates globally as a
client-driven securities, investment banking and wealth
management firm. For both its own corporate and institutional
clients and for other parts of the UBS Group, UBS Warburg
provides product innovation, top-quality research and advice,
and complete access to the world&#146;s capital markets. Through
UBS PaineWebber, the fourth largest private client firm in the
US, UBS Warburg provides advisory services and best-in-class
products to a uniquely affluent US client base.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">UBS Warburg</FONT>" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left">
<B><FONT size="6">UBS Warburg</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">Reporting by Business Units adjusted for
Significant Financial Events</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Corporate and</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Institutional Clients</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>UBS Capital</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>US Private Clients</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,033</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,529</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">368</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">315</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,225</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(243</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(330</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,790</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,199</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">368</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">315</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,225</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,284</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,861</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">142</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">955</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,779</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,429</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">49</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">258</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">555</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">629</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">30</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">149</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,767</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,053</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">195</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">158</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,244</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,023</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">173</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(19</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost&nbsp;/&nbsp;income ratio&nbsp;(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">71</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">53</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">102</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">794</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,262</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,694</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">129</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">116</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,490</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>International</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Private Clients</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>e-services</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>UBS Warburg</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">286</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">197</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,779</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,041</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(4</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(247</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(333</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">282</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">194</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,532</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,708</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">385</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">294</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">150</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,916</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,278</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">188</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">134</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,408</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,680</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">30</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">35</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">652</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">659</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">298</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">610</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">521</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,274</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,771</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(328</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(327</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(321</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,258</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,937</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost&nbsp;/&nbsp;income ratio&nbsp;(%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">213</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">77</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">827</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,154</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">410</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">38,445</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,266</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Business description and
organization</FONT></U></B>

<P align="left">
<FONT size="2">During 2000, UBS Warburg, was organized along the
following lines:</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The Corporate and Institutional Clients business
	unit is one of the leading global investment banking and
	securities firms, providing products and advice to institutional
	and corporate clients. The former capital markets business of
	Paine Webber Group Inc. is integrated into this business
	unit.</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="2%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS Capital is responsible for the private equity
	investment of UBS and third-party funds in a diverse global
	range of private companies.</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">US Private Clients is the fourth largest private
	client broker in the US, operating under the brand of UBS
	PaineWebber.</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">International Private Clients provides private
	banking products and services for high net worth individuals
	outside the US and Switzerland who bank in their country of
	residence. During 2001, the European part of this business is
	becoming part of UBS Switzerland&#146;s Private Banking business
	unit.</FONT></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">e-services.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 26</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">The global reach, breadth and
diversification of Corporate and Institutional Clients direct
access to investors is unique, and its relationship-enhancing
technology is among the best in the world. Corporate and
Institutional Clients aims to maintain its position as one of
the leading global financial services firms, rivaling the top
competitors both in terms of client franchise and
profitability.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">
</FONT><B><FONT size="5" color="#C66005">Corporate and
Institutional Clients</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Business description and
organization</FONT></U></B>

<P align="left">
<FONT size="2">The Corporate and Institutional Clients business
unit is one of the leading global investment banking and
securities firms. Its diverse heritage has shaped a business
with a truly global client base and culture.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Corporate and Institutional Clients provides
wholesale products and advisory services globally to a
diversified client base, which includes institutional investors,
corporations, sovereign governments and supranational
organizations. It has a significant corporate client financing
and advisory business and is one of the top-ranked providers for
institutional clients.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Corporate and Institutional Clients also manages
cash and collateral trading and interest rate risks on behalf of
the UBS Group and executes the vast majority of securities,
derivatives and foreign exchange transactions for UBS&#146;s
retail clients. Corporate and Institutional Clients&#146;
headquarters are in London and it employs 15,000 people in over
40 countries throughout the world.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Following the merger with PaineWebber in
November&nbsp;2000, the capital markets business of PaineWebber
was integrated into the Corporate and Institutional Clients
business unit, expanding its capabilities in asset-backed
securities, real estate, equity research, corporate finance and
equity and fixed income sales. As well as this direct and
immediate impact, the integration of PaineWebber also positioned
UBS Warburg much more strongly as an employer of choice in the
critical US investment banking market.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">At 31&nbsp;December 2000, Corporate and
Institutional Clients operated four main business areas,
organized by the type of products and services offered and the
nature of business risks: Equities, Fixed Income, Corporate
Finance and Treasury Products.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The Equities business is a leading player in the
secondary equity markets and in equity, equity-linked and equity
derivative products for the primary markets. Primary areas of
responsibility include</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">researching companies, industry sectors,
	geographic markets and macro-economic trends;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">sales and trading of cash and derivative equity
	securities and equity structured products; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">structuring, originating, distributing and
	trading newly issued equity, equity-linked and equity derivative
	products.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">A multi-local model, with membership on over 28
different stock exchanges and a local presence in 40 offices
globally, gives unparalleled market access. UBS also
participates in a number of electronic exchange ventures.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The Fixed Income business structures, originates,
trades and distributes a variety of fixed income, banking and
structured products. It is also responsible for loan syndication
and the core loan portfolio.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Fixed Income business serves a broad client
base of investors and borrowers and offers a range of fixed
income products and services, including</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">interest rate-based credit products, including
	loans and government bonds;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">a variety of banking products, including
	structured finance and leveraged finance products;</FONT></TD>
</TR>

</TABLE>

<P align="left"><B><FONT size="2">Operating Income by Client Type</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>% of total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investment banking</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income from corporate clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Institutional clients and markets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">75</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 27</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Operating Income by Business
Area<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,724</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,253</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fixed income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,969</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(267</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate finance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,701</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,054</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury products</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,653</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,805</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,351</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-core business</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">281</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(96</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,033</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,529</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Before
credit loss expense</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">principal finance, which involves the purchase,
	origination and securitization of credit products;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">sales of investment-grade, high-yield and
	emerging market bonds;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">credit derivatives, including credit-linked notes
	and total return swaps;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">derivative products; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">products structured to meet clients&#146;
	individual risk management needs.</FONT></TD>
</TR>

</TABLE>

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

<DIV align="left">
<FONT size="2">The Corporate Finance business manages UBS&#146;s
relationships with large supranational, corporate and sovereign
clients. It provides a variety of advisory services in areas
such as mergers and acquisitions, strategic advisory and
restructuring. The Corporate Finance business also provides
primary capital markets and leveraged finance services, in
co-operation with the Equity and Fixed Income businesses.
Responsibilities include</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">mergers and acquisitions;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">equity and equity-linked capital offerings,
	initial public offerings and other public and private equity
	offerings in conjunction with the Equities business area;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">investment grade and high-yield debt offerings in
	conjunction with the Fixed Income business area;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">leveraged debt offerings in conjunction with the
	Fixed Income business area; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">structured finance.</FONT></TD>
</TR>

</TABLE>

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

<DIV align="left">
<FONT size="2">Treasury Products serves institutional investors,
banks, sovereigns, and corporate clients, as well as retail and
wholesale clients of UBS&#146;s other businesses. Treasury
Products&#146; primary areas of responsibility include</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">sales and trading of foreign exchange (spot and
	derivatives), precious metals, short-term interest rate products
	and exchange-traded derivatives;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">collateral trading, securities lending and
	repurchase agreements;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">bank note sales and distribution; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">foreign currency research.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">With effect from the beginning of 2001, the
Treasury Products and Fixed Income business areas have been
reorganized into two new areas, the Credit Fixed Income business
area (the former Fixed Income business less interest rate
derivatives and government bonds) and the Interest Rates and
Foreign Exchange business area (the former Treasury Products
business area, with the addition of interest rate derivatives
and government bonds).</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">e-commerce
initiatives</FONT></U></B>

<P align="left">
<FONT size="2">The institutional client business worldwide is
rapidly moving to an electronic basis. Corporate and
Institutional Clients is well positioned to capitalize on this
trend. Recent e-commerce initiatives include</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Investment Banking On-Line (IBOL). IBOL provides
	extensive functionality from a single home page with direct
	access to prices, research, trade ideas and analytical tools for
	UBS Warburg&#146;s clients. Corporate and Institutional Clients
	delivers electronic research to over 5,000 clients and has
	signed up over 21,000 individual users. UBS intends to expand
	IBOL to include wireless and video links.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Electronic Transactions for Securities (ETS) and
	Electronic Transactions for OTC Products (ETOP). ETS and ETOP
	provide a further rollout of online order routing and trading
	capabilities for all securities, foreign exchange and
	derivatives products. 30% of all institutional orders are sent
	via the internet.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 28</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="2%"></TD>
        <TD width="98%"></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">Corporate Finance On-Line (CFOL). The CFOL
        initiative is intended to establish a secure connection for the
        exchange of transactional and pricing information with corporate
        clients to support the execution and origination of advisory
        mandates.</FONT></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">Debtweb. Using Debtweb, about USD 80 billion of
        primary market bond issuance was distributed online in
        2000.</FONT></TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">DealKey. Designed for primary equity investors,
        DealKey uses the web as an additional channel for the
        distribution of value-added information relating to current
        equity and equity-linked offerings and provides investors with
        the ability to communicate feedback and enter orders for all UBS
        Warburg&#146;s current primary equity issues.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Providing superior advice will be key to the
Corporate and Institutional Clients business unit&#146;s future
success. UBS believes its e-commerce initiatives enhance its
ability to add value to clients, as well as allowing it to
extract value from the scale of its core business processes.
Corporate and Institutional Clients already processes 100,000
domestic and cross-border securities trades per day
automatically, and has the capacity to increase this amount
five-fold within the existing infrastructure.</FONT>
</DIV>

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

<P align="left">
<FONT size="2">UBS took a strategic decision during 1998 to
reduce the size of its international loan portfolio, limiting
exposures unless they directly supported core client
relationships. UBS continues to avoid engaging in
balance-sheet-led earnings growth, with the result that the size
of its international loan portfolio has reduced considerably
from the level recorded in 1998.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">See the Credit Risk section on page 53 to 61 for
a more in-depth review of UBS&#146;s credit portfolio and
business, including a discussion of its impaired and
non-performing loans.</FONT>
</DIV>
<DIV>&nbsp;</DIV>

<DIV align="left">
<IMG src="y46460y4643205.gif">
</DIV>

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

<P align="left">
<FONT size="2">UBS Warburg is one of the few truly global
content and advice providers for institutional clients, with a
full range of products. The global reach, breadth and
diversification of its direct access to investors is
best-in-class. UBS Warburg will seek to extend these advantages,
fully exploiting the added distribution potential and expanded
capital markets capabilities brought to it by PaineWebber.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Warburg is among the leaders in the provision
of innovative e-commerce and technology solutions to
institutional clients, using these to strengthen the link
between advisors and their clients. It will continue to expand
and enhance its web-based technology solutions, in order to
simplify distribution of information and execution, and provide
individualized services, analytic tools and transparency to its
clients. UBS Warburg sees technology as an enabling tool,
allowing clients to benefit from the expertise and skills of its
advisors.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Warburg intends to continue to expand its
Equities business organically, investing in top quality staff to
broaden its geographical and sector coverage, particularly in US
cash equities, and building presence in key Asian markets. It
will closely monitor the moves to consolidate European stock
exchanges and clearing houses, to ensure that it retains current
levels of market access.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The merger with PaineWebber, which positions UBS
Warburg more strongly as an employer of choice in the key US
market, provides an excellent opportunity for UBS Warburg to
grow its investment banking capabilities, through strategic
hires in key sectors and regions. This approach has already
generated some success, with recruitment of several senior
investment bankers in the US in the second half of 2000 and
early part of 2001. UBS intends to continue to grow its
corporate franchise.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 29</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">Actively adding value, UBS Capital is one
of the few private equity operations with a truly global
presence.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">
<B><FONT size="5" color="#C66005">UBS Capital</FONT></B>

<P align="left"><B><U><FONT size="2" color="#C66005">Business description and
organization</FONT></U></B>

<P align="left">
<FONT size="2">The UBS Capital business unit of UBS Warburg is
the private equity business of UBS.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital has increased the amount of its
investments substantially in recent years with the book value of
its investments increasing from about CHF 400 million at
31&nbsp;December 1994, to about CHF 5.5 billion at
31&nbsp;December 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital has offices in London, Zurich, New
York, S&#227;o Paulo, Buenos Aires, Paris, The Hague, Munich,
Milan, Singapore, Hong Kong, Seoul, Sydney and Tokyo and employs
about 130&nbsp;people.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As a private equity group, UBS Capital invests
primarily in unlisted companies, managing these investments over
the medium-term to increase their value, and &#147;exiting&#148;
the investments in a manner that will maximize capital gain. UBS
Capital seeks to make both majority and minority equity
investments in established and emerging unlisted companies,
either with UBS&#146;s own capital or through sponsored
investment funds. Although the main focus of UBS&#146;s
investments is late-stage financing, such as management buyouts,
expansion or replacement capital, a minority of the portfolio
targets early stage investments in the technology and
telecommunications sectors. UBS Capital generally targets
medium-sized businesses with enterprise values in the range of
CHF 75 million to CHF 1.5 billion.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition to its international breadth, UBS
Capital endeavors to differentiate itself from its competitors
by working together with the management of companies it invests
in over a three to six-year period to optimize
performance.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS Capital is structured on a country and sector
basis and has fourteen individual teams covering over 30
countries. UBS Capital&#146;s established local presence and
expertise, coupled with the global reach of its operations,
leads to the early identification of opportunities and their
timely and effective development.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital&#146;s teams are divided
geographically between Western Europe, Asia-Pacific and the
Americas. UBS Capital&#146;s presence in the Asia-Pacific region
started in Singapore and now includes Australia and new offices
in South Korea and Hong Kong.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In 1999, UBS Capital established two private
equity investment funds in the Americas. One of these investment
funds makes private equity investments primarily in North
America, while the other investment fund makes private equity
investments in Latin America. UBS is the largest investor in
both funds.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Cooperation with the rest of UBS</FONT></B>

<DIV align="left">
<FONT size="2">UBS Capital collaborates with the Corporate and
Institutional Clients business unit on deal execution and IPOs.
It has incentive schemes in place to encourage referrals of
potential business leads from the investment banking business
and from private banking, for example where a private banking
client who is an owner-manager of a business faces management
succession problems.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital also provides fund products for sale
to UBS&#146;s private clients.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS Capital&#146;s investment portfolio had a
book value of approximately CHF 5.5 billion and a fair-market
value of approximately CHF 6.9 billion at 31&nbsp;December
2000.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Capital has designed its portfolio to reduce
risk exposure by</FONT>
</DIV>

<P align="left"><B><FONT size="2">Investment Portfolio by Investment
Stage</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million; all amounts are book values</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Early stage</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">917</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	488</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	49</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Late stage</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,632</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,505</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,735</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,549</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,993</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,784</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 30</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Aging (based on date of initial
investment)</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million; all amounts are book values</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Pre-1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">65</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	89</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	112</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">253</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	199</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	195</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">272</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	308</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	282</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">166</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	204</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	183</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">520</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	496</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	450</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">842</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	718</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	562</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,490</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	979</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	&#150;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,941</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	&#150;</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>5,549</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,993</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,784</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Geographic Region (by headquarters of
investee)</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million; all amounts are book values</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	North America</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,406</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,389</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	939</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Europe</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,284</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	689</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Latin America</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">381</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	217</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	123</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Asia-Pacific</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">478</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	234</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	33</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,549</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,993</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,784</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Industry Sector (based on industry
classification codes)</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million; all amounts are book values</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Consumer related</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,023</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	610</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	400</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Transportation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">640</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	605</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	186</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Communications</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">380</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	326</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	208</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Computer related</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">819</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	282</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	109</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Energy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">190</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	167</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	153</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other electronics related</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">247</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other manufacturing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">106</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	53</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Chemicals and materials</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">106</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	52</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Industrial products and services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,361</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	635</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	436</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Others</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">677</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	262</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	155</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,549</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,993</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,784</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">geographically diversifying its portfolio and
	minimizing concentration of investment in specific
	locations;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">diversifying by industry sector to obtain a good
	mix between manufacturing and services sectors;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">investing a minority of the portfolio in early
	stage growth opportunities, such as technology and
	telecommunications; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">focusing on later-stage investments, such as
	management buy-outs of existing businesses.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">At 31&nbsp;December 2000, approximately 77% of
the investment portfolio was three years old or less. Generally,
investments are sold, and operating income recognized, between
the third and the sixth year after the initial investment.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS Capital concentrates on late-stage
investments, believing that these have a better chance of
producing superior risk-adjusted returns. At 31&nbsp;December
2000, 83% of the book value of UBS Capital&#146;s investments
was late-stage at the time of investment.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Investment opportunities originate from a variety
of sources, including referrals from UBS Switzerland and UBS
Warburg. UBS Capital&#146;s investment policy concentrates on
five aims:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">negotiate an attractive entry price;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">increase the company&#146;s efficiency;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">implement a sales growth strategy;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">repay company debt and reduce leverage; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">achieve an exit at a higher multiple of earnings
	than the entry price.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Where appropriate, UBS Capital tries to
participate actively with the management of companies it invests
in, developing their businesses over the medium term (three to
six years) in order to optimize their performance. UBS</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 31</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">Capital&#146;s exit strategies for the businesses
include direct sales to strategic buyers, initial public
offerings, leveraged recapitalizations and sales to other
financial sponsors.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Strategic
initiatives</FONT></U></B>

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

<DIV align="left">
<FONT size="2">UBS Capital has committed to form private equity
investment funds concentrating on each of four
regions&nbsp;&#150; Europe, North America, Latin America and
Asia&nbsp;&#150; which will provide opportunities for
third-party investors to participate in investments made by UBS
Capital and provide a larger pool of capital for its
investments.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In late 1999, UBS Capital launched a USD&nbsp;1
billion investment fund targeting North America to which it has
committed up to USD&nbsp;500 million, and a USD&nbsp;500 million
fund targeting Latin America, which UBS has committed to fund
fully with the option to permit third-party investors to commit
up to 25%. Two new funds were also launched in Europe during
1999. Phildrew Ventures&nbsp;V, a GBP&nbsp;330 million United
Kingdom private equity fund, and CapVis Equity Partners, which,
at CHF&nbsp;300 million, is Switzerland&#146;s largest private
equity fund. Further funds are expected to be launched during
2001.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">To support its fund products, the private equity
business is launching a marketing campaign during 2001 to build
its public profile.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Superior returns and the widespread recognition
of private equity as an alternative asset class has led to a
substantial growth in private equity funds raised in recent
years. The number and amount of private equity funds raised has
exceeded the number and amount of attractive and available
private equity investments. This has led to increased
competition among investment banks, investment funds and
insurance companies and decreased returns for private equity
investors.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In spite of the changing environment, UBS
believes that opportunities for profitable investment will
continue to arise in the private equity business. UBS believes
this potential will be enhanced by a number of factors working
in combination to produce a favorable business environment for
astute market participants. These include the introduction of
the euro and the resulting changes in the structure of business
ownership in Europe, the worldwide trend of industrial
consolidation, a growing awareness of the importance of
shareholder value and the increasing need to solve succession
issues in family-owned businesses.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">During 2001, UBS will implement a unique new
business model for its private equity business, designed to best
capture the opportunities available from the growth of the
international private equity market, and the strength of demand
for the asset class.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital will increase the level of funding
sourced from third parties, reducing its dependence on direct
funding from the UBS balance sheet. To support this move towards
wider participation, the new business model will center on the
formation of an autonomous investment management firm known as a
fund advisor. The fund advisor will be 80% owned by UBS
Capital&#146;s current management and 20% by UBS, and will adopt
a new corporate identity towards the end of 2001.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The explicit autonomy of this structure is
particularly attractive to third-party investors, and fully in
line with best market practice in the private equity industry.
Combined with UBS Capital&#146;s consistently impressive track
record, it will provide a compelling investment
proposition.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The formation of the fund advisor will have a
neutral effect on the earnings stream of UBS. UBS will remain a
cornerstone investor in new funds, continuing to benefit from a
strong commitment to this product. The new fund advisor will
remain strongly affiliated with UBS. UBS&#146;s private client
and investment banking businesses will retain their close links
to the private equity business. Individual clients will be
supplied with a full range of proprietary private equity
products, while maintaining complete freedom of choice to select
private equity investments from other providers. UBS Warburg
will continue to benefit from IPO and M&#38;A referrals.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In tandem with supporting this new business
model, UBS has raised its target overall commitment to private
equity investment from CHF 5 billion to CHF 7.5 billion.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 32</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">The newest member of UBS, US Private
Clients, operating under the UBS PaineWebber brand, is a growth
firm in a growth industry.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="5" color="#C66005">US
Private Clients</FONT></B>
</DIV>

<DIV align="right">
<IMG src="y46460y46432l2.gif" alt="(UBS-PaineWebber)">
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Business description and
organization</FONT></U></B>

<P align="left">
<FONT size="2">Operating under the brand name UBS Paine Webber,
US Private Clients is the fourth largest private client business
in the US, with one of the most affluent client bases in the
industry. Its 9,000 financial advisors provide a full range of
wealth management services to some 2.1 million affluent
households in America. Its focus is on households with
investable assets in excess of USD 500,000, the segment with the
largest, fastest growing pool of assets in the US.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">US Private Clients was formed from the
combination of the Private Client, Insurance and Transaction
Services groups of PaineWebber, with the US business of the
former UBS Warburg Private Clients business unit. From the date
of the merger with PaineWebber until the start of 2001, it also
included Mitchell Hutchins, Paine Webber&#146;s asset management
arm, which has since been transferred to UBS Asset
Management.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Marketing, products and
services</FONT></U></B>

<P align="left">
<FONT size="2">UBS PaineWebber financial advisors are key to its
client relationships, supported, but never replaced, by its top
class online services. Financial advisors build and maintain
strong relationships with their clients, taking the time to
understand their financial objectives and risk appetite, in
order to help them select the specific products and services
they need. They also form the frontline in client acquisition,
responsible for developing relationships with prospective
investors and converting them into UBS PaineWebber clients. UBS
PaineWebber&#146;s financial advisors are based in 383 offices
across the US, with representation in every major region.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Financial advisors&#146; individual efforts are
backed up by sophisticated and long-running marketing and
advertising campaigns, featuring the long famous tag-line
&#147;Thank you, Paine Webber&#148;, and now its revised version
&#147;UBS Paine Webber, Thank you&#148;.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This new tag-line reflects the introduction in
March 2001 of the new brand, UBS PaineWebber. The decision to
introduce the new brand so soon was taken in the light of the
smooth progress of the PaineWebber integration and the benefits
of interlocking UBS and PaineWebber. The new name is designed to
underscore UBS and PaineWebber&#146;s complementary strengths
and to reinforce the benefits of the merger to clients,
financial advisors and other employees. UBS PaineWebber reflects
PaineWebber&#146;s place as a core influence on UBS&#146;s
future.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">US Private Clients&#146; financial advisors are
backed up by comprehensive online capabilities, centered on UBS
PaineWebber Online Services. Launched in 1997, this now reaches
352,000 client households, representing more than USD 223
billion in assets at year-end 2000. The system provides a wealth
of information and analysis to each client, about their
accounts, the markets and stocks they might want to invest in,
and gives them a convenient means to keep in touch with their
financial advisor. It also provides a range of trading, bill
payment and other transactional tools. Each client and their
client advisor has the opportunity to customize these services,
extending the advisory relationship online, and empowering the
client to make more confident decisions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS PaineWebber provides a full range of wealth
management services, including:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">financial planning and wealth management
	consulting;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">asset-based and advisory services such as
	discretionary and non-discretionary portfolio management, money
	market accounts, loans and fiduciary products; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">transaction-based services, such as securities
	brokerage.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">It covers the full range of products available to
private clients, including purchase and sale of securities,
option contracts, commodity and financial futures contracts,
fixed income instruments, mutual funds, trusts, wrap-fee
products, alternative investments and selected insurance
products.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition the Transaction Services group
provides prime brokerage and securities lending to major US and
international investment</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 33</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">firms, and execution and clearing services to
correspondent broker-dealers across the US.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Strategic initiatives since
the merger</FONT></U></B>

<P align="left">
<FONT size="2">UBS Private Clients remains clearly focused on
increasing its market share of US household financial assets, by
leveraging its broad domestic distribution capabilities and
building the strength of the new UBS PaineWebber brand.</FONT>

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

<DIV align="left">
<FONT size="2">Employee stock option plans are a major source of
new wealth creation in the US. To help address this large
potential market, UBS PaineWebber launched a major initiative at
the end of 2000, to significantly expand its already successful
stock option finance business through the formation of Corporate
Employee Financial Services.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Corporate Employee Financial Services features
dedicated distribution, technology and service groups whose goal
is to capture a larger share of the management and
administration of the USD 1 trillion of stock options awarded to
corporate executives in the US. UBS PaineWebber already provides
these services to well known companies such as Cisco, Enron,
General Electric and Texas Instruments, whose 300,000 option
holders together own more than USD 70 billion of in-the-money
stock options managed by UBS PaineWebber.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The opportunity for UBS PaineWebber is twofold:
to administer employee stock option services for additional
Fortune 1000 and major international corporations, and
simultaneously to offer the highest levels of online and
personalized service through its financial advisors to the
employees of those companies.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">When properly co-ordinated, the combination of
these services will allow UBS PaineWebber not only to execute
option exercises, but also to capture clients as long-term
investors, managing the wealth they have generated.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 34</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">The PaineWebber merger is a transforming
partnership for UBS, not just in the US, but through the
strengths that UBS PaineWebber can bring across the private
client businesses.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="5" color="#C66005">International Private Clients
and e-services</FONT></B>

<P align="left"><B><U><FONT size="2" color="#C66005">International Private
Clients</FONT></U></B>

<P align="left">
<FONT size="2">During 2000, our International Private Clients
business unit provided private banking products and services for
high net worth clients outside the US and Switzerland, banking
in their country of residence. The business has offices in
Germany, France, Italy, Spain, the United Kingdom, Japan and
Australia. It provides wealth management products and services
tailored to the specific cultural, legal and regulatory
environment of each country.</FONT>

<P align="left"><B><U><FONT size="2" color="#C66005">e-services</FONT></U></B>

<P align="left">
<FONT size="2">The e-services initiative made good progress
during 2000, successfully creating the technology backbone for
our renewed efforts in European domestic private banking.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">However, as a result of the merger with
PaineWebber, UBS now has a unique opportunity to target the
market for wealthy clients in Europe with an enhanced,
advisor-centered wealth management service, taking advantage of
the transforming potential of UBS PaineWebber&#146;s expertise
and award winning online services. As part of this strategy, the
e-services proposition has been integrated with our other wealth
management businesses. UBS no longer plans to target the
&#147;mass affluent&#148; segment separately.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">European Wealth
Management</FONT></U></B>

<P align="left">
<FONT size="2">Following the PaineWebber merger, UBS now has
scale and excellence in two different types of private client
business: the brokerage model, through UBS PaineWebber, and the
banking model, through Private Banking. It is therefore uniquely
positioned to combine these capabilities to provide a complete
range of wealth management services to its clients. With this
combination UBS can meet all the needs of a sophisticated
clientele, whether banking in their home country or
internationally.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As an important step towards this vision, UBS is
bringing together its domestic and international private client
businesses in Europe. The International Private Clients business
unit will therefore cease to exist, with its European businesses
being transferred to UBS Switzerland&#146;s Private Banking
business unit.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s European strategy will focus on
wealthy clients, with client self-segmentation based on content
and pricing, and services designed primarily for those with more
than EUR 500,000 of investable assets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Our domestic banking efforts will be centered on
Germany, the UK, France, Italy and Spain, a scope that covers
about 80% of Europe&#146;s investable assets, while our
international offering will continue to be pan-European. We
intend to extend the single brand, UBS Private Banking, from the
top international private banking brand, to become the top
wealth management brand within each of our targeted
countries.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is clearly committed to open architecture and
the provision of a full range of best-in-class investment
products to all our clients. Client advisors will help to
structure the appropriate range of products for each client,
building portfolios to reflect their investment objectives and
risk criteria. This advice-centered approach will be supported
by online systems which combine the best of UBS
PaineWebber&#146;s client interface technology with the core
banking system developed by the e-services initiative.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS PaineWebber&#146;s top-class abilities in
marketing, product management and innovation, technology, and
training will be deployed as the key catalyst for our European
businesses. UBS will accelerate the positive momentum of the
existing domestic business, transferring knowledge and resources
from the Private Banking business unit to add to the 170
existing advisors in 17 local offices in Europe, and
supplementing them with a program of new hires.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 35</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">Our Business Groups are managed together
to optimize shareholder value&nbsp; &#150;&nbsp; making the
whole worth more than the sum of the parts.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">Corporate Center</FONT>" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left">
<B><FONT size="6">Corporate Center</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Reporting by Business Units adjusted for
Significant Financial Events</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Corporate Center</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">358</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	372</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss recovery</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,161</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	448</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,519</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	820</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">490</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	548</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">281</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	385</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	366</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">44</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	50</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,135</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,349</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">384</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	(529)</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">986</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	862</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Aims and
objectives</FONT></U></B>

<P align="left">
<FONT size="2">UBS&#146;s commitment to an integrated business
model remains as strong as ever. UBS is not merely a holding
company. It is a portfolio of complementary businesses, managed
together for optimal shareholder value, where the whole is worth
more than the sum of its parts.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s Business Groups are accountable for
their results and enjoy considerable autonomy in pursuing their
business objectives&nbsp; &#150;&nbsp; hence the need for a
strong Corporate Center, with the mission to maximize
sustainable shareholder value by co-ordinating the activities of
the Business Groups. It ensures that they operate as a coherent
and effective Group with a common set of values and principles.
To perform its role, Corporate Center avoids process ownership
wherever possible, but instead establishes standards and
principles, thereby minimizing its own staffing levels.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Functions</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Corporate Center includes the Group&#146;s
accounting, treasury and risk management and control functions.
These teams are responsible for safeguarding UBS&#146;s
long-term financial stability by maintaining an appropriate
balance between risk and rewards, so that the Group is
competitively positioned in growing market places with an
optimal business model and adequate resources.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Further details of risk management and control
policies and Treasury activities can be found in the Risk
Management and Control, and Asset and Liability Management
sections of this Handbook.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Group Controlling is responsible for devising and
implementing integrated and consistent controlling and
accounting processes throughout the Group, in order to produce
the Group&#146;s regulatory, financial and management
accounts.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The Group Communications and Marketing function
is responsible for the effective communication of our strategy,
values and results to employees, clients, investors and the
public, and for building the UBS brand worldwide.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Group Human Resources</FONT></B>

<DIV align="left">
<FONT size="2">Group Human Resources mission is to make UBS a
global employer of choice, able to attract, develop, motivate
and retain top talents by establishing standards, principles and
procedures for performance evaluation, compensation and
benefits, graduate and professional recruitment, training and
development.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Legal and Compliance</FONT></B>

<DIV align="left">
<FONT size="2">Legal and Compliance protects UBS&#146;s
reputation by managing its legal, compliance and regulatory
affairs.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 36</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Corporate Center</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">UBS&#146;s performance measurement
framework considers the creation of value for shareholders and
other stakeholders in a more explicit way than traditional
profit-based measures. UBS believes that the measurement of
value creation can only be effective in the context of a
comprehensive value-based management (VBM) process which is
truly embedded in its management decisions, and consistently
applied across the organization.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">
</FONT><B><FONT size="5" color="#C66005">Value-Based
Management</FONT></B>
</DIV>

<DIV align="left">
<FONT size="2">UBS&#146;s value-based management (VBM) framework
supports value-based decisions, performance assessment and
external communication. The heart of the framework is a process
for monitoring the development of the value of the Group and its
constituent businesses, based on the identification of the
fundamental drivers of value creation.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Overview of objectives and
process</FONT></U></B>

<P align="left">
<FONT size="2">The aim of VBM is to create an understanding of
the sources and drivers of value within all of UBS&#146;s
businesses, and to integrate this understanding into its
management processes and principles, translating the value
creation mindset into action. The diagram below summarizes the
VBM processes.</FONT>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Value-based business
decisions:&nbsp;</FONT></I><FONT size="2">To ensure that
UBS&#146;s actions are value-enhancing, the Group evaluates
strategic initiatives, acquisitions and investments on the basis
of the impact of their earnings potential and the inherent risk
on shareholder value. Funding and capital resources are only
allocated to business plans and projects that are expected to
create value on a sustainable basis.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS benchmarks the internal assessment of a
project&#146;s potential against analysts&#146; and
investors&#146; expectations. The Group also assesses and
manages the risk of current and planned business strategies by
analyzing the impact of long-term industry and macro-economic
trends on value.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Performance
assessment:&nbsp;</FONT></I><FONT size="2">Performance measures
are designed to communicate the extent to which value has been
created: both the value derived from actual performance during
the current reporting period and the value of future growth
prospects resulting from tactical and strategic
positioning.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">External
communication:</FONT></I><FONT size="2">&nbsp;Value creation is
the focal point of our communication to investors and analysts.
The analysis and interpretation of sources of valuation gaps
provides valuable evidence of the external evaluation of our
internal plans.</FONT>
</DIV>

<P align="left">
<IMG src="y46460y46432a5.gif" alt="(THE OBJECT OF THE VMB FRAMEWORK GRAPH)">

<DIV align="right">
<FONT size="2"> 37</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT size="2" color="#C66005">Measuring value
creation</FONT></U></B>

<P align="left"><B><FONT size="2">Measuring value creation at the Group
level</FONT></B>

<DIV align="left">
<FONT size="2">The fundamental assumption underlying the VBM
framework is that the creation of sustainable value is the
primary objective of business activity. By emphasizing
sustainable value creation, UBS considers the interests of both
its shareholders and other important stakeholders such as
employees, clients and regulators. The framework views the
management as fiduciaries of shareholder wealth. They are
responsible for generating adequate returns on a risk-adjusted
basis through strategic decisions and their effective
implementation.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">To ensure long-term success, a company must
provide its owners with a total return greater than its
risk-adjusted cost of capital. For the shareholders, the total
return on their investment is a combination of dividends,
capital repayments and share price appreciation over a specific
period. Share price development is therefore a very important
indicator of value creation at the corporate level, since it
reflects the assessment by investors of current performance, of
the ability of management to define, communicate and implement
innovative and compelling strategies for the future and of the
level of strategic risk those plans involve.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Measuring value creation at the business unit
level</FONT></B>

<DIV align="left">
<FONT size="2">The share price is a useful indicator of the
value creation performance of the Group, but it cannot be used
to evaluate the performance of business units. As business units
are not listed on any stock exchange, UBS needs a measure that
corresponds to the total return on shares but is applicable to
business units. For this, UBS has chosen <I>fair value</I> and
<I>total return on fair value</I> as the most suitable measures
of value creation.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The starting point in assessing value creation
for a business unit is thus to assess its <I>fair value</I>,
i.e., the theoretical value of the current franchise and
associated earnings potential as well as the resources the
business unit management has been entrusted with.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">By relating realized cash earnings and the
incremental value of strategic plans and investments to the
initial fair value, we then calculate the <I>total return on
fair value</I> of the business unit. Actual total return is
compared to the business unit hurdle rate, which represents the
minimum required return for a given level of business
risk.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Technically, fair value is calculated as the sum
of all future discounted free cash flows, which correspond to
earnings adjusted for investments and depreciation. The discount
rate reflects the financial and business risks of the unit and
is also the targeted total return on fair value (the business
unit hurdle rate). Discount rates are derived from historical
market data using the capital asset pricing model (CAPM), which
yields discount rates that account for the undiversifiable
(systematic) risk of the business. Since our business units are
not listed on any stock market, their cost of equity is inferred
from stock market data of listed competitors and peers.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Generated free equity</FONT></B>

<DIV align="left">
<FONT size="2">An important difference between a financial
institution and industrial firms is that borrowing and lending
form part of everyday business activities and are not used
merely for financing and placement of excess liquidity. This
makes the traditional definition of cash flow, as used in
industrial firms, difficult to apply to a bank. In addition,
banks face regulatory constraints in the form of capital
adequacy regulation, which reduce their discretion to determine
and implement an optimal capital structure.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In view of these differences, free cash flow for
banks is generally defined as residual cash, after investments
and after all claims from debt holders (interests and
amortization) have been serviced. UBS has dubbed this measure
&#147;Generated Free Equity&#148; (GFE) as it is the amount that
can be either reinvested or returned to shareholders via
dividends and share repurchases. UBS uses GFE in the calculation
of its fair value and the total return on fair value.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">GFE is the sum of adjusted net profit after tax
adjusted for significant financial events and change in
regulatory equity requirements.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">The VBM
process</FONT></U></B>

<P align="left">
<FONT size="2">The implementation of a comprehensive VBM
framework in a large organization like UBS is a complex task and
the full benefit of it will only materialize over time. To be
truly effec-</FONT>

<DIV align="left">
<FONT size="2"> 38</FONT>
</DIV>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Corporate Center</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">tive the VBM framework must become an integrated
part of key management processes, such as the formulation and
evaluation of strategic plans and investments, the measurement
and evaluation of performance, and the definition of criteria
for performance related compensation.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">In order to have an operational tool for
analyzing the extent to which current and projected performance
contribute to sustainable value creation, UBS has identified
value drivers for each business unit, relating to revenue, cost
and investment. Net new money growth and average margins on
assets are examples of typical revenue drivers for the private
banking and asset management businesses.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The analysis of the future development of value
drivers extends beyond the standard business plan horizon of
three years to consider the potential impact on value of
long-term industry and macroeconomic trends, and constitutes an
important input in the evaluation of strategic options.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Internal value driver projections and valuations
are benchmarked against external assessments and the
expectations of the stock market and leading analysts and
against performance of key competitors. They are also subjected
to a sensitivity analysis, both to understand the sensitivity of
the valuation to assumptions, and to test the impact on value of
failing to meet plans. Together these measures help to avoid the
risk that over-optimistic planning might distort the VBM
process.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Value-based decisions in strategic
planning</FONT></B>

<DIV align="left">
<FONT size="2">During 2000, the business units of UBS have begun
to complement their standard business plans and budgets with
explicit targets for key value drivers. Equity expenditures
(investments and incremental working capital), which are
required to increase or sustain current operating levels, are
explicitly considered via their effect on generated free
equity.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The impact of business plans on valuation is
analyzed on the basis of the internal value driver targets and
long-term forecasts on the development of value drivers beyond
the planning horizon. The valuation analysis considers the views
on sector and macro-economic development of neutral internal and
external experts and the impact of worst case scenarios.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Value-based decisions and strategic
risk</FONT></B>

<DIV align="left">
<FONT size="2">UBS considers strategic risk, such as the failure
to recognize changing customer priorities, the failure to
recognize opportunities and threats from emerging technologies
and business models or the failure to define and implement
innovative, compelling value propositions for customers and
investors, as the major challenge in today&#146;s competitive
environment.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In order to meet this challenge, companies need
to implement systematic and rigorous tools and processes (as has
already been done in the case of market, credit and operational
risk control) to identify and manage strategic risk. Valuebased
analysis constitutes a key input for assessing and addressing
strategic risk.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In parallel with the changes in planning and
investment appraisals, UBS has introduced a new value report.
This quarterly report to management tracks actual generated free
equity and the development of value drivers and also measures
total return on fair value, which includes the incremental
impact of new business initiatives. In addition, the value
report contains a section which analyses the source of gaps
between internal valuation and market capitalization and between
internal valuation and leading external analysts&#146;
valuations of business units.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">A key aspect of a comprehensive VBM framework is
compensation. The objective of value based compensation is to
reward sustainable shareholder value creation. Managers and
employees should receive an appropriate share of the value
created in order to align their interests to the interests of
shareholders. As with all other professional services
organizations, human resources costs in banking are the single
largest operating expense. As a result compensation is a highly
sensitive area, where market practice and cultural
considerations need to be taken into account.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Total return on fair value and the development of
value drivers are very powerful measures for compensation and
UBS currently is in the process of developing methods to include
the VBM measures in its compensation scheme. However, UBS
believes that compensation should never be formula driven,
so,</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 39</FONT>
</DIV>

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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">while these measures will become important
inputs, they will not replace managerial judgement in
determining compensation levels.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Although VBM is essentially an internal
management tool, it can also provide useful information for
investors and analysts. Future public disclosure will therefore
contain further quantitative information on the development of
key value drivers.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Conclusion</FONT></U></B>

<P align="left">
<FONT size="2">UBS believes that the focus on value drivers in
planning and performance tracking is the most effective and
efficient way to direct the organization towards building value.
It also allows the linking of compensation to the key drivers of
sustainable profitability in a pragmatic way. Value based
management combines the analysis of current performance with the
analysis of future earnings potential. This increases
management&#146;s focus on strategic risk and further improves
UBS&#146;s ability to create sustainable value.</FONT>

<DIV align="left">
<FONT size="2"> 40</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Corporate Center</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">Brands are becoming formal assets that
provide tangible benefit. In free and fiercely contested
markets, they are a vital communication tool for attracting
target clients. Nowhere is this more so than in the competitive
market of financial services providers. UBS is responding to
this challenge with integrated brand management and a clear
brand strategy, with responsibility for brand equity taken at
the highest level.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="5" color="#C66005">Brand
Strategy at UBS</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Brands are increasingly
important in the financial services industry</FONT></U></B>

<P align="left">
<FONT size="2">Until recently, banks seldom went far beyond
national borders. Clients did not shop around for a financial
advisor, but were directed towards prestigious companies through
word-of-mouth and often remained loyal to these institutions
throughout their whole lives. As a result of this privileged
market position, financial services providers deliberately
cultivated an image of discretion and exclusivity.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The easing of regulatory restrictions, increased
transparency of services and a shift to more consumer
&#147;activism&#148;, has led to a dramatic increase in
competition, making it much easier for new players to enter the
financial markets, significantly expanding choice and turning
the previously restricted world of privileged providers into a
buyer&#146;s market. Today, customer loyalty has weakened, and
clients can change products and providers more easily than
before. A new generation of wealthy clients is increasingly
comfortable using the media to collect information on financial
matters, often in the form of advertising and marketing
messages. Clients increasingly select companies and products
based on image and perception. Strong brands with a
well-articulated and attractive message are becoming a crucial
competitive factor in this type of environment. In a survey of
American banking clients, at least 80&nbsp;percent of those
questioned said that the influence of brand was &#147;fairly
important&#148; to &#147;extremely important&#148; in their
choice of financial products.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">A brand strategy for highly
competitive financial markets</FONT></U></B>

<P align="left">
<FONT size="2">A strong and familiar brand with a clear profile
offers the client focus and security, giving the company
sustained competitive advantage. A firm such as UBS formed
through merger and with a portfolio of legacy brands, faces
particular challenges. UBS has therefore refined its brand
strategy and, in July&nbsp;2000, launched a brand campaign
concentrating on the UBS brand as the focus for the entire UBS
Group.</FONT>

<P align="left"><B><FONT size="2">UBS&#146;s brand identity</FONT></B>

<DIV align="left">
<FONT size="2">The only brands that make an impression amid the
current flood of information and frenzied pace of communication
are ones that are strong and communicate a clear message.
Defining the brand message is therefore crucial to the success
of brand communication.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group&#146;s global reach, technology
excellence, sophisticated products and services, integrated
business platform and strong focus on advice are ideal brand
attributes. &#147;Partnership for success&#148;, the core
message of the UBS corporate brand, reflects these strengths.
UBS&#146;s brand stands for success through partnership:
partnership with the outside world, partnership with our
clients, partnership with shareholders, partnership with
investors, but also partnership within UBS, thanks to the close
co-operation that exists between the individual business
areas.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Supporting this core message are a number of
subsidiary associations. The UBS brand also stands for
&#147;value added solutions&#148; and transparency of benefits
and price. Furthermore, it symbolizes the committed and
motivated employee and embodies the collective power of the UBS
Group which comes from the combination of services provided by a
wide range of business units. And finally, the brand conveys the
trust which is associated with characteristics such as quality,
reliability, security, stability and sense of
responsibility.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Worldwide brand campaign</FONT></B>

<DIV align="left">
<FONT size="2">The UBS brand with its powerful message was
positioned in the major markets through a worldwide campaign
during 2000. The core message, &#147;The Power of
Partnership&#148;, is based on a concept which can be applied
across the board for all Business Groups, service and product
categories. The pictures from the campaign symbolize the way to
success through partnership.</FONT>
</DIV>

<P align="left"><B><FONT size="2">UBS&#146;s systematic approach to
branding</FONT></B>

<P align="left">
<FONT size="2">UBS&#146;s systematic approach to branding is
based on a corporate brand and a limited number of subsidiary
business brands.</FONT>

<DIV align="right">
<FONT size="2"> 41</FONT>
</DIV>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The corporate brand identifies the Group as a
whole and reflects its values. It is aimed at steering clients
towards the company when they make market decisions. Its visual
appearance is determined by design guidelines which are binding,
company-wide.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As a general rule the business brands (such as
UBS Warburg) are strongly linked to the corporate brand. They
represent the individual business units and subsidiaries with
their range of products and services, with the linkage
reflecting the benefits offered by UBS as an integrated
financial services group.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For jurisdictional or strategic reasons, such as
identification of an asset management style, other business
units may have a &#147;some link&#148; or a &#147;no link&#148;
status, though the medium-term plan for brand development
clearly focuses on a smooth transition from the current brand
portfolio to a single brand. Finally there are also simple word
brands for products and services, like KeyClub or Fund
Solutions.</FONT>
</DIV>

<P align="left">
<IMG src="y46460y46432a6.gif" alt="USB BRAND ARCHITECTURE CHART">

<DIV align="left">
<FONT size="2"> 42</FONT>
</DIV>

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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Corporate Center</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">UBS aims to maintain best-in-class
environmental standards in all that it does.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="5" color="#C66005">UBS and
the Environment</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Introduction</FONT></U></B>

<P align="left">
<FONT size="2">UBS strives to be among the leaders in all its
businesses, but will only succeed if it anticipates longterm
opportunities and risks. UBS is convinced that it is not only
financial market trends and political developments that will
shape its business, but to an increasing extent environmental
conditions and social expectations as well. This section
describes briefly how environmental aspects affect UBS&#146;s
shareholder value in the Group&#146;s different areas of
activity. Further details are available in UBS&#146;s
Environmental Report 2000, which is available at www.ubs.com/
environment.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS takes its responsibility towards its clients,
shareholders and employees seriously. It believes that its
international prominence confers &#147;role model&#148; status,
and that its long-term success will only be guaranteed if the
long-term consequences of all its actions are seen to be
beneficial. For UBS it is self-evident that the Group should
take as much care of natural resources as it does with the
assets its clients entrust to it. A precondition for this is a
forward-looking assessment of the environmental impact of the
Group&#146;s actions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This is why UBS aims to observe international
environmental standards in all that it does &#150; not only with
respect to its own conduct but also in terms of the transactions
it finances. UBS&#146;s commitment to the environment is
underpinned with a professional environmental management
system.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS views the ISO 14001 certification awarded to
its environmental management system as the first important step
towards comprehensive independent assessment of the corporate
responsibility which it embodies in its corporate culture.
During 2001, UBS will create a Corporate Responsibility
Committee composed of Board, GEB and GMB members which will be
responsible for corporate social responsibility issues, for
supervision of the Group&#146;s adherence to relevant
international standards, and for developing appropriate
reporting in this area.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">UBS&nbsp; &#150;&nbsp;
committed to sustainability</FONT></U></B>

<P align="left"><B><FONT size="2">UBS&#146;s environmental policy</FONT></B>

<DIV align="left">
<FONT size="2">UBS&#146;s environmental policy has been approved
by the Group Executive Board. The following extracts outline the
key points of the policy.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Environmental protection is one of the most
pressing issues facing our world today. Consequently
environmental issues are a challenge for all companies in all
sectors. UBS regards sustainable development as a fundamental
aspect of sound business management.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is committed to continuing the integration of
environmental aspects into business activities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">We seek to build shareholder value by taking
advantage of environmental market opportunities. At the same
time, we will incorporate due consideration of environmental
risks into our risk management processes, especially in lending
and investment banking.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">We will actively seek ways of reducing the
environmental impact to air, soil and water from our in-house
operations. The main focus is the reduction of greenhouse gas
emissions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">We seek to ensure the efficient implementation of
our environmental policy via an environmental management system
which includes sound objectives, programs and monitoring.</FONT>
</DIV>

<P align="left"><B><FONT size="2">The UN Global Compact and the UNEP</FONT></B>

<DIV align="left">
<B><FONT size="2">Bank Declaration&nbsp; &#150;&nbsp; a
global</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">commitment</FONT></B>
</DIV>

<DIV align="left">
<FONT size="2">UBS has undertaken to comply with the UN Global
Compact principles proposed at the 1999 World Economic Forum in
Davos. These principles set out the framework in which a company
can help ensure sustainable development worldwide. In addition
to protecting the environment, the nine principles deal with
aspects such as respecting human rights and workplace
rights.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS was one of the first signatories of the UNEP
Bank Declaration and is helping to shape further developments
through its role on the Steering Committee for financial
institutions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS does not just acknowledge these principles in
theory, but takes concrete action to</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 43</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">turn them into reality. Internally, compliance
with social standards is a day-to-day reality within human
resources. UBS is aware, however, that in the financial services
industry the main focus of corporate social responsibility must
be on client relationships. Financing transactions and managing
assets for clients whose activities are seen as socially
irresponsible can lead to financial and regulatory risks for the
Group, and damage its reputation. UBS seeks to avoid these risks
through the application of the highest standards of probity, and
through its involvement in initiatives such as the Wolfsberg
Anti-Money Laundering Principles.</FONT>
</DIV>

<P align="left"><B><FONT size="2">The UBS environmental management</FONT></B>

<DIV align="left">
<B><FONT size="2">system: the ISO 14001 certificate</FONT></B>
</DIV>

<DIV align="left">
<FONT size="2">In May&nbsp;1999, UBS was the first bank to
obtain ISO&nbsp;14001 certification for its worldwide
environmental management system in its banking business.
ISO&nbsp;14001 is an international standard for environmental
management systems. UBS also received certification for its
environmental management system for its corporate services in
Switzerland. The certification was undertaken by an independent
certification company, SGS International Certification Services
AG.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS&#146;s share price is part of the Dow Jones
Sustainability Group Index (DJSGI). The DJSGI comprises around
230&nbsp;companies from various sectors that rank as leaders in
their field in terms of social and environmental
performance.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In October&nbsp;2000, UBS was ranked first in the
financial sector by DJSGI.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In a survey published in January&nbsp;2000, the
Munich-based rating agency, Oekom Research, examined the
environmental performance of larger European banks. The study,
which looked at environmental management systems, products and
services, and the quality of environmental data, ranked UBS
first amongst the 26&nbsp;banks examined.</FONT>
</DIV>

<P align="left"><B><FONT size="2" color="#C66005">The environmental factor in
asset management</FONT></B>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The performance of the &#147;UBS (Lux) Equity
	Fund&nbsp; &#150; Eco Performance&#148; was 1.7% in 2000,
	outperforming the MSCI World Index by 15.7%.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The size of the &#147;UBS (Lux) Equity Fund
	&#150; Eco Performance&#148; and of the corresponding investment
	foundation for Swiss pension funds doubled in 2000 to 487
	million Swiss francs.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The Japanese fund &#147;UBS Nihon Kabushiki Eco
	Fundo&#148; was successfully launched on the market at the end
	of October&nbsp;1999. The size of fund assets at end 2000 was
	around JPY 7&nbsp;billion.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS is currently reviewing the launch of a
	product which will allow clients to invest worldwide in projects
	aimed at reducing greenhouse gas emissions.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">There are a number of factors involved in
acquiring new client assets, including the financial performance
of a company&#146;s products, the level of service it offers and
its reputation. In addition, some clients now demand that asset
management decisions take into account environmental and social
aspects as well as economic ones. UBS&#146;s expertise in
incorporating environmental and social aspects into its company
research and portfolio management is becoming more and more
important&nbsp; &#150; particularly for institutional investors
such as pension funds.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s environmental investment research
looks at how companies&#146; strategies, processes and products
impact both their financial success and the environment, and
what contribution these elements make to each company and its
employees. The stocks selected through this process are shares
in companies which demonstrate long-term success and generate
sustainable financial revenues. Specialist studies and stock
indices show that there can be a positive link between
environmental, social and economic performance.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Focusing on the concept of sustainability, UBS
launched a new investment fund in 1997, the &#147;UBS (Lux)
Equity Fund&nbsp; &#150; Eco Performance&#148;. This fund
invests worldwide in stocks of exemplary sector leaders and
forward-looking small and medium-sized companies. The selection
criteria include above average envi-</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 44</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Corporate Center</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">ronmental and social performance as well as a
sound financial basis. This investment strategy and the
fund&#146;s broad diversification has resulted in an excellent
financial performance for the fund and a positive contribution
to the value of UBS&#146;s asset management business.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">The environmental factor
in</FONT></U></B>

<DIV align="left">
<B><U><FONT size="2" color="#C66005">investment
banking</FONT></U></B>
</DIV>

<P align="left">
<FONT size="2">While no two investment banking transactions are
the same, they all have a common element that is crucial to
their success, namely the ability to identify opportunities and
risks early on, and to assess them correctly. Although financial
risks dominate this assessment, environmental aspects can also
be an important part of risk analysis.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">First, environmental risks could become credit
risks &#150; for example, if a client can no longer repay a loan
as a result of environmental problems. Second, liability risks
could be incurred if, for example, UBS were to become owner of a
company or were to sit on the management board of a company
which finds itself facing environmental liabilities. Lastly,
environmental risks could damage the Group&#146;s reputation if
it were to be involved in a controversial transaction.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Based on its Global Environmental Risk Policy,
UBS Warburg has introduced processes that allow early
identification of environmental risk in relation to a
transaction. In an initial phase, environmental factors are
screened by investment banking staff. If there are indications
of increased risk, environment specialists are called in to
investigate the issues as part of the due diligence
process.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">The environmental factor
in</FONT></U></B>

<DIV align="left">
<B><U><FONT size="2" color="#C66005">credit
business</FONT></U></B>
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The assessment of environmental risks is
	integrated fully into the loan review process and the set of
	tools used.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Almost all employees in recovery departments in
	Zurich, Bern and Lausanne were trained in environmental risk
	management in 2000. Professional management of environmental
	risks is particularly relevant in these departments, as they
	manage distressed debt.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">A prerequisite for a healthy loan portfolio is
professional risk analysis that takes account of all types of
risk, including environmental risks. Alongside traditional
rating factors such as key financial data and management
quality, a careful review of financially relevant environmental
aspects is an important part of UBS&#146;s credit risk analysis.
In assessing a loan application, the client advisor uses
internal guidelines and up-to-date information to assess
environmental risks, and includes environmental information in
the data provided to the loan assessor.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS can take several courses of action if a
client&#146;s credit-worthiness is compromised by environmental
risks. If the risks involved cannot be calculated or estimated,
it can refuse the credit transaction; it can demand a higher
risk premium or additional collateral; it can reduce the term of
the loan or repayment period, or it can offer advisory services
or act as an agent to help resolve the problem.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The benefits of incorporating the
&#147;environmental factor&#148; in lending business are
threefold: UBS has a healthy loan portfolio, the client is aware
of the environmental risks and opportunities for its company,
and the environment itself benefits from the resulting
improvements.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">The environmental factor
in-house</FONT></U></B>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Environmental aspects are incorporated as a core
	part of our procurement and design processes for services such
	as cleaning or waste disposal services and for products such as
	paper or office materials.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">The more efficiently and sparingly UBS uses its
resources and hence reduces emission levels, the less it will
have to pay in terms of costs. Energy management and in-house
environmental initiatives enhance operating margins.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS impacts the environment primarily through its
energy consumption, the running of its heating systems, its
paper consumption and business travel. Professional know-how and
an efficient environmental management</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 45</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> The Business Groups</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">system allow the Group to use resources better
and bring down costs.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Costs can be optimized in three different ways.
Firstly, the necessary level of environmental performance to
comply with regulatory requirements must be achieved in as
effective and cost-efficient a manner as possible. Secondly,
costs can be reduced by improving internal processes or
implementing technical measures, such as adjusting the heating
or air conditioning of a building. Lastly, UBS and the
specialist companies it works with are continually working to
reduce the im-pact on the environment using intelligent
engineering, for example in the building services.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">UBS&#146;s environmental
performance in figures</FONT></U></B>

<P align="left">
<FONT size="2">Full details of UBS&#146;s environmental
performance can be found in UBS&#146;s Environmental Report
2000.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The environmental report shows how UBS&#146;s
environmental commitment affects its enterprise value,
highlighting the effect of the &#147;environmental factor&#148;
on some of the Group&#146;s key value drivers. It includes data
on UBS&#146;s performance against key environmental metrics in
banking and corporate services, based on the EPI-Finance 2000
standard which was jointly developed by eleven finance and
insurance companies. It also provides further details about
UBS&#146;s ISO&nbsp;14001 certification.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For further information please visit:
www.ubs.com/environment, or contact: environment@ubs.com.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 46</FONT>
</DIV>
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<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="6">Risk</FONT></B>
</DIV>

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<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Management and Control</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">Risk is an integral part of all our
activities. Excellence in risk management and control is a key
success factor and therefore requires every one&#146;s
commitment within our organization.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">Risk Management and Control</FONT>" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left"><B><FONT size="6">Risk Management</FONT></B>

<DIV align="left">
<B><FONT size="6">and Control</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Risk management and control
principles</FONT></U></B>

<P align="left">
<FONT size="2">UBS&#146;s approach to risk management and
control has evolved over a number of years, and has been
reviewed and refined in 2000, resulting in a statement of the
Risk Management and Control Principles, which lay the
foundations on which UBS builds its risk culture and risk
process:</FONT>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Business Management
Accountability:</FONT></I><FONT size="2"> The management of
UBS&#146;s businesses owns the risks assumed throughout the
Group and is responsible for the continuous and active
management of all risk exposures so that risk and return are
balanced.</FONT>
</DIV>

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

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

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS continues to develop potential stress loss
	measures for credit and market risk;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS will not take any extreme positions in tax,
	regulatory and accounting sensitive transactions;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aspires to the highest standards in
	protecting the confidentiality and integrity of its internal
	information; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aims to maintain the highest ethical
	standards in all its businesses.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Every employee, but in particular those involved
in risk decisions, must make UBS&#146;s reputation an overriding
concern. Responsibility for the risk of reputation damage cannot
be delegated or syndicated.</FONT>
</DIV>

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

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

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

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

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

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

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

<DIV align="left">
<FONT size="2"> 48</FONT>
</DIV>

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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Management and Control</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

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

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

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

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

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">risk identification,</FONT></I><FONT size="2">
	particularly in new businesses and in complex or unusual
	transactions but also in response to external events and in the
	continuous monitoring of the portfolio;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">risk measurement,</FONT></I><FONT size="2">
	using approved methodologies and models which have been
	independently validated;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">risk policies,</FONT></I><FONT size="2">
	covering all risk categories, both at Group level and in the
	Business Groups, consistent with evolving business requirements
	and international best practice;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">comprehensive risk
	reporting</FONT></I><FONT size="2"> to management at all levels
	against an approved risk limit framework, for all primary and
	consequential risk categories; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">risk control,</FONT></I><FONT size="2"> to
	enforce compliance with the Principles, and with policies,
	limits and regulatory requirements.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;
<FONT size="2">There are co-ordinated processes covering all
risk categories which are applied before commencement of any new
business or significant change, and before the execution of any
transaction which is complex or unusual in its structure or
motivation, to ensure that all these critical elements are
addressed, including the assurance that transactions can be
booked in a way that will permit appropriate ongoing risk
measurement, reporting and control.</FONT>

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

<P align="center">
<IMG src="y46460y46432f3.gif" alt="(UBS Risk Management and Control Framework)">

<DIV align="right">
<FONT size="2"> 49</FONT>
</DIV>

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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Management and Control</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">control by these functions creates a powerful
defense against improper activity.</FONT>
</DIV>

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

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

<DIV align="left">
<FONT size="2">UBS has continued, in 2000, to strengthen,
formalize and enhance the risk control process. Principles,
policies and processes are reinforced through a &#147;risk
awareness&#148; education program which will be disseminated to
all employees during 2001, including a series of recorded
presentations by UBS risk control professionals covering all
aspects of risk control for all categories of risk. The program
will be extended and enhanced as the approach to risk management
and control evolves.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS monitors regulatory developments and strives
to maintain good relationships with its lead regulator, the
Swiss Federal Banking Commission, and other major regulators.
This as an important aspect of the risk control process and UBS
will continue to work closely with them to ensure a mutual
understanding of the Group&#146;s control structure and the
regulators&#146; requirements.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">How UBS measures
risk</FONT></U></B>

<P align="left">
<FONT size="2">Potential loss is measured at three levels&nbsp;
&#150; expected loss, statistical loss and stress loss.</FONT>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Expected loss</FONT></I><FONT size="2"> is the
loss that is expected to arise on average in connection with an
activity. It is the inherent cost of such activity, and should
be budgeted and deducted from revenues directly. An example of
expected loss is the valuation adjustments for liquidity or
position size made in mark-to-market books. UBS is extending its
expected loss framework to encompass all measurable risk
categories.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Statistical loss</FONT></I><FONT size="2">
(also known as &#147;unexpected loss&#148;) is the estimated
loss in a typical adverse period, as statistically defined by a
given confidence interval. UBS&#146;s tolerance for such adverse
results&nbsp; &#150; the Group&#146;s risk appetite, as
determined by the Board of Directors&nbsp; &#150; is the basis
for the main operating limits. Formal statistical loss measures
in the form of Value-at-Risk limits have been in place for
market risk in UBS for a number of years, and are the basis of
the market risk regulatory capital charge. Comparable portfolio
measures are being developed for other risk categories, and the
revision to the Basel Capital Accord, currently under
discussion, is expected, ultimately, to extend the use of
statistical loss measures for regulatory capital purposes.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Stress loss</FONT></I><FONT size="2"> is the
loss that could arise from an extreme, but plausible, stress or
&#147;tail&#148; event (an event that falls in the tail of the
probability distribution of potential events, <BR>
</FONT>
</DIV>

<P align="center">
<IMG src="y46460y46432a7.gif" alt="(RISK MEASUREMENT GRAPHIC OMITTED)">

<DIV align="left">
<FONT size="2"> 50</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Management and Control</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">beyond the level of confidence applied in the
statistical loss measure). Risk capacity is defined as the
maximum loss that the Board of Directors considers UBS could
withstand in such stress events without unacceptable damage to
earnings, dividend paying ability and, ultimately, reputation
and ongoing business viability. It is formalized in stress loss
limits. Stress loss measures are most extensively implemented
for our trading activities and for country risk, but default
stress loss measures have also been introduced for the UBS
Warburg loan portfolio, with particular emphasis on lower rated
borrowers. The stress loss framework will continue to be
enhanced and progressively extended to all risk categories. The
identification and quantification of potential tail risk, on a
macro scale (affecting the Group in general or selected parts of
the business or portfolio) and on a micro level (arising from
individual transactions), is perhaps the most important function
of the independent risk control units.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">The risks UBS
takes</FONT></U></B>

<P align="left">
<I><FONT size="2">Business risks</FONT></I><FONT size="2">&nbsp;
&#150; the risks associated with the chosen business strategy,
including business cycles, industry cycles, and technological
change are the sole responsibility of the business, and are not
subject to an independent control process. They are, however,
factored into the Group planning and budgeting process.</FONT>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Inherent risks</FONT></I><FONT size="2"> are
the risks inherent in our business activities, which are subject
to independent risk control. A distinction is made between
primary and consequential risks.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Primary risks</FONT></I><FONT size="2"> are
the exposures deliberately entered into for business reasons and
which are actively traded and managed:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">credit risk</FONT></I><FONT size="2"> is the
	risk of loss resulting from client or counterparty default and
	arises on exposure to clients and counterparties in all forms,
	including settlement risk;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">market risk</FONT></I><FONT size="2"> is the
	exposure to observable market variables such as interest rates,
	exchange rates and equity markets;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">liquidity and funding
	risk</FONT></I><FONT size="2"> is the risk that the Group is
	unable to fund assets or meet obligations at a reasonable price
	or, in extreme situations, at any price. These risks are managed
	at the Group level, rather than in the business units, and are
	discussed in the Asset and Liability Management on pages&nbsp;70
	to 71.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;
<I><FONT size="2">Consequential risks</FONT></I><FONT size="2">
(also known as operational risks) are exposures that are not
actively taken, but which are incurred as a consequence of
business undertaken:</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">transaction processing
	risk</FONT></I><FONT size="2"> arises from errors, failures or
	shortcomings at any point in the transaction process, from deal
	execution and capture to final settlement;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">compliance risk</FONT></I><FONT size="2"> is
	the risk of financial loss due to regulatory fines or penalties,
	restriction or suspension of business, or costs of mandatory
	corrective action. Such risks may be incurred by not adhering to
	applicable laws, rules, and regulations, local or international
	best practice (including ethical standards), and UBS&#146;s own
	internal standards;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">legal risk</FONT></I><FONT size="2"> is the
	risk of financial loss resulting from the unenforceability of a
	contract due to inadequate or inappropriate contractual
	arrangements or other causes;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">liability risk</FONT></I><FONT size="2"> is
	the risk of financial loss arising from a legal or equitable
	claim against the Group;</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">security risk</FONT></I><FONT size="2"> is the
	risk of loss of confidentiality, integrity, or availability of
	information or assets, through accident or crime, and includes
	both IT and physical security; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">&#150;&nbsp;</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">tax risk</FONT></I><FONT size="2"> is the risk
	of financial loss due to tax authorities opposing the
	Group&#146;s position on tax matters.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;
<FONT size="2">A failure to adequately identify, manage or
control any of these risks, including business risks, may result
not only in financial loss but also in loss of reputation.
Reputation risk is not directly quantifiable and cannot be
managed and controlled independently of the other risks. Each of
the inherent risks, if inadequately managed, has the potential
to damage UBS&#146;s reputation, and repeated or widespread
failure compounds the impact.</FONT>

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

<DIV align="right">
<FONT size="2"> 51</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Management and Control</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">view. The shortcomings of the current treatment
of credit risk are recognized by both regulators and
practitioners, and it is critical that the present round of
revision to the Basel Capital Accord establishes a more flexible
framework which can adapt to changing markets and reduce the
scope for regulatory capital arbitrage.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Basel Capital Accord reform has also focused
attention on consequential (or operational) risks. As the
discussions have highlighted, risk categories are not insulated
from each other (for example, an unenforceable contract or a
transaction processing error can lead to unforeseen credit or
market risk), nor is UBS&#146;s current categorization
definitive. UBS will therefore continue to review the way risks
are categorized. Stability of definition and approach is,
however, critical to the establishment of a sound risk
management and control process and to the creation of a loss
database from which risks can be better understood and
quantified.</FONT>
</DIV>

<P align="center">
<IMG src="y46460y46432f4.gif" alt="(RISK CATEGORIES GRAPHIC OMITTED)">

<DIV align="left">
<FONT size="2"> 52</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6">Risk Analysis</FONT></B>

<P align="left"><B><U><FONT size="2" color="#C66005">Credit risk</FONT></U></B>

<P align="left">
<FONT size="2">Credit risk represents the loss which UBS would
suffer if a counterparty or issuer failed to meet its
contractual obligations. It is inherent in traditional banking
products&nbsp; &#150; loans, commitments to lend and other
contingent liabilities, such as letters of credit&nbsp; &#150;
and in foreign exchange and derivatives contracts, such as swaps
and options (&#147;traded products&#148;). Positions in tradable
assets such as bonds and equities, including both direct
holdings and synthetic positions through derivatives, also carry
credit risk, but where they are held for trading and are marked
to market they fall under the market risk limits and controls
described in the Market Risk section below. They are, however,
included in the credit risk exposures reported in the
Composition of Credit Risk section below.</FONT>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">To ensure a consistent and unified approach, with
appropriate checks and balances, all Business Groups where
material credit risk is taken have independent credit risk
control (CRC) functions headed by chief credit officers (CCOs)
reporting to the Group CCO and Business Group CEOs. Disciplined
processes are in place, within the Business Groups and
centrally, to promptly identify, accurately assess, properly
approve and consistently monitor credit risk. Senior business
management, the GEB and the Chairman&#146;s Office are provided
with regular, standardized reports of aggregate Business Group
credit risk exposure by the CRC organization.</FONT>
</DIV>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The CRC function continuously monitors the credit
quality of counterparties and UBS&#146;s exposure to them, and
the credit risk profile of the Business Group portfolios. CRC
has sole authority over counterparty rating, credit risk
assessment and approval, and the establishment of allowances and
provisions.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS determines the amounts of credit loss
expenses in its financial accounts and in the business unit
reporting on a different basis. In the Group financial accounts,
UBS reports its results according to International Accounting
Standards (IAS)&nbsp;definitions. Under these rules, losses are
recognized and charged to the financial accounts in the period
when they arise (see the Provisioning Policies section on page
59). In contrast, in its segment and business unit reporting,
UBS applies a different approach to the measurement of credit
risk, which reflects the average annual cost that UBS
anticipates will arise from transactions that become impaired.
The following discussion describes this approach.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s approach to the measurement of credit
risk is based on the premise that this risk exists in every
credit engagement and that credit loss expenses must be expected
as an inherent cost of the business.</FONT>
</DIV>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Expected loss, for UBS, is a statistical measure
intended to reflect the average annual costs that it anticipates
will arise from transactions that become impaired. The observed
frequency of such events is expressed as counterparty default
probability. The size of credit losses is determined from the
exposure at default and the likely severity of the final loss,
taking into account the seniority of the claim, collateral and
other credit mitigation where available. Within UBS Switzerland,
a model is used to project expected loss based on historical
performance and an assessment of the economic outlook over the
medium term. By contrast, the expected loss of the UBS Warburg
portfolio is estimated primarily on the basis of market
information including rating agencies, other default predicting
models, and credit spreads. Once the expected loss has <BR>
</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 53</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2">UBS Rating Scale and Mapping to External
Ratings</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Moody&#146;s</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Standard</B></FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Investor</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>UBS</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Services</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Poor&#146;s</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>Rating</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>Description</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>equivalent</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>equivalent</B></FONT></TD>
</TR>

<TR>
        <TD colspan="11"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>1</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Aaa</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>2</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        Investment</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Aa1 to Aa3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">AA+ to AA-</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>3</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        grade</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">A1 to A3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">A1 to A3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>4</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Baa1 to Baa2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">BBB+ to BBB</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>5</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Baa3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">BBB-</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>6</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Ba1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">BB+</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>7</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Ba2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">BB</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>8</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        Sub-investment</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Ba3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">BB-</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>9</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        grade</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">B1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">B+</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>10</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">B2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">B</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>11</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">B3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">B-</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>12</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Caa to C</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">Ccc to C</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>13</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        Impaired and</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">D</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">D</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>14</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        defaulted</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">D</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom" nowrap><FONT size="2">D</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">been estimated at business unit level,
statistical methods are used to allocate the total to individual
transactions in proportion to their stand-alone loss risk.</FONT>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Clients are segmented into 14 rating classes, two
being reserved for assets that are already impaired or
defaulted. The UBS rating scale, which is based on probability
of default, is shown in the table above. For information,
comparable ratings by the major rating agencies are also shown,
although there is not a direct match between UBS&#146;s
categories and those of the rating agencies. The mapping is
based on comparison of the probability of default attached to
each UBS rating and the default observations published by the
agencies. These represent long-term averages and it should be
noted that the mappings might not be borne out by experience in
any given period.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The reports in the following section, Composition
of Credit Risk, that show the rating distribution of UBS&#146;s
counterparties refer to the probability of default only. Whether
or not UBS benefits from collateral has no influence on these
ratings.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Once an expected probability of default has been
assigned to a counterparty, the resulting expected loss at the
transaction and counterparty level is determined from the credit
exposure and an estimate of loss severity based on a set of
assumptions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The concept of expected loss is employed within
UBS for various business applications: individual credit
policies refer to counterparty rating classes to determine, for
example, the maximum tenor allowed for OTC derivative
transactions; the rating concept is used to define credit
authorities granted to individual credit officers across the
Group and for some business processes within Private and
Corporate Clients; and expected loss is used as an approximation
for valuing the OTC derivative books and, thereby, accounting
for the credit risk assumed on counterparties in these trades.
UBS&#146;s internal measurement framework is consistent with the
concepts emerging in the current review of the Basel Capital
Accord which sets the rules under which banks determine minimum
regulatory capital requirements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is developing internal models for the
comprehensive measurement of <I>statistical loss</I> and<I>
stress loss </I>for credit risk at the portfolio level. In the
meantime, limits and controls are being applied to certain
segments of the portfolio, where credit quality is low or
counterparty concentrations are high.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Composition of credit
risk</FONT></U></B>

<P align="left">
<FONT size="2">Credit risk is assumed, as an integral part of
their businesses, by UBS Switzerland&#146;s Private and
Corporate Clients business unit and by UBS Warburg&#146;s
Corporate and Institutional Clients business unit and, to a
lesser extent, by the private banking businesses of these
Busi-<BR>
</FONT>

<DIV align="left">
<FONT size="2"> 54</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2">Status of Total Credit Risk Exposure</FONT></B>
</DIV>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Switzerland</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Warburg</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ending</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans utilization (gross)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">183,943</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	199,960</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">99,787</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	77,151</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">786</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	903</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Contingent claims</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10,613</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,465</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11,440</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unutilized committed lines</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,574</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,444</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">47,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	60,412</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total banking products</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">198,130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	212,869</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">158,629</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	152,699</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">786</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	903</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unsecured OTC products</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">883</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,415</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">61,340</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	107,898</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other derivatives (secured exchange-traded)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,288</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,338</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,994</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities lending</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,193</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">12,159</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11,732</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repo</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22,183</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,287</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total traded products<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,364</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,796</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">104,676</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	140,050</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total tradable assets<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,626</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">219,070</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	219,019</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">136</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	471</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total credit risk exposure, gross</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">206,120</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	220,450</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">482,375</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	511,768</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">922</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,387</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total credit risk exposure, net of allowances</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">198,839</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	210,003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">479,134</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	508,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">917</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,381</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="80%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>UBS&nbsp;Group</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ending</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans utilization (gross)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">284,516</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	278,014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	330,964</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Contingent claims</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22,053</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24,601</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32,259</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unutilized committed lines</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">50,976</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	63,856</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	82,311</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total banking products</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">357,545</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	366,471</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	445,534</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unsecured OTC products</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">62,223</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	110,324</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	121,433</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other derivatives (secured exchange-traded)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11,282</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10,471</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities lending</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">14,352</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11,764</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,195</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repo</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22,183</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total traded products<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">110,040</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	144,859</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	133,628</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total tradable assets<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">221,832</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	222,275</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	86,288</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total credit risk exposure, gross</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">689,417</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	733,605</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	665,450</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total credit risk exposure, net of allowances</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">678,890</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	720,356</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	650,902</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">Includes
Corporate Center and UBS Asset
Management.&nbsp;<SUP>2</SUP>Traded products valuation: valued
based on internal valuation
methodology.&nbsp;<SUP>3</SUP>Tradable assets valuation: net
long, maximum default exposure.</FONT>
</DIV>

<P align="center">
<IMG src="y46460y4643206.gif" alt="UBS WARVBURG CHARTS">

<DIV align="right">
<FONT size="2"> 55</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<IMG src="y46460y4643207.gif">
</DIV>

<P align="left">
<IMG src="y46460y4643208.gif">

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">ness Groups. The table Status of Total Credit
Risk Exposure provides an overview of the aggregate credit risk
exposure of the UBS&nbsp;Group.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Warburg&#146;s total gross credit exposure of
CHF 482 billion includes exposure not only in the Corporate and
Institutional Clients business unit, but also CHF 25.5 billion
in the International Private Clients and US Private Clients
business units. In the following analysis, only the Corporate
and Institutional Clients business is considered since almost
all other lending within UBS Warburg is secured.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A substantial majority of UBS Warburg Corporate
and Institutional Clients&#146; counterparties fall into the
investment grade category (internal counterparty rating grades 1
to 5) for both banking products (82%) and the traded products
portfolio (96%). These counterparties are primarily sovereigns,
insurance companies, financial institutions, multinational
corporate clients and investment funds. Exposure to lower rated
counterparties is generally collateralized or otherwise
structurally supported.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In order to allow pro-active management of
counterparty credit risk, UBS Warburg launched Alpine Partners,
L.P., the first ever synthetic securitization of counterparty
credit exposure in a portfolio of OTC derivatives covered by
ISDA master agreements. The issue, which met stringent rating
agency and regulatory requirements, transferred USD 750 million
of credit exposure on positive replacement values to the market,
to the extent they exceed the subordinated layer retained by
UBS.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Warburg Corporate and Institutional
Clients&#146; banking products portfolio is widely diversified
across industry sectors. At 31&nbsp;December&nbsp;2000, the
largest exposure (35%) was to the Finance sector. The 6%
exposure to the Transport, storage and communication sector
includes CHF 8 billion exposure to the telecommunication
industry.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Of UBS Switzerland&#146;s loans to customers of
CHF 175 billion, 69% or CHF 121 billion are secured by
mortgages. The graph shows that UBS&#146;s exposure to the real
estate sector is well diversified with 42% of its loans being
secured on owner-occupied houses (single-family homes). The
exposure on residential multi-family homes of 42% consists of
owner occupied apartments and rented apartment buildings. In
particular, the owner-occupied dwellings exhibit a low risk
profile both in terms of individual assets and at portfolio
level. Loans and other credit engagements with individual
clients, excluding mortgages, are predominately extended against
the pledge of marketable securities where UBS applies
conservative standards to determine the advance value of the
collateral.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The remainder of the Private and Corporate
Clients&#146; portfolio, excluding mortgages, consists of
exposures to corporate and individual clients. These clients are
fairly widely spread across rating categories and industry
sectors, which reflects UBS&#146;s position as a major lender to
this segment of predominantly small to medium sized enterprises
in Switzerland. The continued improvement in the Swiss economy
and property markets has aided the overall improvement in the
quality of this portfolio.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">At the end of the second quarter 2000, Helvetic
Asset Trust AG, an independent special purpose vehicle, was used
by UBS Switzerland <BR>
</FONT>
</DIV>

<P align="center">
<IMG src="y46460y4643209.gif">

<DIV align="left">
<FONT size="2"> 56</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<IMG src="y46460y4643210.gif">
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> <B>UBS Warburg Corporate and Institutional
Clients Banking Products</B></FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
        <TD colspan="13"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">74.3</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">72.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">134.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Commitments</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">47.4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">60.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">73.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Contingent liabilities</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11.4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">24.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Total banking products</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">133.1</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">148.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">233.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2">to securitize credit risk attached to a CHF 2.5
billion reference portfolio consisting primarily of Swiss
corporate loans, whereby part of the credit risk, but not the
loans themselves, was transferred to the capital markets.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The UBS Group loan portfolio increased by CHF 6.5
billion to a total of CHF 284.5 billion at year end 2000. UBS
Switzerland&#146;s portfolio continued to shrink, partly due to
the sale of Solothurner Bank, a Swiss retail subsidiary, and
partly due to continuing work-out of impaired loans. UBS
Warburg&#146;s portfolio, by contrast, increased, predominantly
as a result of the integration of UBS PaineWebber&#146;s
primarily secured loan portfolio of some CHF 20 billion. UBS
Warburg&#146;s Corporate and Institutional Clients business unit
continued the strategy, begun immediately after the 1998 merger
between Union Bank of Switzerland and Swiss Bank Corporation, of
reducing international banking products exposure (loans,
unfunded commitments and contingent liabilities), with the aim
of improving the risk/reward profile of the international
lending business. It included a shift in focus away from
emerging markets and into high quality credit in the major OECD
countries. The table above highlights this reduction.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Over-the-counter (OTC)&nbsp;derivative
contracts</FONT></B>

<DIV align="left">
<FONT size="2">A significant proportion of UBS Warburg&#146;s
credit risk arises from its trading activities, including its
trading of derivative products. The provision of risk management
solutions involving the use of derivative products is a core
service offered by UBS. Derivative products, by their nature,
are sensitive to changes in market prices and UBS pays close
attention to the management and control of these risks.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Counterparty exposure on most OTC derivatives is
measured by modeling the potential evolution of the value of the
portfolio of trades with each counterparty over its life
(potential credit exposure), taking into account legally
enforceable close out netting agreements where applicable.
Credit limits for individual counterparties are applied to the
<BR>
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Total Loan Portfolio Exposure by Business
Group</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Switzerland</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Warburg</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Other<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
        <TD colspan="13"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans to banks (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">8,482</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        8,780</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">21,038</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        21,481</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">544</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        524</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans to customers (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">175,461</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        191,180</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">78,749</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        55,670</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">242</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        379</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">183,943</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        199,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">99,787</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        77,151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">786</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        903</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Counterparty allowance</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,281</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,962</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Country allowance</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,280</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Allowances for loan losses<SUP>2</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,281</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,242</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,796</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Loans, net of allowances</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">176,662</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        189,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">96,545</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        74,355</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">781</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        897</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Counterparty provision for contingent claims</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">22</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">19</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Country provision for contingent claims</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">12</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total provisions<SUP>3</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">22</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">31</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        149</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

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

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances and provisions for counterparty risk</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,303</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,981</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,569</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances and provisions for country risk</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,292</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,376</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
</TR>

<TR>
        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total allowances and provisions</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,303</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,273</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,945</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
</TR>

<TR>

        <TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="80%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="5"><FONT size="2"><B>UBS&nbsp;Group</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD align="center" nowrap><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans to banks (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">30,064</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        30,785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        69,543</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans to customers (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">254,452</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        247,229</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        261,421</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">284,516</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        278,014</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        330,964</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Counterparty allowance</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">9,248</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        12,003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        13,093</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Country allowance</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,280</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,450</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Allowances for loan losses<SUP>2</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">10,528</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        13,249</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        14,543</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Loans, net of allowances</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">273,988</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        264,765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        316,421</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Counterparty provision for contingent claims</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">41</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        435</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Country provision for contingent claims</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">12</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total provisions<SUP>3</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">53</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        149</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        435</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

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

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances and provisions for counterparty risk</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">9,289</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        12,022</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        13,528</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances and provisions for country risk</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,292</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,376</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,450</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total allowances and provisions</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">10,581</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        13,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        14,978</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">Includes
Corporate Center and UBS Asset
Management.&nbsp;<SUP>2</SUP>Deducted from
assets.&nbsp;<SUP>3</SUP>Booked as liabilities.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 57</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">&#147;maximum likely exposure&#148;, derived from
this analysis, a 95% confidence statistical measure of the
exposure in each counterparty portfolio. These measures will
continue to be enhanced and their coverage is to be extended to
include all market sensitive products and associated
collateral.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s credit standards for entering into
unsecured derivative contracts are high. Particular emphasis is
placed on the maturity profile, and transactions with
counterparties of lower quality are generally conducted only on
a secured basis. In line with general market trends, UBS Warburg
is increasingly entering into bilateral collateral agreements
with other major banks to mitigate the potential concentrations
of exposure arising from industry consolidation and the ongoing
increase in volumes of OTC derivatives traded.</FONT>
</DIV>

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

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS participates in payment and securities
clearing houses, and continues to play a major role in the
Continuous Linked Settlement (CLS) project, an industry
initiative to establish a global clearing house, CLS Bank, to
settle foreign exchange transactions on a delivery versus
payment basis. CLS is currently scheduled to go live at the end
of 2001 and will substantially reduce both settlement and
systemic risks faced by UBS and other major foreign exchange
trading banks.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS&#146;s definition of country risk covers all
crossborder exposures from banking products and traded products,
including its own intra-Group cross-border positions, and
exposure to issuers of tradable assets such as bonds and
equities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The CRC function at the Corporate Center assigns
ratings to all major countries based on internal analysis of
size and economic fundamentals and on external information.
Smaller economies to which UBS has little exposure are rated
based on external information only. Like the counterparty
ratings, the sovereign ratings express the probability of the
occurrence of a country risk event that leads to an impairment
of UBS&#146;s exposures. The default probabilities and the
mapping to the ratings of the major rating agencies are the same
as for counterparty credit risks (see table on page&nbsp;54).
Country ratings are classified as industrialized (2 and better),
emerging markets (3 to 11) and distressed (12 to 14).</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">At 31&nbsp;December 2000, CHF 1,058 billion or
98.5% of UBS&#146;s country risk exposure was to industrialized
countries, where the risk of default is judged to be negligible
and, of this, CHF 593 billion, or 56% were intra-Group
cross-border money market positions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The remaining 1.5%, or CHF 16.3 billion, of
UBS&#146;s country risk exposure is to emerging markets and
distressed countries. This exposure has continued to decrease
during 2000 in line with the strategy of limiting exposure to
these sectors. Total exposure to emerging markets and distressed
countries fell by CHF 8.3 billion between 31&nbsp;December 1999
and 31&nbsp;December 2000, a reduction of 34%. In view of the
higher risk associated with emerging markets, UBS closely and
continuously monitors this exposure, within the country ceilings
approved by the Chairman&#146;s Office.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The country risk ceiling is a primary limit for
all transactions with counterparties in these countries, and
extension of credit may be denied on the basis of a country risk
ceiling even if there are adequate counterparty limits
available. The table on the following page analyzes the emerging
markets and distressed countries exposures by major geographical
areas at 31&nbsp;December 2000 compared to 31&nbsp;December
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Counterparty default resulting from multiple
insolvencies (systemic risk) or general pre-<BR>
</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 58</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2">Emerging Markets Exposures by Major
Geographical Areas</FONT></B>
</DIV>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>Total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Banking products</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Region</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Emerging Europe</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,612</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,586</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,755</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">809</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	919</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Emerging Asia</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,642</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10,055</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14,406</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,053</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,003</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Latin America</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,268</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,647</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11,528</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,352</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,169</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Africa/ Middle East</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,736</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,314</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,740</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,564</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,539</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">16,258</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24,602</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32,429</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,778</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16,630</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Traded products<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Tradable assets<SUP>2</SUP></B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Region</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Emerging Europe</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">395</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	248</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">408</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	419</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Emerging Asia</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,355</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,873</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,234</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,179</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Latin America</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,025</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">891</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	813</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Africa/ Middle East</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">669</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	659</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">503</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	116</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,444</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,445</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,036</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,527</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">Traded products
consist of derivative instruments and repurchase
agreements.&nbsp;<SUP>2</SUP>Tradable assets consist of equity
and fixed income financial instruments held for trading
purposes, which are marked to market on a daily basis.</FONT>
</DIV>

<P align="left">
<FONT size="2">vention of payments by authorities (transfer
risk) is the most significant long-term effect of a country
crisis. In its internal measurement and control of country risk,
however, UBS seeks to also consider the probable financial
impact of market disruption arising during and following a
country crisis: severe falls in the country&#146;s markets and
assets, longer-term devaluation of the currency and potential
immobilization of currency balances.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As an enhancement to this wider measurement
concept, UBS has started measuring country risk internally not
only in nominal terms, but also on a stress loss basis covering
market and credit risk, both at the country level, where
individual country ceilings are applied, and across the
portfolio, based on economic scenarios determined by country
economists. Stress loss-based measures were first introduced at
the country level in 2000 and will continue to be developed in
the light of experience and changing market conditions.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS classifies a claim as impaired if the book
value of the claim exceeds the present value of the cash flows
actually expected in future periods interest payments, scheduled
principal repayments, or other payments due (for example on
derivatives transactions), and including liquidation of
collateral where available. Within this category, loans are also
classified as non-performing where payment of interest,
principal or fees is overdue by more than 90&nbsp;days.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS has established policies to determine the
carrying values of impaired claims are determined on a
consistent and fair basis, especially for impaired loans for
which no market estimate or benchmark for the likely recovery
value is available. Each case is assessed on its merits, and the
work-out strategy and estimation of cash flows considered
recoverable are independently approved by the CRC function. The
recovery value of mortgage loans is determined by capitalizing
an economically sustainable rental yield, adjusted for the
discount generally observed in forced liquidations and related
costs, if the strategy is based on a foreclosure. For commercial
exposures, enterprise value is determined from an assessment of
expected cash flows from future operations, if recovery is
likely to be successful, or of the liquidation value of the
assets, if bankruptcy proceedings are to be initiated against
the borrower. All future cash flows considered recoverable are
discounted to present value on the basis of the principles of
International Accounting Standard 39. A provision is then made
for the probable loss on the loan in question and charged to the
income statement as credit loss expense.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Allowances and provisions for credit losses also
include a component for country risk. UBS&#146;s approach to
country risk provisioning follows the guidelines of the Swiss
Bankers&#146; Association, which allow banks to establish
provisions based on their own portfolio scenarios. UBS
establishes country-specific scenarios, which are reviewed and
used on an ongoing basis, to evaluate the current and future
probability of default due to country risk incidents or
country-specific systemic risks. The appropriate provisions are
then determined by evaluating the type of credit exposure and
the loss severities that have been attributed to each exposure
type. Furthermore UBS has specific allowances against exposures
in countries that are subject to a moratorium or have been
rescheduled. The amount of such allowances is determined
case-by-case from an assessment of the amounts that UBS deems to
be irrecoverable.</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2"> Summary of Banking Products Exposure and
Credit Risk Results</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="7"></TD>
        <TD></TD>
        <TD colspan="7"></TD>
        <TD></TD>
        <TD colspan="7"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>UBS Switzerland</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>UBS Warburg</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Other&nbsp;<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
        <TD colspan="25"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">183,943</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">199,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">99,787</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">77,151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">786</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">903</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Contingent claims</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,613</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">9,465</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,440</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15,136</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Unutilized committed lines</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,574</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,444</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">47,402</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">60,412</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total banking products exposure</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">198,130</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">212,869</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">158,629</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">152,699</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">786</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">903</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Annual expected loss</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">784</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,071</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">247</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">333</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total credit loss (recovery)/expense</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(695</FONT></B></FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">965</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">565</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD colspan="25" align="left"><HR size="1"></TD>

</TR>

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

<TR>
        <TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="70%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="5"><FONT size="2"><B>UBS Group</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD align="center" nowrap><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">284,516</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">278,014</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">330,964</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Contingent claims</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">22,053</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">24,601</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">32,259</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Unutilized committed lines</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">50,976</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">63,856</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">82,311</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total banking products exposure</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">357,545</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">366,471</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">445,534</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Annual expected loss</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,031</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,404</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,696</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total credit loss (recovery)/expense</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(130</FONT></B></FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">951</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Corporate Center balancing items</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,161</FONT></B></FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(448</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(745</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>
</TR>

</TABLE>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Includes
Corporate Center and UBS Asset Management.</FONT>
</DIV>

<P align="left">&nbsp;
<FONT size="2">In general, Swiss practice is to write off loans
entirely only on final settlement of bankruptcy proceedings,
sale of the underlying assets, or formal debt forgiveness. By
contrast, US practice is generally to write off non-performing
loans much sooner, reducing the amount of such loans and
corresponding provisions recorded at any given date. A
consequence of this practice is that, for UBS, recoveries of
amounts written off in prior accounting periods tend to be
small.</FONT>

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

<DIV align="left">
<FONT size="2">UBS reports its results according to IAS, under
which credit loss expense charged to the financial accounts in
any period are the sum of net allowances minus recoveries
arising in that period, i.e. the credit losses actually
incurred. In 2000, provisions on new impaired loans were more
than offset by the effect of re-evaluating provisions on
existing impaired loans resulting in a net credit to the income
statement of CHF 130 million. This compares to a net credit loss
expense charge in 1999 of CHF 956 million.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This positive result was due to the strong
economy in Switzerland combined with successful recovery
efforts. Previous provisions had been established against a
background of several years of relatively low growth in the
Swiss economy and relatively high credit losses. During the year
2000, the Swiss economy expanded at the fastest rate in a
decade. The growth was broadly based, especially in the domestic
sector, and was markedly higher than could have been foreseen in
1999. This turnaround has positively affected real estate values
and the real estate construction market, which has led to
reductions in existing provisions against loans in these
portfolios and a decreased level of new defaults and
impairments. In view of its significant exposure to the Swiss
market, UBS&#146;s overall credit quality is highly dependent on
economic developments in Switzerland. As the graph shows, the
better performance of the Swiss economy has translated into a
sustained reduction in the bankruptcy rate since 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">By contrast, mounting signs of a trend of
increasing defaults in the international credit markets and
particularly the US, required additional loan loss provisions to
be taken on UBS Warburg&#146;s loan portfolio. Over the last few
years UBS has pursued a strategy of active reduction of
international and emerging markets credit exposures and has
increasingly used credit derivatives to hedge credit exposures.
Despite the increase in provisions, this strategy, coupled with
a reluctance to engage in balance sheet led earnings growth, has
positioned UBS relatively well for the less positive outlook in
the international credit markets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The development of the total credit loss expense
in 1998 and 1999 included the effect of allocations from the
special reserve pools that had been established in 1996, by both
Union <BR>
</FONT>
</DIV>

<P align="left">
<IMG src="y46460y4643211.gif" alt="(Swiss Bankruptcy Rates Graph)">

<DIV align="left">
<FONT size="2"> 60</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Allowances and Provisions for Credit
Risk</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Asset</B></FONT></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Switzerland</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Management</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Warburg</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>As of</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
        <TD colspan="14"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="14"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Loans (gross)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">183,943</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        199,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">561</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">99,787</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        77,151</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Impaired loans<SUP>1</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">13,671</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        19,166</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4,797</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,226</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances for impaired loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,281</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,399</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,018</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Non-performing loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,872</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        11,416</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,554</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,594</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances for non-performing loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4,702</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        7,315</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,143</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,341</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total allowances for impaired and non-performing loans</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,281</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,399</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,018</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top"><FONT size="2">
        Other allowances and provisions for credit and country risk</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">22</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">874</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        927</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total allowances and provisions</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7,303</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,273</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,945</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        of which country allowances and provisions</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,292</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,376</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="14"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Impaired loans as a % of gross loans<SUP>1</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7.4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4.8</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4.2</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Non-performing loans as a % of gross loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4.3</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        5.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2.6</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2.1</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top"><FONT size="2">
        Allowances and provisions for credit loss as a % of gross loans</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4.0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        5.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3.3</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3.8</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top"><FONT size="2">
        Allocated allowances as a % of impaired loans<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">53.3</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        54.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">50.0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        62.6</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Allocated allowances as a % of non-performing loans</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">59.7</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        64.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">83.9</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        84.1</FONT></TD>
</TR>

<TR>
        <TD colspan="14" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="90%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Corporate Center</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Group</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>As of</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

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

<TR>
        <TD align="center" nowrap colspan="2"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans (gross)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2"><B><FONT color="#E8112D">225</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">690</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2"><B><FONT color="#E8112D">284,516</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">278,014</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Impaired loans<SUP>1</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">26</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        64</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">18,494</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">22,456</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances for impaired loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">9,685</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12,471</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Non-performing loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">26</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        63</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">10,452</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">13,073</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Allowances for non-performing loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6,850</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8,661</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total allowances for impaired and non-performing loans</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">9,685</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12,471</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top"><FONT size="2">
        Other allowances and provisions for credit and country risk</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">896</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">927</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total allowances and provisions</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">10,581</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">13,398</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        of which country allowances and provisions</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">&#150;</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        &#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,292</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,376</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

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

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Impaired loans as a % of gross loans<SUP>1</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">11.6</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6.5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.1</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Non-performing loans as a % of gross loans</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">11.6</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3.7</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4.7</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top"><FONT size="2">
        Allowances and provisions for credit loss as a % of gross loans</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2.2</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3.7</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4.8</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top"><FONT size="2">
        Allocated allowances as a % of impaired loans<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">19.2</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">52.4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">55.5</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Allocated allowances as a % of non-performing loans</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">19.2</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        7.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">65.5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">66.3</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" align="left"><HR size="1"></TD>
</TR>

</TABLE>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Includes
non-performing loans.</FONT>
</DIV>

<P align="left">
<FONT size="2">Bank of Switzerland and Swiss Bank Corporation
totaling some CHF 5.5 billion. These reserves were established
in recognition of the fact that there might be a further
deterioration in the quality of their loan portfolios as a
result of adverse economic conditions, particularly in
Switzerland. These reserves totaled CHF 3.6 billion at the
beginning of 1998. CHF 3.3 billion was applied against specific
loan exposures during 1998 and the remaining balance of CHF 300
million was applied or reversed in 1999. Following these
allocations, the credit loss expense incurred in 1998 amounted
to CHF 951 million and in 1999 to CHF 956 million.</FONT>

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

<DIV align="left">
<FONT size="2">As shown in the table above, the allowances and
provisions for credit losses decreased by CHF 2,817 million, or
21%, from CHF 13,398 million at 31&nbsp;December 1999 to CHF
10,581 million at 31&nbsp;December 2000 (see also note 12b to
the Financial Statements.) UBS believes that the probable losses
in its portfolio are adequately covered by its allowances and
provisions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The component of provisions and allowances for
emerging market-related exposures stood at CHF 1,292 million at
31&nbsp;December 2000, compared with CHF 1,376 million at
31&nbsp;December 1999 and CHF 1,450 million at 31&nbsp;December
1998. The reduction is a consequence of the overall size of
UBS&#146;s emerging market exposures and the improved outlook
for the major emerging market economies since the crisis of
1998. The country risk scenarios used to assess portfolio
provisions have changed over the three years with the focus
shifting to some extent from Asia to Latin America.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Impaired loans have decreased to CHF 18,494
million at 31&nbsp;December 2000 from CHF 22,456 million at
31&nbsp;December 1999. Over the same period, the sub-set of
non-performing loans has also decreased, to CHF 10,452 million
from CHF 13,073 million and the non-performing loans ratio
improved to 3.7% from 4.7%. This positive result was due</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 61</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">in part to the unexpectedly strong performance of
the economy in Switzerland, described above, which produced
fewer new impaired and non-performing loans than in previous
years, and in part to continuing efforts to conclude proceedings
and reach settlement on existing nonperforming loans. UBS
Switzerland&#146;s portfolio therefore saw decreases in the
impaired and nonperforming loans of CHF 5,495 million and CHF
3,544 million, respectively.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Warburg&#146;s portfolio, on the other hand,
saw an increase in impaired loans of CHF 1,571 million and in
non-performing loans of CHF 960 million, in line with the trends
in the international credit markets and especially the US.
Although UBS&#146;s non-performing loans ratio is somewhat
higher than that of comparable US banks, the comparison reflects
different charge-off practices rather than underlying asset
quality.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Market risk</FONT></U></B>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s market risk is incurred principally
through the trading activities of UBS Warburg. It arises
primarily from market making and client facilitation activity in
equities, fixed income and interest rate products and in foreign
exchange and precious metals. Activity is mainly in OECD
markets, with some business in emerging markets. Proprietary
positions based on market views are also taken.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Group Treasury assumes market risk in the
management of the Group&#146;s balance sheet where long-term
interest rate risk is transferred from other Business Groups,
and through the Group&#146;s structural foreign exchange
positions. Group Treasury&#146;s activities are described in the
Asset and Liability Management section on pages 66 to 75.</FONT>
</DIV>

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

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

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Expected loss is reflected in the valuation
	adjustments made to the portfolio. These cover price
	uncertainties resulting from a lack of market liquidity or the
	absence of a reliable market price for an instrument or
	position, and model risk in more complex models.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Statistical loss is measured using a
	Value-at-Risk (VaR) methodology. VaR expresses the potential
	loss on the current portfolio assuming a specified time horizon
	before positions can be adjusted (holding period), and measured
	to a specified level of confidence. UBS measures VaR on both a
	one-day and a ten day holding period, in both cases to a 99%
	confidence level. Estimates are based on historical simulation,
	assessing the impact of historical market movements on
	today&#146;s portfolio, based on five years of historical data.
	One day VaR exposure expresses the maximum daily mark to market
	loss that UBS is likely to incur on the current portfolio under
	normal market conditions with a larger loss being statistically
	likely only once in a hundred times.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Stress loss is measured based on extreme but
	plausible market scenarios, approved by the Board of Directors,
	using stress moves in market variables which are regularly
	reviewed and approved by the Group CRO. Scenarios may be derived
	from severe historical events or based on prospective crisis
	scenarios developed from the current economic situation and
	perceived market trends.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">The Board of Directors has set limits on market
risk at the Group level in terms of both ten-day VaR (risk
appetite) and stress loss (risk capacity). The Group VaR limit
is allocated by the GEB among the Business Groups, the largest
limit being in UBS Warburg, and <BR>
</FONT>

<DIV align="left">
<FONT size="2"> 62</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Summary of 10-day 99% Confidence Value at
Risk</FONT></B>

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>12 months ending 29.12.00<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>12 months ending 31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Min.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Max.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>29.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Min.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Max.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="33"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="33"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">144.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">245.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">199.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">146.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">121.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">207.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">172.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest rates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">113.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">202.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">149.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">132.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign exchange</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">97.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">32.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Precious metals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diversification effect</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">&#150;2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">&#150;2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(148.3</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(129</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(168.2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(193.2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="33" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total UBS Warburg</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">186.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">296.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">243.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">187.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">176.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">275.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="33" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Positions
from PaineWebber are included from legal merger date 3 November
2000 onwards.&nbsp;<SUP>2</SUP>&nbsp;As the minimum and maximum
occur on different days for different risk types, it is not
meaningful to calculate a portfolio diversification
effect.</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Summary of 10-day 99% Confidence Value at Risk
for UBS Group</FONT></B>

<P align="left">
<B><FONT size="2">UBS Group VaR<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Utilization</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Limit</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>29.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">450.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">187.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Center</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">45.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reserves</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diversification effect</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">n/a</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(46.5</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(55.5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>UBS Group</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">600.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">189.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">232.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Remark:
VaR numbers include interest rate exposures in the banking books
of the Private Label Banks and Group Treasury.</FONT>
</DIV>

<P align="left">
<FONT size="2">within the Business Groups to lower
organizational levels as necessary. The internal ten-day VaR
measure is also the basis of UBS&#146;s market risk regulatory
capital requirement.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">All VaR models, while forward-looking, are based
on past events and are dependent upon the quality of available
market data. In order to enhance the continuing accuracy and
effectiveness of the VaR model, actual revenues arising from
closing positions are compared with the risk calculated on those
positions, in a process known as backtesting. If the revenue,
whether positive or negative, exceeds the one-day VaR, a
&#147;backtesting exception&#148; is considered to have
occurred. When VaR is measured at a 99% confidence level, a
backtesting exception is expected, on average, one day in a
hundred. A higher rate of occurrence may indicate that the VaR
model (the combination of the inputs and the calculations) is
not fully capturing all risks. UBS conducts backtesting daily at
a number of organizational levels down to individual trading
portfolios and investigates all backtesting exceptions to
establish the cause and take remedial action where
necessary.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Backtesting is also a regulatory requirement, and
negative backtesting exceptions (where revenue is negative and
greater than the previous one-day VaR) must be reported to the
regulators.</FONT>
</DIV>

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

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

<DIV align="left">
<FONT size="2">Investment positions, such as private equity,
require different risk measures from those applied to trading
positions, because their intended holding period and the time
scale over which they can be hedged or liquidated is longer than
the holding periods assumed in</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 63</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">the trading book measures. They are not,
therefore, included in the market risk measures described above,
but are controlled through limits to prevent undue concentration
in individual investments or sectors, and through close
monitoring and management of exposures.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The table above shows average, minimum, maximum
and year end market risk exposure for UBS Warburg, as measured
by 10-day 99% confidence VaR exposure.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Market risk in UBS Warburg, as measured by
average VaR exposure, increased in 2000 compared with 1999,
although the year end position was lower for 2000 than for 1999.
The variations in VaR through the year can be seen in the graph
on the following page.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As in 1999, the major VaR exposures arose in the
equity and interest rate risk classes. Average VaR increased for
both, but most noticeably in equities where there were
particularly good trading opportunities. UBS Warburg has kept
direct price exposure to the new economy stocks deliberately low
and, as a consequence, has not suffered exceptional P&#38;L
swings from these highly volatile stocks, as can be seen from
the revenue line in the graph on the following page. The overall
reduction in UBS Warburg&#146;s VaR at year end was caused
largely by reductions in equities positions.</FONT>
</DIV>

<P align="left">
<IMG src="y46460y4643212.gif" alt="(UBS WARBURG-BACKTESTING REVENUE AND VAR)">

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The PaineWebber merger did not cause a
significant change in UBS Warburg&#146;s total VaR
exposure.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Market risk positions in UBS Switzerland and
Corporate Center have only a marginal impact on total VaR at
Group level, the main contribution being from UBS Warburg.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS has had no regulatory backtesting exceptions
in 2000.</FONT>
</DIV>

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

<P align="left">
<FONT size="2">The consequential risk (or operational risk)
categories are transaction processing risk, liability risk,
legal risk, compliance risk, security risk and tax risk.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is continuing to develop both qualitative and
quantitative approaches to the management and control of
consequential risks. A measurement framework has been
formulated, but full implementation depends upon the existence
of multiperiod exposure and loss data. Current efforts are
therefore centered on building this history and on the
qualitative aspects of risk management and control &#150;
identification and recording of risks and exposures,
establishment of policies, standards and procedures, close
monitoring and management of identified risks, and initiation of
corrective action where necessary in response to
incidents.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">By identifying and recording these risks and
tracking their evolution, UBS will establish the basis from
which the quantitative framework can be realized.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The consideration of consequential risks is an
important element in the assessment of new businesses and of
transactions with unusual structure.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Under the Group and Business Group CROs, all
consequential risks are now formally integrated into the
independent risk control process.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">With information security assuming ever
increasing importance in today&#146;s banking environment, UBS
has separated information security risk control from IT
development and production functions by creating independent
information security risk control units, reporting to the Group
CRO. The successful parrying of recent virus attacks against UBS
has shown the expertise and strength of the information security
risk control and management organization in protecting the
confidentiality and integrity of our client data and
assets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS, as the largest Private Bank in the world,
initiated and achieved international agreement with 11 major
banks and Trans-</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 64</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Risk Analysis</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">parency International, the leading international
organization dedicated to combating corruption, on global
anti-money laundering guidelines for private banking&nbsp;
&#150; the &#147;Wolfsberg Anti-Money Laundering
Principles&#148;. Their purpose is to try to prevent the use of
banks&#146; worldwide operations for criminal purposes. Banks
adopting these principles will endeavor to accept only those
clients whose source of wealth and funds can be reasonably
established to be legitimate. The principles deal with
&#147;know your customer&#148; policies and the identification
and follow-up of unusual or suspicious activities. UBS is
committed to following these principles.</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">Asset and Liability Management</FONT>" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left">
<B><FONT size="6">Asset and Liability</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="6">Management</FONT></B>
</DIV>

<P align="left">
<FONT size="2">UBS&#146;s Asset and Liability Management
processes are designed to manage all balance-sheet related risks
on a co-ordinated Group-wide basis. Group Treasury is
responsible for the management of these risks so that the
financial resources of the Group are efficiently used.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The primary mission of our asset and liability
management activities is to contribute to the maximization of
UBS&#146;s shareholder value through the optimal management of
the Group&#146;s financial resources. The individual goals of
these processes are:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Efficient management and control of the
	Group&#146;s non-trading interest rate and foreign exchange
	exposures.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Sustainable and cost-efficient funding of the
	Group&#146;s balance sheet.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Optimal liquidity management in order to generate
	cash when required.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Efficient management of capital, while
	maintaining strategic flexibility, sound capitalization and
	strong ratings.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Compliance with all applicable legal and
	regulatory requirements.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Group Treasury is governed by the Group&#146;s
Risk Management and Control Principles, with its own specific
processes and policies, tailored to the types of risk it
manages: Group liquidity risk, Group funding risk and
non-trading related foreign exchange and interest rate
risk.</FONT>

<P align="left"><B><U><FONT size="2" color="#C66005">Principles</FONT></U></B>

<P align="left">
<FONT size="2">The Group&#146;s approach to interest rate risk
management is based on a comprehensive framework in which only a
limited number of business areas are allowed to actively manage
interest rate risk. All non-trading interest rate risk is
transferred, as it is incurred, to either Group Treasury or to
UBS Warburg&#146;s Cash and Collateral Trading book (CCT),
depending on the maturity and currency of the underlying
transaction.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">These two business areas manage these risks
centrally, within pre-defined risk limits, exploiting the
Group-wide netting potential. If appropriate, Group Treasury
transfers some of its risk to CCT which, in turn, interacts with
the external market.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">These processes aim to immunize the originating
business unit from all interest rate risk, providing them with
an interest rate risk-free margin.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s liquidity management ensures that the
Group can at all times fulfil its payment obligations, without
compromising its ability to take advantage of market
opportunities as they arise. Liquidity management is based on an
integrated system which encompasses all known cash flows within
the Group, and takes account of the availability of high-grade
collateral. The liquidity position is managed using
scenario-based analysis taking stress factors into
consideration.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Group Treasury and CCT operate an integrated
collateral management process which both provides collateral for
CCT&#146;s securities lending activities and constitutes a key
element of the Group&#146;s liquidity management. CCT is able to
generate substantial revenues for the Group and its clients
through securities lending transactions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Group Treasury co-ordinates all funding
activities in order to ensure that the Group&#146;s businesses
are funded at the lowest possible costs. It also seeks to
maintain a well diversified portfolio of funding sources and to
preserve a balanced liability structure.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s currency management seeks to shield
UBS&#146;s equity and expected future cash flows from adverse
currency fluctuations against the Swiss franc.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Currency translation risk management ensures that
UBS&#146;s equity is always invested in Swiss francs, while
currency transaction risk management proactively hedges
recognized future foreign currency exposures against the Swiss
franc. The hedging process is centered on the use of a
cost-efficient option strategy, designed to retain the upside
potential of any favorable currency movements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s capital management aims to guarantee
sound capitalization, strong credit ratings and compliance with
regulatory requirements, while maximizing shareholder value.
UBS&#146;s capital needs are constantly analyzed to ensure that
the individual business areas are always supplied with
sufficient capital to meet their anticipated requirements. Where
excess capital is identified, UBS is committed to the innovative
use of capital management techniques to return surplus funds to
shareholders.</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT size="2" color="#C66005">Interest rate risk
management</FONT></U></B>

<P align="left">
<FONT size="2">Interest rate risk is inherent to many of
UBS&#146;s businesses. Interest rate risks arise from a variety
of factors, including differences in the timing between the
contractual maturity or repricing of assets, liabilities and
derivative instruments. Net interest income is affected by
changes in market interest rates, because the repricing
characteristics of loans and other interest earning assets do
not necessarily match those of deposits, other borrowings and
capital. In the case of floating rate assets and liabilities,
UBS is also exposed to basis risk, which is the difference in
repricing characteristics of the relevant pairs of floating rate
indices, such as the savings rate and six months LIBOR. In
addition, certain products have embedded options that affect
their pricing and their effective maturity.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS adopts a comprehensive Group-wide approach to
managing interest rate risk, and allocates the responsibility
for managing this risk to a limited number of business areas.
Under this approach, interest rate risk is clearly segregated
into trading and non-trading risk. All interest rate risks
arising from non-trading business activities are captured at the
point of business origination and transferred either to CCT or
to the Group Treasury through a Group-wide transfer pricing
mechanism. The risk is then managed centrally either by Group
Treasury or by CCT in accordance with the relevant risk policies
and limits. <I>(The private label banks of UBS Switzerland,
while subject to the same transfer prices, are an exception to
this rule, and manage their own interest rate risk
separately.)</I></FONT>
</DIV>

<P align="left"><B><FONT size="2">Internal hedging process</FONT></B>

<DIV align="left">
<FONT size="2">In the case of client businesses which have no
contractual maturity date or directly marketlinked customer
rate, such as savings accounts or current accounts, the interest
rate risk is transferred from the business areas by pooled
transactions to Group Treasury&#146;s Bank Book. Since these
products effectively contain embedded options in respect of
withdrawal/pre-payment and rate setting, they cannot be
economically hedged by single back-to-back transactions. Group
Treasury therefore manages the inherent interest rate risk in
these products through the establishment of replicating
portfolios of revolving fixed-rate transactions of predefined
maturities which approximate the average cash flow behavior of
these positions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Until the end of 2000, the interest rate risk of
long-term Swiss franc transactions with fixed maturities beyond
1&nbsp;year was transferred by single back-to-back transactions
from the originating business area to CCT. In this way the
originating business area was immunized from any residual
interest rate risk and thus locked in an interestrate-risk-free
margin on these products. Since the start of 2001 these
back-to-back transactions have been carried out with Group
Treasury rather than with CCT. This allows UBS to benefit
directly from the netting potential between these transactions
and the replicating portfolios. Group Treasury then economically
hedges all remaining risks (after netting) through internal
transactions with CCT.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Short-term (fixed maturity below 1&nbsp;year) and
non-Swiss franc transactions continue to be transferred directly
into the trading book of CCT.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition to the interest rate risk associated
with client business, a significant amount of interest rate risk
arises in relation to non-business balance sheet items, such as
in the refinancing of the Group&#146;s real estate, equity
investments in associated companies and the investment of
UBS&#146;s own equity. The refinancing of real estate and equity
investments and the investment of equity are all strategic
decisions which implicitly create nontrading interest rate
exposures. The interest rate risks inherent in these balance
sheet items are managed by Group Treasury by representing them
as replicating portfolios, on the basis of decisions taken by
the Group Executive Board as to the appropriate effective
maturities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">All the replicating portfolios in the Bank Book
are updated monthly by replacing maturing tranches with new
aggregate tranches which reflect the changes in the balance
sheet over the period. By their nature, the staggered tranches,
making up each replicating portfolio, reduce the volume that
must be economically hedged by the Bank Book at each monthly
rollover. Even so, the new aggregate tranches are of such a size
that they cannot be offset instantly. The Bank Book therefore
assumes intra-month interest rate exposure while it executes the
necessary offsetting hedges with CCT. The exposure in the Bank
<BR>
</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 67</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Interest Rate Sensitivity of the Bank
Book</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Within 1</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1 to 3</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>3 to 12</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1 to 5</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Over</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF thousand per basis point</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>month</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>months</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>months</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>5 years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	CHF</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(11</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">239</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">493</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(37</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">744</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	USD</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(342</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(183</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(443</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	EUR</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">269</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	GBP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(36</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">270</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">819</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	JPY</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Others</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">127</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">215</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">502</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">538</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,384</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	of which equity replicating portfolio</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	CHF</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">288</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,295</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,981</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,603</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Bank Book without equity replicating portfolio</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(26</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">116</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(73</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(6,793</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,443</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(9,219</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Book therefore tends to fluctuate between monthly
rollovers.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Within its risk limits, CCT decides whether the
internal hedge transactions will be offset with the external
market or remain in its trading book.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Interest rate sensitivity of the Bank
Book</FONT></B>

<DIV align="left">
<FONT size="2">The Group Executive Board has approved risk
management policies, risk limits and a control framework for the
entire interest rate risk management process, including the
establishment of a Value-at-Risk (VaR) limit for the interest
rate exposure of the Bank Book. The Market Risk Control function
monitors the risk in both CCT and Group Treasury on a daily
basis as part of UBS&#146;s overall market risk in order to
ensure the integrity of the interest rate risk management
process and its compliance with the defined risk limits.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s approach to managing the interest rate
risks in the Bank Book follows the regulatory framework recently
introduced by Swiss Federal Banking Commission (FBC). In the
course of 2000, it became mandatory for all Swiss banks to
report to the Swiss National Bank the interest rate sensitivity
of the Bank Book on a quarterly basis. Additionally, the
specific composition of the underlying replicating portfolios
used to manage individual balance sheet items must be disclosed
in order to assist the regulators to identify
&#147;outliers&#148; in terms of interest rate risk
profiles&nbsp;&#150; profiles which are not typical of a bank or
the part of its business that is being monitored.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The table above shows the interest rate
sensitivity of the Bank Book as at 31&nbsp;December&nbsp;2000
measured in terms of the potential impact of a one basis point
(0.01%) parallel rise in interest rates on the market value of
each balance sheet item.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The most significant component of the Bank Book
sensitivity stems from the investment of the Group&#146;s
equity. At 31&nbsp;December&nbsp;2000, the Group&#146;s equity
was invested in a portfolio of fixed-rate CHF deposits with an
average duration of 2.5&nbsp;years and a sensitivity of
CHF&nbsp;10.6 million per basis point, in line with the
strategic investment targets set by the Group Executive Board.
In order to ensure that these targets are met, the Group&#146;s
equity is offset by a liability position represented as a
replicating portfolio reflecting this target bench mark. The
Group&#146;s equity is thus automatically invested according to
the strategic targets so as to offset the interest rate risk
associated with this equity replicating portfolio. The interest
rate sensitivity of these investments indicates the extent to
which their fair value would be affected by a move in interest
rates. This in turn is directly related to the chosen investment
duration. However, when measured against the offsetting equity
replicating portfolio, the residual interest rate risk is not
significant. Moreover, any reduction in the interest rate
sensitivity relating to the investment of UBS&#146;s equity
would inevitably require investing at significantly shorter
maturities, which would lead to a higher volatility in the
Group&#146;s interest earnings.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition to the standard sensitivity measure
shown above, UBS uses the following two measures to help monitor
the risk inherent in the Bank Book:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Net interest income at risk, which is defined as
	the exposure of the net interest income</FONT></TD>
</TR>

</TABLE>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	<FONT size="2">arising in the Bank Book to an adverse movement
	in interest rates over the next twelve months. Since all client
	business with fixed maturities is &#147;match funded&#148;, the
	product margins of these transactions are not affected by
	changes in interest rates. Therefore only net interest income
	positions resulting from replicating portfolios are exposed to
	market changes. The net interest income at risk figure estimates
	the impact of different changes in the level of interest rates
	using shock scenarios as well as gradual changes in interest
	rates over a period of time. All of the scenarios are compared
	with a scenario where current market rates are held constant for
	the next twelve months.</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Economic value sensitivity, which is the
	potential change in market value of the Bank Book resulting from
	large changes in interest rates. This estimates the effect of an
	immediate interest rate shock on the net position in the Bank
	Book.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">The net interest income at risk measure on the
Bank Book considers such variables as:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Re-pricing characteristics of assets and
	liabilities.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The effect of rate barrier, such as caps and
	floors, on assets and liabilities.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Maturity effects of replicating portfolios.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Behavior of competitors.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The methodology is designed to highlight the
effects of market changes in interest rates on existing balance
sheet positions; it ignores future changes in the asset and
liability mix and therefore it is not, by itself, a predictor of
future net interest income.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Both measures are based on the Bank Book&#146;s
interest rate position excluding the liability position relating
to the &#147;equity replicating portfolio&#148;.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The two methodologies provide different measures
of the level of interest rate risk. The economic value
sensitivity measure provides a longer-term view, since this
considers the present value of all future cash flows generated
from the existing balance sheet positions. The net interest
income at risk measure provides a shorter-term view, as it
considers the repricing effect from all maturing positions over
the next twelve months. The table below shows the change in risk
under both measures between 31&nbsp;December 1999 and
31&nbsp;December 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Among various scenarios that have been analyzed,
the net interest income at risk figure shown is the worst case
and relates to an interest rate shock (parallel shift) of
&#150;200 basis points. At 31 December&nbsp;1999, the difference
to the constant market rate scenario represented &#150;5.6% of
the year&#146;s total net interest income and &#150;3.0% at
31&nbsp;December&nbsp;2000. In this extreme scenario the largest
part of the decrease would occur due to lower margins on deposit
accounts and lower returns on the investment of the Group&#146;s
equity.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The economic value sensitivity shows the effect
of a 100 basis point adverse interest rate shock, implying that
UBS had an exposure of CHF &#150;555 million to that degree of
rising rates at 31&nbsp;December&nbsp;1999 and CHF &#150;908
million at 31&nbsp;December&nbsp;2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The substantial increase in the economic value
sensitivity in the course of 2000 was primarily due to the
decision to lengthen the duration of the Group&#146;s equity
investment. The other main contribution to the increase resulted
from the USD refinancing of the PaineWebber acquisition, which
lead to a negative sensitivity to USD rates.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Other effects of interest rate changes
on</FONT></B>

<DIV align="left">
<B><FONT size="2">UBS&#146;s profitability</FONT></B>
</DIV>

<DIV align="left">
<FONT size="2">Neither of these two methodologies gives a
complete picture of the effect of interest rate changes on the
Group&#146;s revenues and costs. In principle, higher rates give
UBS opportunities to improve loan pricing and deposit margins.
Income from invested equity also increases, particularly where
the yield curve is steep, al-</FONT>
</DIV>

<P align="left"><B><FONT size="2">Change in Risk under two
Methodologies</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income at risk</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(247</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(355</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(265</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Economic value sensitivity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(908</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(555</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(493</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">though as it is mostly invested long term the
average rate only rises slowly. However, rising interest rates
also cost the Group money, through the cost of funding its
trading portfolios, especially if the yield curve is inverted.
Loan demand may also reduce and deterioration in credit quality
is likely, especially if rates rise towards the end of the yield
cycle. At the same time, increased rates may reduce the
prospects for growth in equity markets, leading to lower net new
money and lower transaction volumes, both of which would impact
our fee income. Furthermore, changes in rates in different
currencies have stronger or weaker effects on different aspects
of the overall picture &#150; trading related revenues are more
exposed to changes in USD rates, but loans and deposit margins
to changes in CHF rates.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A similarly complicated picture would apply to a
reduction in interest rates. So, although the sensitivity of
UBS&#146;s income to changes in the rates applied to its current
balance sheet positions gives some indication of interest rate
risk, the overall effect of a change in interest rates on the
whole of the Group&#146;s business is much harder to model. It
will partly depend on other factors, such as the shape of the
yield curve, the position in the credit cycle and market
perceptions of the progress of key economies.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Liquidity and funding
management</FONT></U></B>

<P align="left">
<FONT size="2">The Group Executive Board (GEB)&nbsp;has approved
a policy which establishes the core principles for liquidity
management and has defined an appropriate contingency plan. A
first set of principles relates to the establishment of
liquidity risk limits (for example a net overnight funding
limit). The risk limits are set by the GEB and monitored by the
Group Treasury Committee which is chaired by the Group Treasurer
and meets on a monthly basis to assess the Group&#146;s
liquidity exposure. A second set of principles concentrates on
liquidity crisis management for which detailed contingency plans
have been developed. Regional committees constantly monitor the
markets in which UBS operates for potential threats and
regularly report their findings to the GTC. In the event of a
liquidity crisis regional crisis task forces will perform all
necessary contingency actions under the direction of senior
management.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The liquidity management process is undertaken
jointly by Group Treasury and CCT. Group Treasury&#146;s
function is to establish a comprehensive framework of policies
and risk limits, while CCT undertakes operational cash and
collateral management transactions within the established
parameters. UBS&#146;s centralized cash and collateral
management structure permits a tight control on both its global
cash position and the stock of highly liquid and rediscountable
securities.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Liquidity management approach</FONT></B>

<DIV align="left">
<FONT size="2">UBS&#146;s approach to liquidity management seeks
to ensure that the Group will always have sufficient liquidity
to meet its liabilities when due, without compromising its
ability to respond quickly to strategic market opportunities.
UBS&#146;s centralized approach to liquidity management
encompasses the entire network of branches and all subsidiaries
and ensures that the liquidity position is more than adequate to
cover short-term liabilities at all times. UBS&#146;s liquidity
management is based on an integrated framework that incorporates
an assessment of all known cash flows within the Group and the
availability of high-grade collateral, which could be used to
secure additional funding if required. The liquidity position is
prudently managed under a variety of potential scenarios, taking
stress factors into due consideration. The range of scenarios
analyzed encompasses both normal market conditions and stressed
conditions, including both bank-specific and general market
crises. For each scenario considered, the short-term liquidity
position arising out of nontrading activities is determined by
matching liabilities running off against maturing assets repaid.
This gap is then augmented by that of the trading book by
ascertaining the value of assets which could be liquidated as
compared to the liabilities which would have to be repaid. Here,
due account is also taken of UBS&#146;s large stock of
high-quality collateral.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Benefits of centralization</FONT></B>

<DIV align="left">
<FONT size="2">Being a globally integrated financial services
firm, UBS&#146;s range of business activities naturally generate
asset and liability portfolios which are highly diversified with
respect to market, product and currency. This lowers</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 70</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">UBS&#146;s exposure to individual funding
sources, and also provides a broader range of investment
opportunities, which in turn reduces liquidity risk. The
centralized approach to liquidity management adopted at UBS
allows these advantages to be exploited. Group Treasury is,
furthermore, instrumental in implementing an integrated
collateral management process on a Group-wide basis to ensure
that the large, high-quality pool of collateral gathered across
the Group is made accessible to UBS Warburg&#146;s CCT
activities. Through securities lending transactions, CCT creates
additional revenues for both UBS Group and its clients. These
activities also generate substantial funding on a secured basis
and provide an additional liquidity cushion which could be
crucial in crisis situations.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Funding management approach</FONT></B>

<DIV align="left">
<FONT size="2">UBS&#146;s funding strategy seeks to ensure that
business activities are funded at the lowest possible cost. With
a broad diversification of funding sources (by market, product
and currency), UBS maintains a well-balanced portfolio of
liabilities which generates a stable flow of financing and
additionally provides protection in the event of market
disruptions. In this context UBS&#146;s strong domestic retail
business is a very valuable, cost efficient and reliable source
of funding. Through the establishment of short, medium and
long-term funding programs in Europe, in the US and in Asia, UBS
can raise funds globally in a very efficient manner and minimize
its dependence on any particular source of funding.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Development during 2000</FONT></B>

<DIV align="left">
<FONT size="2">In the course of 2000, UBS&#146;s long-term debt
portfolio has decreased from CHF 56.3 billion at 31
December&nbsp;1999 to CHF 54.9 billion at 31 December 2000 as
maturing issues were not fully replaced. The maturity profile of
the long-term debt portfolio is well balanced with a slight bias
towards shorter-term maturities. See note 21 to the Financial
Statements in UBS&#146;s Financial Report 2000 for further
information concerning long-term debt.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Currency
management</FONT></U></B>

<P align="left">
<FONT size="2">UBS reports its results in Swiss francs (CHF),
the currency of the country in which it is incorporated.
UBS&#146;s corporate currency management activities are designed
to protect the Group&#146;s equity and expected future foreign
currency cash flows from adverse currency movements against the
Swiss franc, while preserving the option of exploiting any
market opportunities which may arise.</FONT>

<DIV align="left">

</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">While managing this risk the following
overarching principles are adhered to</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Equity must be invested in Swiss francs.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Currency management processes must be designed to
	minimize exposures against the Swiss franc.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Core currency exposures must be actively managed
	to protect them against adverse currency movements.</FONT></TD>
</TR>

</TABLE>

<P align="left"><B><FONT size="2">Translation (balance sheet) currency
risk</FONT></B>

<DIV align="left">
<FONT size="2">UBS aims to maintain the flexibility to allow
foreign assets (a business unit or a non-financial asset) to be
divested at any time without adverse currency impacts. Foreign
currency assets are therefore match funded in the relevant
currency. The match-funding principle is also applied to the
financing of foreign investments, including foreign equity
investments. This strategy, together with the repatriation into
Swiss francs of foreign currency dividends and capital, ensures
that the Group&#146;s equity is always fully invested in Swiss
francs.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Transaction (revenues/costs) currency
risk</FONT></B>

<DIV align="left">
<FONT size="2">From 1 January&nbsp;2001, a new process has been
implemented to improve and streamline the process of
transforming foreign currency results into Swiss francs,
creating greater transparency for the currency risk management,
budgeting and performance measurement processes.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The new process involves the regular conversion
of each month&#146;s profits or losses from the original
transaction currencies directly into Swiss francs at month end
instead of the previous, annual, two-step process initially
involving a conversion into the local reporting currency and
only then into Swiss francs. Foreign currency exposures will be
translated into Swiss francs at prevailing month end foreign
exchange rates rather than at the yearly average rates
previously used. The benefits of the</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 71</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">new transaction currency risk management process
are</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the monthly sell-down into Swiss francs will
	reduce volatility in the Group&#146;s earnings due to currency
	fluctuations;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the visibility of the break-down into the
	underlying original transaction currencies enables UBS to more
	effectively manage the currency exposures inherent in the
	Group&#146;s cost and revenue flows;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the foreign exchange rates used in the financial
	accounts will be the same as those used in management
	accounting.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">While the new process will reduce the
susceptibility of annual earnings to adverse currency movements,
it will not completely immunize the Group against them. Group
Treasury will therefore proactively hedge significant currency
exposures (mainly USD, EUR and GBP), in accordance with the
instructions of the Group Executive Board and subject to the VaR
limit which has been established for this risk. Hedging
strategies employed include a cost-efficient option strategy,
providing a safety net against unfavorable currency fluctuations
while preserving the upside potential.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Process in use during 2000</FONT></B>

<DIV align="left">
<FONT size="2">The transaction currency risk management process
in use during 2000 was designed to protect the budgeted annual
foreign currency net profits against adverse currency movements
during the year. Foreign currency net profits in each currency
were actively managed by Group Treasury on behalf of the Group.
The non-trading foreign currency exposures were mainly hedged
with foreign exchange forward contracts, although foreign
exchange options were also used, particularly where there was a
measure of uncertainty about the magnitude of the underlying
income. During the year, actual results were continuously
monitored, and major budget deviations were communicated to
Group Treasury for potential additional hedge
transactions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The table below summarizes the VaR usage in
relation to transaction currency risk in the course of
2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The net position of the budgeted net profits and
the corresponding hedges is the basis for the VaR calculation on
Group Treasury&#146;s non-trading currency position.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The principal contributors to non-trading
currency exposure are operations in the UK and the US. In
general under this previous process, the VaR position was
highest at the beginning of the year when the budgeted net
profits were transferred to Group Treasury and was gradually
reduced during the year, depending on the exact hedge strategy
being used. The underlying policy was to keep the VaR of the
non-trading currency position as low as practicable.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Non-trading currency risk VaR exposure in 2001 is
expected to be lower, thanks to the new currency management
process.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Non-trading Currency Risk VaR</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Last value</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Minimum</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Maximum</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of period</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except ratios</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	BIS Tier 1 capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31,892</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,952</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,220</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	BIS Tier 1 and Tier 2 capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">42,860</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,682</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,306</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	BIS Tier 1 capital ratio (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	BIS Tier 1 and Tier 2 capital ratio (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance sheet assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">223,528</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">214,012</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237,042</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Off balance sheet and other positions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">39,002</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,282</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,659</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market risk positions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,760</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,813</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total BIS risk-weighted assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">273,290</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">273,107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">303,719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 72</FONT>
</DIV>

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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT size="2" color="#C66005">Capital
management</FONT></U></B>

<P align="left">
<FONT size="2">Capital management is undertaken by Group
Treasury as an integral part of the Group&#146;s asset and
liability management function. UBS&#146;s overall capital needs
are continually reviewed to ensure that our capital base can
appropriately support the anticipated needs of business units as
well as regulatory capital requirements.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As the table above shows, UBS is very well
capitalized. In the course of 2000, the BIS Tier 1 ratio
increased from 10.6% at 31 December 1999 to 11.7% at
31&nbsp;December 2000. This improvement was possible despite the
merger with PaineWebber thanks to the increase in retained
earnings and the issuance of new equity and hybrid capital (a
share capital increase of 12 million new shares to help fund the
PaineWebber merger and the issuance of USD 1.5 billion Trust
Preferred Securities) and a substantial decrease from UBS&#146;s
in risk-weighted assets excluding the effect of adding
PaineWebber business.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The table above shows the key capital figures and
ratios as of 31&nbsp;December 2000 and 31&nbsp;December
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The ratios measure capital adequacy by comparing
UBS&#146;s eligible capital with its risk-weighted assets, which
include balance sheet assets, net positions in securities not
held in the trading portfolio, off-balance sheet transactions
converted into their credit equivalents and market risk
positions at a weighted amount to reflect their relative
risk.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The calculation of capital requirements
applicable to UBS under Swiss Federal Banking Commission
regulations differs in certain respects from the calculation
under the BIS guidelines. Most importantly</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">where the BIS currently does not apply risk
	weightings above 100% to any asset category, the Swiss Federal
	Banking Commission applies risk weightings of greater than 100%
	to certain kinds of assets (for example real estate, bank
	premises, other fixed assets, equity securities and
	unconsolidated equity investments);</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">where the BIS guidelines apply 20% risk weighting
	to obligations of OECD banks, the Swiss Federal Banking
	Commission&#146;s regulations apply risk weightings of 25% to
	75% (depending on maturities) to debts from OECD banks.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">As a result of these differences, UBS&#146;s
risk-weighted assets are higher, and its ratios of total capital
and Tier 1 capital are lower when calculated under the Swiss
Federal Banking Commission regulations as compared to BIS
guidelines. Nevertheless, UBS and its predecessor banks have
always had total capital and Tier 1 capital in excess of the
minimum requirements of both the BIS and the Swiss Federal
Banking Commission, since the regulations and guidelines were
first implemented in 1988.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Initiatives in 2000</FONT></B>

<DIV align="left">
<FONT size="2">UBS&#146;s capital management is primarily driven
by shareholder value considerations, respecting the need to
maintain strategic flexibility, sound capitalization and strong
ratings. During the course of 2000 several major measures were
taken to achieve these goals.</FONT>
</DIV>

<P align="left"><I><FONT size="2">Share buy back and cancellation</FONT></I>

<DIV align="left">
<FONT size="2">In view of the continuous increase of capital
from retained earnings experienced during 1999, the Group
introduced a share buy-back program in January&nbsp;2000, in
order to reduce the number of issued shares and enhance earnings
per share. The program ran until June&nbsp;2000, during which
time a total of 18.4 million shares were repurchased at an
average price of CHF 217, representing a total expenditure of
CHF 4 billion and repurchase of about 4.3% of shares
outstanding. These shares will be cancelled in July&nbsp;2001,
following the approval of shareholders at the Annual General
Meeting on 26 April&nbsp;2001.</FONT>
</DIV>

<P align="left"><I><FONT size="2">Stock Split</FONT></I>

<DIV align="left">
<FONT size="2">At the Annual General Meeting in April&nbsp;2000,
shareholders approved a 2-for-1 stock split, effective 8
May&nbsp;2000, reducing the par value of the share to the
minimum of CHF 10 then permissible under Swiss law. The
motivation behind the split was that, in absolute terms, the UBS
share was of relatively high value per share compared to stocks
of other European, and particularly US financial services
providers.</FONT>
</DIV>

<P align="left"><I><FONT size="2">New York Stock Exchange
(NYSE)&nbsp;listing</FONT></I>

<DIV align="left">
<FONT size="2">On 16 May&nbsp;2000 our shares were listed on the
NYSE in the form of global registered shares creating one global
share traded in Zurich, New York and Tokyo. As the first Swiss
com-</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 73</FONT>
</DIV>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">pany to list a global share in New York, UBS
contributed to a significant enhancement in clearing and
settlement infrastructure, most notably the creation of a link
between the US and Swiss securities depositories to facilitate
cross-border settlement.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Equity funding of the PaineWebber
merger</FONT></B>

<DIV align="left">
<FONT size="2">UBS merged with Paine Webber Group Inc. on 3
November&nbsp;2000. Half of the consideration was paid in UBS
shares, requiring a total of 41 million shares.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">At an extraordinary general meeting on
7&nbsp;September 2000, UBS shareholders approved the creation of
38 million new shares in the form of authorized capital for the
merger with PaineWebber and 17 million new shares in the form of
conditional capital for PaineWebber options outstanding beyond
the merger date. In order to minimize the dilutive effects of
the merger to existing shareholders, UBS issued only 12 million
new shares from authorized capital on the completion date. 7
million shares were re-issued out of the Group&#146;s Treasury
holdings and 22 million shares were borrowed.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">On 6 November&nbsp;2000 a new share buy-back
program was launched, which ran until 2&nbsp;March 2001. Unlike
the program which ran in the first half of 2000 it was not
designed to result in cancellation of the repurchased shares. 22
million shares were purchased under this program between
November 2000 and January&nbsp;2001, at an average price of CHF
262, and used to repay the shares borrowed to pay the
PaineWebber merger consideration. The remaining 8 million shares
purchased under this program will primarily be used to cover the
requirements of UBS&#146;s employee share schemes.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Capital management plans
for 2001</FONT></U></B>

<P align="left"><B><FONT size="2">New second-line buy-back program</FONT></B>

<DIV align="left">
<FONT size="2">Given its continuing strong capital generation,
UBS intends again to repurchase shares for capital reduction
purposes under a &#147;second-line&#148; buyback program, aimed
at institutional investors, allowing tax efficient cancellation
of shares.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This new second-line program becomes available
from 5 March&nbsp;2001 and may run until 5&nbsp;March 2002. A
maximum of CHF 5 billion worth of shares may be repurchased
under the program. These shares will be cancelled following
approval by the Annual General Meeting in April&nbsp;2002.</FONT>
</DIV>

<P align="left">
<IMG src="y46460y4643213.gif" alt="(Share Buy-back and Tier 1 Ratio Graphic)">

<P align="left"><B><FONT size="2">Share split and distribution by par
value&nbsp;reduction</FONT></B>

<DIV align="left">
<FONT size="2">The minimum par value allowed under law for a
Swiss share is CHF 10. The share split that UBS implemented in
May last year brought the par value of its share down to this
level, removing any further opportunity to split the
share.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under new regulations, which are currently
passing through the Swiss legislative process and are expected
to become effective on 1 May&nbsp;2001, the minimum par value is
expected to be reduced to CHF 0.01. UBS intends to utilize this
change to lower the market price per share to a level more in
line with that of its global peer group, and to make a tax
efficient payment to its shareholders in the form of a reduction
in the nominal value of its shares.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">If shareholder approval is granted, a
distribution of CHF 1.60, in respect of the fourth quarter 2000,
will be paid in the form of a par value reduction. This is
treated in Switzerland as a return of capital to shareholders,
not as income, and is therefore tax efficient for shareholders
who pay tax in Switzerland. The par value reduction also has
advantages for shareholders outside Switzerland, as no Swiss
withholding tax is payable on it. Holders outside of Switzerland
should consult their tax advisors in determining the tax
implications in their country.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 74</FONT>
</DIV>

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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Risk</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Asset and Liability Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The distribution will reduce the par value of the
share to CHF 8.40. UBS will then split its share 3 for 1,
resulting in a new par value of CHF 2.80 per share.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Because of the legal and regulatory processes
involved, the par value reduction is expected to take place on
16 July&nbsp;2001, for payment on 18 July&nbsp;2001 to holders
of record on 13 July&nbsp;2001 if the relevant legislation has
come into force. The share split will also be implemented on 16
July 2001.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Proposed Changes to Par Value</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B><FONT color="#E8112D">CHF</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Par value at 01.01.01</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Proposed distribution in the form of par value reduction</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	New par value</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Proposed stock split</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3 for 1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>New per value after proposed distribution and stock split</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 75</FONT>
</DIV>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">[INTENTIONALLY LEFT BLANK]</FONT></B>

<DIV>&nbsp;</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "<FONT size="2">Corporate Governance</FONT>" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center">
<B><FONT size="6">Corporate Governance</FONT></B>
</DIV>

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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">UBS is committed to meeting the highest
international standards of corporate governance in its
organizational structure. Corporate and executive bodies are
organized in line with the leading codes of best practice.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link1 "<FONT size="2">Corporate Organization</FONT>" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="left">
<B><FONT size="6">Corporate Organization</FONT></B>
</DIV>

<P align="left">
<FONT size="2">UBS&#146;s organizational structure, based on two
separate boards having different functions and responsibilities,
guarantees clear controls and a balance between the Board of
Directors (Board) and the Group Executive Board (GEB).</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The functions of Chairman of the Board of
Directors (Chairman) and President of the Group Executive Board
(President) are conferred on two different people, guaranteeing
separation of powers.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Organizational
principles</FONT></U></B>

<P align="left">
<FONT size="2">The shareholders elect each member of the Board.
The Board appoints the Chairman, the Vice Chairmen and the
members of the various Board committees from among the elected
Board members. It also appoints the President and members of the
GEB and the Group Managing Board (GMB).</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Board is the highest corporate body with
responsibility for the ultimate direction and strategy of the
company and the appointment and supervision of its executive
management. A large majority of the Board members are
non-executive and fully independent. The Chairman and at least
one Vice Chairman have executive roles and assume supervisory
and leadership responsibilities for matters including strategy,
risk supervision, compensation principles and succession
planning.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The GEB has executive management responsibility
for the company. Together with the Chairman&#146;s Office it
assumes overall responsibility for the development of UBS&#146;s
strategies. It is responsible for the implementation and results
of those strategies. Its membership includes the CEOs of the
Business Groups, who are accountable to the President for the
financial results and management of their Business Groups. The
President and the GEB are accountable to the Chairman and his
Board for the Group results, and the Board in turn is
accountable to shareholders.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In order to ensure that the Board and GEB are
independent of each other, no member of one board may also be a
member of the other.</FONT>
</DIV>

<P align="left"><B><FONT size="2">The Board of Directors</FONT></B>

<DIV align="left">
<FONT size="2">As at 31&nbsp;December 2000, the Board consisted
of eight Directors (see list on page&nbsp;81). Alex Krauer,
Chairman since 1998, and Andreas Reinhart will step down from
their functions at the Annual General Meeting of Shareholders
(AGM), to be held on 26&nbsp;April 2001. The Board will propose
to the AGM that Marcel Ospel, currently Group Chief Executive
Officer, be elected to the Board, and has decided to then
appoint Marcel Ospel as its Chairman. In order to reflect
UBS&#146;s global reach at board level, the AGM will also be
asked to elect three new non-Swiss Directors: Sir Peter Davis
(born 1941), CEO of Sainsbury plc, London; Johannes Antonie de
Gier (1944), former Chairman and CEO of Warburg Dillon Read (now
UBS Warburg), London; Lawrence Allen Weinbach (1940), Chairman
and CEO of Unisys Corporation, New York.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Board is organized as follows:</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Chairman operates a <I>Chairman&#146;s
Office</I>, including the Vice-Chairmen, which meets regularly
with the President and his appointees from the GEB to address
fundamental issues for the Group, such as overall strategy,
mid-term financial and business planning, mid-term succession
plans, global compensation principles, and the risk profile of
the Group. The Chairman&#146;s Office assumes special authority
in the credit approval process. It also acts as the <I>Audit
Supervisory Board</I>, with responsibility for the supervision
of Group Internal Audit, and as the <I>Nomination
Committee</I>.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Following the 2001 AGM, a separate
<I>Compensation Committee </I>will be appointed, mainly from
among the non-executive directors. It will have responsibility
for setting the global compensation policy of the organization
and for determining the individual compensation and bonus for
the members of the Chairman&#146;s Office, GEB and GMB.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Board appoints an <I>Audit Committee</I> from
among its non-executive members. The Audit Committee meets at
least three times a year to oversee the performance of the
external Group and Statutory Auditors. It also monitors
interaction between Group Internal Audit and the external
auditors. All three members&nbsp; &#150; Peter B&#246;ckli as
Chairman, Rolf Meyer and Andreas Reinhart&nbsp; &#150; are fully
independent from UBS. They are financially literate and familiar
with the accounting practices of international financial
services groups. The Audit Committee does not itself perform
audits, but supervises the auditing work done by internal and
external auditors. Its primary responsibility is thereby to
review the organization and efficiency of internal control</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 78</FONT>
</DIV>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Corporate Organization</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">procedures and the financial reporting
process.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Following the 2001 AGM, the Board will appoint a
<I>Corporate Responsibility Committee</I>, composed of Board,
GEB and GMB members. The Committee will be responsible for
corporate social responsibility issues, for supervision of the
Group&#146;s adherence to relevant international standards, and
for appropriate associated reporting.</FONT>
</DIV>

<P align="left"><B><FONT size="2">The Group Executive Board</FONT></B>

<DIV align="left">
<FONT size="2">From 1&nbsp;January 2001, the Group Executive
Board (GEB) consisted of eight members (see list on page&nbsp;
83). Joseph J. Grano joined the GEB on 1&nbsp;January 2001,
following UBS&#146;s merger with PaineWebber. Marcel Ospel,
Chief Executive Officer, will step down from his function after
the 2001 AGM when he is to be proposed for election to the
Board. Luqman Arnold, currently Chief Financial Officer, will
assume the role of President of the GEB.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The GEB appoints the following major
committees:</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The <I>Group Governance Committee </I>is
responsible for the co-ordination of the Group&#146;s interface
with central banks and regulators, and for minimizing the
Group&#146;s reputation risks.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The <I>Group Finance Committee </I>is responsible
for co-ordinating the Group&#146;s accounting, risk management
and control, treasury and financial communication processes,
aiming for the long-term maximization of shareholder value. The
Group Finance Committee includes the chairmen of the associated
functional committees: Group Risk Committee, Group Controlling
Committee, and Group Treasury Committee.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The <I>Group Communications and Marketing
Committee </I>ensures that communication to all stakeholders,
internally and externally, is transparent, accurate, concise,
timely and consistent.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The <I>Group Human Resources Committee </I>has
responsibility for the definition of human resources policies
and standards which contribute to the identification,
recruitment, development and retention of high-caliber
staff.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The <I>Group IT Committee </I>ensures Groupwide
coordination of policies and standards in the information
technology area.</FONT>
</DIV>

<P align="left"><B><FONT size="2">The Group Managing Board</FONT></B>

<DIV align="left">
<FONT size="2">As of 1&nbsp;March 2001 the Group Managing Board
(GMB) had 30 members all of whom hold high-level functions in
the business groups, or the Corporate Center (see list on
page&nbsp; 85).</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The GMB, is regularly informed of important
decisions, and meets physically at least once a year to discuss
fundamental Group issues.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Audit</FONT></U></B>

<P align="left"><B><FONT size="2">Group Internal Audit</FONT></B>

<DIV align="left">
<FONT size="2">To guarantee full independence, the head of Group
Internal Audit&nbsp; &#150; Walter St&#252;rzinger until
31&nbsp;December 2000, Markus Ronner from 1&nbsp;January
2001&nbsp; &#150; reports directly to the Chairman of the
Board.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">With 240 professionals worldwide, Group Internal
Audit provides an independent review of the effectiveness of the
system of internal controls and compliance with key rules and
regulations. All key issues raised by Group Internal Audit are
communicated to the management responsible, to the President and
to the Chairman&#146;s Office via formal Audit Reports. The
Audit Supervisory Board and the Audit Committee of the Board are
regularly informed of important findings.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Extensive coordination and close cooperation with
the external auditors enhances the efficiency of Group Internal
Audit&#146;s work.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Ernst &#38; Young Ltd., Basel, have been assigned
the mandate of global auditors for the UBS Group. They assume
all auditing functions according to laws, regulatory requests,
and the UBS Articles of Association (see also paragraph on
Relations with Regulators). Ernst &#38; Young Ltd. meets all
independence requirements established by the Securities and
Exchange Commission (SEC). As part of its audit process, Ernst
&#38; Young Ltd. informs the Audit Committee of the measures it
takes to ensure its and its employees&#146; independence from
UBS, and outlines the nonaudit services which it delivers to
UBS.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">At the Extraordinary General Meeting on
7&nbsp;September 2000, UBS shareholders appointed Deloitte &#38;
Touche Experta AG, Basel, as Special auditors according to
Article&nbsp;31 paragraph&nbsp; 3 of the UBS Articles of
Associa-</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 79</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">tion. The Special auditors provided an audit
opinion in respect of the details of the capital increase
required for the PaineWebber transaction, independently from the
normal auditors.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Senior management
compensation principles</FONT></U></B>

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

<DIV align="left">
<FONT size="2">UBS operates in extremely competitive labor
markets around the world. Accordingly, it seeks to attract,
retain, motivate and develop highly qualified employees at all
levels. In particular, it is critical to achieve this for
positions where performance is most important to the UBS&#146;s
overall success. UBS is prepared to provide superior
compensation opportunities in return for superior performance,
and has developed the measurement systems and decision processes
necessary to ensure that pay is tied directly to
performance.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Individual performance is measured on the basis
of business area, Business Group, or Groupwide results, as
appropriate to a particular executive&#146;s responsibilities.
In assessing performance, the Group considers both quantitative
and qualitative factors. It also makes a balanced assessment of
both current results and key performance indicators&nbsp; &#150;
longer-term value drivers crucial to the Group&#146;s ability to
deliver future performance and growth. This assessment is
closely linked to the value-based management process which UBS
is now implementing.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In conducting its assessments of executive
performance, UBS reviews changes to its overall performance and
the performance of its business units over time, against
specifically established performance targets, and against the
performance of our competitors, to the extent that such data are
available.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Components of compensation</FONT></B>

<DIV align="left">
<FONT size="2">Compensation of senior executives consists of
base salary and discretionary (performance-based) bonus, a
significant portion of which is paid in the form of forfeitable
restricted stock and employee stock option grants. Annual
examination of competitors&#146; pay practices is conducted to
ensure that UBS&#146;s compensation policies and practices
continue to support the objectives of attracting outstanding new
executives, and motivating and retaining valuable
employees.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Bonuses are discretionary, and generally
represent a substantial portion of total compensation for
UBS&#146;s senior management.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Share ownership commitment</FONT></B>

<DIV align="left">
<FONT size="2">It is UBS&#146;s long-standing policy to strongly
encourage significant levels of stock ownership among its senior
management, aligning the interests of management closely with
those of our shareholders. Share ownership is encouraged in the
following ways:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A significant portion of each senior
	executive&#146;s annual performance-based compensation is
	delivered in the form of UBS shares or employee stock options,
	on a mandatory basis.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Additional incentives are provided for senior
	managers who voluntarily elect to take an even greater portion
	of their annual performance-based compensation in the form of
	shares or employee stock options.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Below the senior executive level, significant
	numbers of employees are required to take a significant portion
	of their annual performance-based compensation in the form of
	shares, employee stock options, or other UBS equity-linked
	vehicles. Additionally, they are provided with opportunities to
	own stock through various programs.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 80</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Directors and Officers of UBS</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">Directors and Officers of UBS</FONT>" -->
<DIV align="left"><A NAME="012"></A></DIV>

<DIV align="left">
<B><FONT size="6">Directors and</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="6">Officers of UBS</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">The Board of
Directors</FONT></U></B>

<P align="left">
<FONT size="2">Each member of the Board is elected at the Annual
General Meeting of Shareholders for a four-year term. The
initial term of office for each Director is, however, fixed in
such a way as to ensure that about a quarter of all the members
have to be newly elected or reelected every year.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The table below shows information about the Board
of Directors as at 31&nbsp; December 2000.</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Expiration of</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Year of initial</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">current term</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Name and business address</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Position held</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">appointment</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">of office</FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Alex Krauer<BR>
	</FONT></B>UBS AG<BR>
	Bahnhofstrasse 45<BR>
	CH-8098 Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chairman<BR>
	Member of the Audit Supervisory Board</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2002<SUP>1</SUP></FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Alberto Togni<BR>
	</FONT></B>UBS AG<BR>
	Bahnhofstrasse 45<BR>
	CH-8098 Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Vice Chairman<BR>
	Chairman of the Audit Supervisory Board</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2001</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Markus K&#252;ndig<BR>
	</FONT></B>Bundesplatz 10<BR>
	CH-6304 Zug</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Vice Chairman<BR>
	Member of the Audit Supervisory Board</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2002</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Peter B&#246;ckli<BR>
	</FONT></B>B&#246;ckli Bodmer &#38; Partners<BR>
	St. Jakobs-Strasse 41<BR>
	P.O. Box 2348<BR>
	CH-4002 Basel</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chairman of the Audit
	Committee</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2003</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Rolf A. Meyer<BR>
	</FONT></B>Heiniweidstrasse 18<BR>
	CH-8806 B&#228;ch</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Member of the Audit Committee</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2003</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Hans Peter Ming<BR>
	</FONT></B>Sika Finanz AG<BR>
	Wiesenstrasse 7<BR>
	CH-8008 Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Board Member</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2004</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Andreas Reinhart<BR>
	</FONT></B>Volkart Brothers Holding Ltd.<BR>
	P.O. Box 343<BR>
	CH-8401 Winterthur</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Member of the Audit Committee</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2004<SUP>1</SUP></FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Eric Honegger<BR>
	</FONT></B>SAirGroup<BR>
	CH-8058 Zurich-Airport</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Board Member</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2003</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Alex
	Krauer and Andreas Reinhart will step down from their functions
	at the Annual General Meeting in April 2001.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right">
<FONT size="2"> 81</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Directors and Officers of UBS</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;
<I><FONT size="2">Alex Krauer</FONT></I><FONT size="2">,
Chairman of the Board of Directors since 1998, joined the Board
of Directors of Swiss Bank Corporation in 1988. In 1994, he
became First Vice Chairman of Swiss Bank Corporation, and
following the merger between Swiss Bank Corporation and Union
Bank of Switzerland was named Vice Chairman of UBS AG in 1998.
Mr.&nbsp;Krauer previously held various management functions in
Ciba Ltd. and subsequently Ciba-Geigy Ltd. He was Chairman and
CEO of Ciba-Geigy Ltd. from 1987 to 1996, and after the merger
between Ciba-Geigy Ltd. and Sandoz Ltd. Chairman of Novartis
Inc. from 1996 to 1999. He also served as a member of the Boards
of Directors of B&#226;loise Holding from 1980 to 1999 and of
Chiron Corporation from 1995 to 1999. Mr.&nbsp;Krauer was born
on 3&nbsp;June 1931.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Alberto Togni</FONT></I><FONT size="2">, Vice
Chairman of the Board of Directors, has been with UBS and SBC
since 1959. From 1994 to 1997 he was Chief Risk Officer and a
member of the Group Executive Committee of Swiss Bank
Corporation. He previously held various functions in the
Commercial division, becoming its head in 1993. In 1987 he was
named General Manager and member of the Executive Board. Prior
to that, he assumed different management roles in Zurich, New
York, Tokyo and as representative for the Middle East in Beirut.
Mr.&nbsp;Togni serves as a director of Unilever (Schweiz) AG,
Zurich; Thomson Multimedia Ltd., Zurich; and Swiss National
Bank, Zurich. Mr.&nbsp;Togni was born on 30&nbsp;October
1938.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Markus K&#252;ndig</FONT></I><FONT size="2">,
Vice Chairman of the Board of Directors, is also the Chairman of
the Board of Directors of LZ Medien Holding AG and the Vice
Chairman of the Board of Directors of Clariant. He is a member
of the Boards of Directors of Metro International AG, Merck AG
and Pelikan Holding AG. Until 1999, Mr.&nbsp;K&#252;ndig was the
proprietor of K&#252;ndig Printers Ltd. Mr.&nbsp;K&#252;ndig was
born on 12&nbsp;October 1931.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Peter B&#246;ckli</FONT></I><FONT size="2">,
Chairman of the Audit Committee, is a partner in the law office
of B&#246;ckli Bodmer &#38; Partners and a part-time professor
of tax and business law at the University of Basel. He is a
member of the Boards of Directors of Nestl&#233; S.A., and
Firmenich. In addition, he is the Vice Chairman of the Board of
Directors of Manufacture des Montres Rolex S.A.
Mr.&nbsp;B&#246;ckli was born on 7&nbsp;May 1936.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Rolf A. Meyer</FONT></I><FONT size="2">, a
member of the Audit Committee, was until recently Chairman and
CEO of Ciba Specialty Chemicals. He is now a consultant and is
also a member of the Board of Siber Hegner AG. Mr.&nbsp;Meyer
was born on 31&nbsp;October 1943.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Hans Peter Ming</FONT></I><FONT size="2">, a
member of the Board, is the Chairman of the Board of Directors
of Sika Finanz AG. He is also a member of the Board of Directors
of Swiss Steel and sits on the Board of the Swiss Society of
Chemical Industries. Mr.&nbsp;Ming was born on 12&nbsp;October
1938.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Andreas Reinhart</FONT></I><FONT size="2">, a
member of the Audit Committee, is proprietor and Chairman of
Volkart Group and a member of the Board of Directors of Volkart
Foundation and Volkart Vision. He is Chairman of SAM
Sustainability Group and of Non-Violence Project AG. He is a
member of the Board of Directors of Scalo Publishers.
Mr.&nbsp;Reinhart was born on 24&nbsp;December 1944.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Eric Honegger</FONT></I><FONT size="2">, a
member of the Board, is the Chairman of the Board of Directors
of SAirGroup. He is also the Chairman of the Board of Directors
of Neue Z&#252;rcher Zeitung. Before joining SAirGroup
Mr.&nbsp;Honegger was a member of the Zurich Government.
Mr.&nbsp;Honegger was born on 29&nbsp;April 1946.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 82</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Directors and Officers of UBS</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">The Group Executive Board</FONT></B>

<P align="left">
<FONT size="2">The table below shows the membership of the Group
Executive Board at 1&nbsp;January 2001, following the
appointment to the board of Joseph&nbsp;J. Grano.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Year of initial</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Name</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Position held</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">appointment</FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Marcel Ospel</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">President and Group Chief Executive
	Officer</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Luqman Arnold</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chief Financial Officer</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1999</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Georges Gagnebin</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chief Executive Officer, UBS Private
	Banking</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2000</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Joseph J. Grano Jr.</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">President and CEO, UBS
	PaineWebber</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	2001</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Markus Granziol</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chairman and Chief Executive Officer,
	UBS Warburg</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1999</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Stephan Haeringer</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chief Executive Officer, UBS
	Switzerlands</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Pierre de Weck</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chief Executive Officer, UBS
	Capital</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Peter A. Wuffli</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Chairman and Chief Executive Officer,
	UBS Asset Management</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	1998</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">The business address of all members of the Group
	Executive Board is UBS AG, Bahnhofstrasse&nbsp;45, Zurich,
	Switzerland.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="left">
<I><FONT size="2">Marcel Ospel</FONT></I><FONT size="2">, Group
Chief Executive Officer, was the President and Group Chief
Executive Officer of Swiss Bank Corporation (SBC), from 1996 to
1998. He was made CEO of SBC Warburg in 1995, having been a
member of the Executive Board of SBC since 1990. From 1987 to
1990, he was in charge of Securities Trading and Sales at SBC.
From 1984 to 1987 Mr.&nbsp;Ospel was Managing Director with
Merrill Lynch Capital Markets; and from 1980 to 1984, he worked
at SBC London and New York in the Capital Markets division. He
began his career at Swiss Bank Corporation in the Central
Planning and Marketing Division in 1977. Mr.&nbsp;Ospel was born
on 8&nbsp;February 1950.</FONT>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Luqman Arnold</FONT></I><FONT size="2">
previously served as Chief Operating Officer of Warburg Dillon
Read. Mr.&nbsp;Arnold joined SBC Warburg in 1996 as Chairman of
the Asia/ Pacific division and was later named Chief Executive
Officer of the successor organization in Asia/ Pacific. From
1993 to 1996 he was employed by Banque Paribas and was appointed
to the Executive and Management Committees. Between 1983 and
1992 Mr.&nbsp;Arnold held various senior management positions at
Credit Suisse First Boston. From 1973 to 1983 he worked at
Manufacturers Hanover Corporation and at First National Bank in
Dallas. Mr.&nbsp;Arnold was born on 16&nbsp;April 1950.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Georges Gagnebin</FONT></I><FONT size="2"> is
the CEO of the Private Banking unit of UBS Switzerland. Before
holding this function, he was the Head of the International
Clients Europe, Middle East &#38; Africa business area in the
Private Banking division. In 1994, he was named General Manager
and Member of the SBC Group Executive Board, and in 1992, he
became Deputy General Manager and a Member of the Executive
Board. Between 1987 and 1992, he served as Head of Finance &#38;
Investment at SBC in Berne and Lausanne. In 1982, he was named
Head of the Finance &#38; Investment unit of SBC in Berne.
Mr.&nbsp;Gagnebin began his career in 1969 at SBC in Berne.
Mr.&nbsp;Gagnebin was born on 3&nbsp;March 1946.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Joseph J. Grano,
Jr.</FONT></I><FONT size="2">, President and CEO of UBS
PaineWebber, joined the UBS AG Group Executive Board on
1&nbsp;January 2001. In 1994, he was named President of
PaineWebber Inc. He joined PaineWebber in 1988 as President of
Retail Sales and Marketing. Before working for PaineWebber,
Mr.&nbsp;Grano was with Merrill Lynch for 16&nbsp;years holding
various senior management positions including director of
National Sales for Merrill Lynch Consumer Markets. Prior to
joining Merrill Lynch in 1972, Mr.&nbsp;Grano served in the
US&nbsp;Special Forces. Mr.&nbsp;Grano was born on 7&nbsp;March
1948.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Markus Granziol</FONT></I><FONT size="2">,
Chairman and CEO of UBS Warburg, served from 1998 to 1999 as
Global Head Equities and Fixed Income at Warburg Dillon Read and
was a member of the Group Managing Board. From 1996 to</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 83</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Directors and Officers of UBS</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">1998, he was General Manager and member of the
SBC Group Executive Board. Between 1995 and 1996 he served with
SBC Warburg as the Joint Global Head of Equities. In 1994, he
became Global Head of Equities at SBC in Hong Kong.
Mr.&nbsp;Granziol joined SBC in 1987 as Head of the Securities
Department at SBC in Zurich. Prior to that, he was Chief of
Staff at the Swiss National Bank, and was also lecturer in
macroeconomics and financial theory at the University of Zurich.
Mr.&nbsp;Granziol was born on 21&nbsp;January 1952.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Stephan Haeringer</FONT></I><FONT size="2">,
CEO of UBS Switzerland and of its Private and Corporate Clients
business unit, has held several positions with UBS during the
last three decades. From 1996 to 1998, he was Chief Executive
Officer Region Switzerland. From 1991 to 1996, he served as
Division Head, Private Banking and Institutional Asset
Management. In 1991, he was appointed member of the Group
Executive Board, and in 1987 he became Executive Vice President
and served as Head of the Financial division. During the years
1967 to 1988, Mr.&nbsp;Haeringer assumed various management
roles within the areas of Investment Counseling, Specialized
Investments, Portfolio Management, Securities Administration and
Collateral Loans. Mr.&nbsp;Haeringer was born on 6&nbsp;December
1946.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Pierre de Weck</FONT></I><FONT size="2">, CEO
of UBS Capital, has assumed several functions at UBS. Until
1999, he served as Chief Credit Officer and Head of Private
Equity. From 1995 to 1998, he served as a member of the Group
Executive Board and Division Head Corporate and Institutional
Finance. In 1994, Mr. de Weck was named Executive Vice President
and member of the Group Executive Board while heading the
Corporate Finance, Primary Markets and Merchant Banking
division. Between 1992 and 1994 he was Chief Executive Officer
Europe and between 1991 and 1992 Chief Executive Officer North
America. In 1987, Mr. de Weck became Branch Manager in New York.
He joined UBS in 1985 as Head of Project Finance in Zurich.
Between 1976 and 1985 he held various positions at Citicorp in
Zurich and New York. Mr.&nbsp;de Weck was born on 15&nbsp;July
1950.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Peter A. Wuffli </FONT></I><FONT size="2">is
the Chairman and CEO of UBS Asset Management. Most recently, he
was Group Chief Financial Officer of UBS. From 1994 to 1998, he
was the Chief Financial Officer at SBC and a member of
SBC&#146;s Group Executive Committee. In 1984, he joined
McKinsey &#38; Co as management consultant and in 1990 became a
partner of the McKinsey Switzerland senior management.
Mr.&nbsp;Wuffli was born on 26&nbsp;October 1957.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 84</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Directors and Officers of UBS</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT size="2" color="#C66005">Group Managing
Board</FONT></U></B>

<P align="left">
<FONT size="2">In addition to the members of the Group Executive
Board, the following members belonged to the Group Managing
Board as at 1 March&nbsp;2001:</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="67%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Colin Buchan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Global Head Equities, UBS Warburg</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Crispian Collins</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice Chairman, UBS Asset Management</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	John Costas</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	President and Chief Operating Officer, UBS Warburg</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Arthur Decurtins</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Asia, UBS Private Banking</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Jeffrey J. Diermeier</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chief Investment Officer, UBS Asset Management</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regina Dolan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chief Administrative Officer, UBS PaineWebber</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Thomas K. Escher</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area IT, UBS Switzerland</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	John A. Fraser</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Asia Pacific, UBS Asset Management</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Robert Gillespie</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Joint Global Head, Corporate Finance, UBS Warburg</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	J&#252;rg Haller</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Risk Transformation and Capital Management,
	UBS Switzerland</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Eugen Haltiner</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Corporate Clients, UBS Switzerland</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gabriel Herrera</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Europe, Middle East and Africa, UBS Asset
	Management</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Alan C. Hodson</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head of European Equities, UBS Warburg</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Benjamin F. Lenhardt, Jr.</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Americas, UBS Asset Management</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Donald Marron</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chairman UBS Americas</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Urs. B. Rinderknecht</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Mandates</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Alain Robert</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Individual Clients, UBS Switzerland</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Marcel Rohner</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chief Operating Officer, Deputy CEO, UBS Private Banking</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gian Pietro Rossetti</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Swiss Clients, UBS Private Banking</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Hugo Schaub</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Controller</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Jean Francis Sierro</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Resources, UBS Switzerland</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Robert H. Silver</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Operations and Systems, UBS PaineWebber</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	J. Richard Sipes</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Joint Head Business Area Europe, UBS Private Banking</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Clive Standish</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CEO Asia Pacific, UBS Warburg</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Walter St&#252;rzinger</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Chief Risk Officer</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Marco Suter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Chief Credit Officer</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mark B. Sutton</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head US Private Clients, UBS PaineWebber</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rory Tapner</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Joint Global Head, Corporate Finance, UBS Warburg</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Raoul Weil</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Joint Head Business Area Europe, UBS Private Banking</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Stephan Zimmermann</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head Business Area Operations, UBS Switzerland</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B><U><FONT size="2" color="#C66005">Auditors</FONT></U></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ernst &#38; Young, Ltd., Basel</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Auditors for the Parent Bank and for the Group<BR>
	(term expires AGM 2001, proposed for reelection)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Deloitte&#38;Touche Experta, Ltd., Basel</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Special auditors (term expires AGM 2003)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Markus Ronner</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Head of Group Internal Audit</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 85</FONT>
</DIV>
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<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Relations with Regulators</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">Relations with Regulators</FONT>" -->
<DIV align="left"><A NAME="013"></A></DIV>

<DIV align="left">
<B><FONT size="6">Relations with Regulators</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">The Group Governance
Committee</FONT></U></B>

<P align="left">
<FONT size="2">The Group Governance Committee, chaired by the
President of the GEB, ensures that adequate policies and
procedures to minimize the Group&#146;s reputational risks exist
and are enforced. The Committee co-ordinates the Group&#146;s
public policy interface with governments, central banks and
regulators. The permanent members of the committee are the Group
Controller, Group Chief Risk Officer and Group Chief Credit
Officer, the head of Group Internal Audit, the Group General
Counsel and the Business Groups&#146; heads of Corporate
Governance and of Legal and Compliance.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As a Swiss-registered company, UBS&#146;s main
regulator is the Swiss Federal Banking Commission, but it is
also regulated by key regulators worldwide. UBS aims to comply
with all local and regional provisions and to work closely with
the regulators in all jurisdictions where it has offices,
branches and subsidiaries.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Regulation and
supervision</FONT></U></B>

<P align="left">
<FONT size="2">UBS&#146;s operations throughout the world are
regulated and supervised by the relevant central banks and
regulatory authorities in each of the jurisdictions in which it
has offices, branches and subsidiaries. These authorities impose
reserve and reporting requirements and controls on banks,
including those relating to capital adequacy, depositor
protection and prudential supervision. In addition, a number of
countries where UBS operates impose additional limitations on or
affecting foreign-owned or controlled banks and financial
institutions, including</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">restrictions on the opening of local offices,
	branches or subsidiaries and the types of banking and
	non-banking activities that may be conducted by those local
	offices, branches or subsidiaries;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">restrictions on the acquisition or level of
	ownership of local banks; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">restrictions on investment and other financial
	flows entering or leaving the country.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Changes in the supervisory and regulatory regimes
of the countries where UBS operates will determine, to some
degree, its ability to expand into new markets, the services and
products that it will be able to offer in those markets and how
it structures specific operations.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The following sections describe the regulation
and supervision of UBS&#146;s business in Switzerland, and, to
extend discussion of our regulatory relationships, we also
discuss regulation of our business in the United States and the
United Kingdom, where a total of 49% of our staff are
employed.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Regulation and supervision
in Switzerland</FONT></U></B>

<P align="left">
<FONT size="2">UBS is regulated in Switzerland under a system
established by the Swiss Federal Law relating to Banks and
Savings Banks of 8&nbsp;November 1934, as amended, and the
related Implementing Ordinance of 17&nbsp;May 1972, as amended,
known as the Federal Banking Law (FBL). Under the FBL, banks in
Switzerland are permitted to engage in a full range of financial
services activities, including commercial banking, investment
banking and funds management. Banking groups may also engage in
insurance activities, but these must be undertaken through a
separate subsidiary.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The FBL establishes a framework for supervision
by the Federal Banking Commission (FBC). The FBC implements this
framework through the issuance of Ordinances or Circular Letters
to the banks that it supervises. In addition, the regulatory
framework in Switzerland relies on self-regulation through the
Swiss Bankers Association (SBA). The SBA issues guidelines to
banks on conduct of business issues, such as</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The Due Diligence Convention, which established
	know your customer standards to protect against money
	laundering;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Risk Management Guidelines for Trading and for
	the Use of Derivatives, which set out standards based on the
	recommendations on this subject from the Group of Thirty, The
	Basel Committee on Banking Supervision and The International
	Organization of Securities Commissions;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Portfolio Management Guidelines, which set
	standards for banks when managing customer funds and
	administering assets on their behalf;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Guidelines for the Management of Country Risk;
	and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Guidelines on the Treatment of Dormant Accounts,
	Custody Accounts and Safe Deposit Boxes held in Swiss
	Banks.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">In its capacity as a securities broker, UBS is
governed by the Swiss Federal Law on Stock Exchanges and Trading
in Securities of</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 86</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Relations with Regulators</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">24&nbsp;March 1995, as amended, which appoints
the FBC as prime regulator for these activities. Certain aspects
of securities broking, such as the organization of trading, are
subject to self-regulation through the SWX Swiss Exchange and
the SBA, but under the overall supervision of the FBC.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Mandatory annual audits</FONT></B>

<DIV align="left">
<FONT size="2">The approach to supervising banks in Switzerland
places a particular emphasis on the role of the external
auditor. UBS&#146;s auditors, who must be approved by the FBC to
perform this role, are required to submit an annual report to
the FBC that assesses UBS&#146;s financial situation and its
compliance with the regulations and self-regulatory guidelines
that are applicable to its business. If the audit reveals
violations or other irregularities, the independent auditors
must (1)&nbsp;inform the FBC if a correction is not carried out
within a designated time limit or (2) inform the FBC immediately
in the case of serious violations or irregularities. The FBC may
issue directives as necessary to require a bank to address any
issues identified by the auditors and may also appoint an expert
to act as an observer of a bank if the claims of the bank&#146;s
creditors appear to be seriously jeopardized.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Supervision by the FBC</FONT></B>

<DIV align="left">
<FONT size="2">In July&nbsp;1999, the FBC established a
dedicated unit called the Large Banking Groups Department which
focuses solely on the supervision of UBS AG and the Credit
Suisse Group. The group, which consists of experts covering all
the main business activities in which UBS operates, supervises
UBS directly through regular meetings with management and
on-site visits. The group also co-ordinates the activities of
the FBC with those of UBS&#146;s main overseas supervisors and
the external auditors.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The FBC also monitors UBS&#146;s compliance with
capital and liquidity requirements. These are described in
detail in the Asset and Liability Management section, on pages
70 to 71 and 73 to 74.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Disclosures to the Swiss National
Bank</FONT></B>

<DIV align="left">
<FONT size="2">Although the primary responsibility for
supervision of banks under the FBL lies with the FBC, UBS also
submits an annual statement of condition and detailed monthly
interim balance sheets to the Swiss National Bank, which it uses
to monitor compliance with liquidity rules. The Swiss National
Bank may require further disclosures from UBS concerning its
financial condition and other information relevant to its
regulatory oversight.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Regulation and supervision
in the United States</FONT></U></B>

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

<DIV align="left">
<FONT size="2">UBS&#146;s operations in the United States are
subject to a variety of regulatory regimes. UBS maintains
branches in California, Connecticut, Illinois and New York and
agencies in Florida and Texas. UBS refers to these as its US
&#147;banking offices&#148;. UBS&#146;s California branches are
located in Los Angeles and San Francisco and are licensed by the
Office of the Comptroller of the Currency. Each of UBS&#146;s
other US banking offices is licensed by the state banking
authority of the state in which it is located. Each US banking
office is subject to regulation and examination by its licensing
authority. In addition, the Board of Governors of the Federal
Reserve System exercises examination and regulatory authority
over UBS&#146;s statelicensed US banking offices. None of
UBS&#146;s US banking offices are insured by the Federal Deposit
Insurance Corporation. The regulation of UBS&#146;s US banking
offices imposes restrictions on the activities of those offices,
as well as prudential restrictions, such as limits on extensions
of credit to a single borrower, including UBS
subsidiaries.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The licensing authority of each US banking office
has the authority to take possession of the business and
property of the office it licenses in certain circumstances.
Such circumstances generally include violations of law, unsafe
business practices and insolvency. So long as UBS maintains one
or more federal branches, such as its California branches, state
insolvency regimes that would otherwise be applicable to its
state licensed offices may be preempted by US federal law. As a
result, if the Office of the Comptroller of the Currency
exercised its authority over UBS&#146;s US banking offices
pursuant to federal law in the event of a UBS insolvency, all of
UBS&#146;s US assets would be applied first to satisfy creditors
of its US banking offices as a group, and then made available
for application pursuant to any Swiss insolvency
proceeding.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 87</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Relations with Regulators</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition to the direct regulation of its US
banking offices, operating its US banking offices subjects UBS
to regulation by the Board of Governors of the Federal Reserve
System under various laws, including the International Banking
Act of 1978, as amended, and the Bank Holding Company Act of
1956, as amended. The Bank Holding Company Act imposes
significant restrictions on UBS&#146;s US non-banking operations
and on its worldwide holdings of equity in companies operating
in the United States. Historically, UBS&#146;s US non-banking
activities were principally limited to activities that the Board
of Governors of the Federal Reserve System found to be so
&#147;closely related to banking as to be a proper incident
thereto&#148;. Moreover, prior approval by the Board of
Governors of the Federal Reserve System has been required to
engage in new activities and to make acquisitions in the United
States.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Gramm-Leach-Bliley Financial Modernization
Act of 1999 was enacted last year, liberalizing the restrictions
on the non-banking activities of banking organizations,
including non-US banks operating US banking offices. Among other
things, the Gramm-Leach-Bliley Act</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">allows bank holding companies meeting management
	and capital standards to engage in a substantially broader range
	of non-banking activities than previously was permissible,
	including insurance underwriting and making merchant banking
	investments;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">allows insurers and other financial services
	companies to acquire banks;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">removes various restrictions that previously
	applied to bank holding company ownership of securities firms
	and mutual fund advisory companies; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">revises the overall regulatory structure
	applicable to bank holding companies, including those that also
	engage in insurance and securities operations.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">These provisions of the Gramm-Leach-Bliley Act
became effective on 11 March&nbsp;2000. On 10 April&nbsp;2000,
UBS AG was designated a &#147;financial holding company&#148;
under the Gramm-Leach-Bliley Act, which generally permits it to
exercise the new powers granted by that act.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Gramm-Leach-Bliley Act also modifies other
current financial laws, including laws related to the conduct of
securities activities by US banks and US banking offices. As a
result, UBS will relocate certain activities now conducted by
its US banking offices to a UBS subsidiary or elsewhere.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Other US regulation</FONT></B>

<DIV align="left">
<FONT size="2">In the United States, UBS&#146;s US registered
broker-dealer entities, including Paine Webber, Incorporated,
are subject to regulations that cover all aspects of the
securities business, including</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">sales methods,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">trade practices among broker-dealers,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">use and safekeeping of customers&#146; funds and
	securities,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">capital structure,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">record-keeping,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the financing of customers&#146; purchases,
	and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the conduct of directors, officers and
	employees.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">These entities are regulated by a number of
different government agencies and self-regulatory organizations,
including the Securities and Exchange Commission and the
National Association of Securities Dealers. Depending upon the
specific nature of a broker-dealer&#146;s business, it may also
be regulated by some or all of the New York Stock Exchange, the
Municipal Securities Rulemaking Board, the US Department of the
Treasury, the Commodities Futures Trading Commission, and other
exchanges of which it may be a member. These regulators have
available a variety of sanctions, including the authority to
conduct administrative proceedings that can result in censure,
fines, the issuance of cease-and-desist orders of the suspension
or expulsion of the broker-dealer or its directors, officers or
employees.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS subsidiaries in the United States, including
the former PaineWebber businesses, are also subject to
regulation by applicable federal and state regulators of their
activities in the investment advisory, trust company, mortgage
lending and insurance businesses.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Regulation and supervision
in the United Kingdom</FONT></U></B>

<P align="left">
<FONT size="2">UBS operates in the United Kingdom under a
regulatory regime that is undergoing comprehensive restructuring
aimed at establishing the Financial Services Authority (FSA), as
the</FONT>

<DIV align="left">
<FONT size="2"> 88</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Relations with Regulators</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">United Kingdom&#146;s unified regulator. The Bank
of England&#146;s responsibilities for regulation of banking
activities were transferred to the FSA by the Bank of England
Act 1998.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During 2000, UBS was regulated by the FSA in
respect of its banking activities, the Securities and Futures
Authority in respect of its investment banking, individual asset
management, brokerage and principal trading activities, and by
the Investment Management Regulatory Organization in respect of
its institutional asset management and fund management
activities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Full implementation of the Financial Services and
Markets Act 2000, the legislation establishing the complete role
of the FSA, is currently anticipated in the second half of 2001.
When it is fully implemented the responsibilities of the
Securities and Futures Authority and Investment Management
Regulatory Organization will be taken over by the FSA.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Some of UBS&#146;s subsidiaries and affiliates
are also regulated by the London Stock Exchange and other United
Kingdom securities and commodities exchanges of which UBS is a
member.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The investment services that are subject to
oversight by United Kingdom regulators are regulated in
accordance with European Union directives requiring, among other
things, compliance with certain capital adequacy standards,
customer protection requirements and conduct of business rules.
These standards, requirements and rules are similarly
implemented, under the same directives, throughout the European
Union and are broadly comparable in scope and purpose to the
regulatory capital and customer protection requirements imposed
under applicable US law.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A number of UBS&#146;s United Kingdom
incorporated subsidiaries have the benefit of the
&#147;passport&#148; conferred by European Directives, enabling
them to establish branches in, and provide services cross-border
into, other European Union countries without the need to comply
with local (or &#147;host state&#148;) licensing requirements,
although host state customer protection requirements will often
apply.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Basel Committee on Banking
Supervision</FONT></U></B>

<P align="left">
<FONT size="2">UBS supports the current initiative of the Basel
Committee on Banking Supervision to reform the Capital Accord
introduced in 1988, and is an active participant in industry
dialogue with the Committee and with international regulators on
this reform. It is critically important that the revision of the
Capital Accord achieves a more flexible and risk-sensitive
assessment of capital requirements, without undue complexity,
and particularly that banks are not disadvantaged relative to
securities firms that are not subject to the same capital
requirements.</FONT>

<P align="left"><B><U><FONT size="2" color="#C66005">Relations with
shareholders</FONT></U></B>

<P align="left">
<FONT size="2">UBS has almost 250,000 registered shareholders,
ranging from sophisticated investment institutions to individual
investors. All registered shareholders receive an illustrated
Annual Review providing an overview of the Group during the
year, and a short letter each quarter outlining new initiatives
and UBS&#146;s financial performance during the quarter. More
detailed financial reports are produced each quarter and each
year, and can be received on request. All registered
shareholders are informed by mail about extraordinary general
meetings, or other special events.</FONT>

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

<DIV align="left">
<FONT size="2">Shareholders, as the owners of the company, have
specific rights under Swiss law. UBS is committed to make it as
easy as possible for shareholders to take part in its
decision-making processes. There are no restrictions with regard
to share ownership and voting rights, except for nominees and
trustees, whose voting rights are limited to a maximum of 5% of
the outstanding shares. This limitation exists in order to avoid
the risk of unknown shareholders with extensive holdings being
entered in the share register. An exception from the strict 5%
rule exists for securities clearing organizations such as the
Depository Trust Company&nbsp;(DTC) in New York and
SegaInterSettle&nbsp;(SIS) in Switzerland, which both fulfil a
special fiduciary function for UBS shareholders.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Annual General Meetings (AGMs) are open for
participation to all shareholders. Per-</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 89</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Relations with Regulators</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">sonal invitations are sent to every registered
shareholder at least 20&nbsp;days ahead of the meeting.
Shareholders may, if they do not wish to attend in person, issue
instructions to accept, reject or abstain on each individual
item on the agen da. They may also appoint UBS, another bank or
the Independent Proxy to vote on their behalf AGMs offer the
opportunity to shareholders to raise any questions regarding the
development of the company and the events of the year under
review. The members of the Board and Group Executive Board as
well as the internal and external auditors are present to answer
these questions. Decisions are normally taken by the majority of
votes cast and in some cases, defined by law or UBS Articles of
Association, a two-third majority of the votes represented at
the AGM is required.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Shareholders representing shares with an
aggregate par value of one million Swiss francs may submit
proposals for matters to be placed on the agenda for
consideration by the AGM, provided that their proposals are
submitted in writing within the deadline published by the
company. Shareholders representing at least ten percent of the
share capital, may ask that an Extraordinary General Meeting be
convened to deal with a specific issue put forward by these
shareholders.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">UBS Group legal entity
structure</FONT></U></B>

<P align="left">
<FONT size="2">The legal entity group structure of UBS is
designed to support the Group&#146;s businesses within an
efficient legal, tax, regulatory and funding framework. Neither
the Business Groups of UBS (UBS Warburg, UBS Switzerland and UBS
Asset Management) nor the Corporate Center operate through their
own individual legal entities but rather they generally operate
out of the parent bank, UBS AG, through its Swiss and foreign
branches.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The goal of the focus on the parent bank
structure is to capitalize on the synergies offered by the use
of a single legal platform, enable the flexible use of capital
in an efficient manner and to provide a structure where the
activities of the Business Groups may be carried on without the
need to set up separate subsidiaries beforehand.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Where it is either not possible or not efficient
to operate out of the parent bank, usually due to local legal,
tax or regulatory rules or due to additional legal entities
joining the UBS Group via acquisition, then the businesses
operate through local subsidiary companies. The significant
operating subsidiary companies in the Group are listed in
note&nbsp;38 to the financial statements, in UBS&#146;s
Financial Report 2000.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 90</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Financial Disclosure Principles</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<FONT color="#C66005">UBS&#146;s financial disclosure policies
aim to achieve a fair market value for the UBS share by
communicating transparently, openly and consistently with
investors and the financial markets at all times.</FONT>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">Financial Disclosure Principles</FONT>" -->
<DIV align="left"><A NAME="014"></A></DIV>

<DIV align="left">
<B><FONT size="6">Financial Disclosure</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="6">Principles</FONT></B>
</DIV>

<P align="left">
<FONT size="2">UBS believes that the market accords a
&#147;transparency premium&#148; to the share prices of
companies who provide clear, consistent and informative
disclosure about their business. UBS aims to communicate its
strategy and results in such a way that investors can gain a
full and accurate understanding of how the company works, what
its growth prospects are and what risks there are that this
growth will not be realized.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">To continue to achieve these goals, UBS applies
the following principles:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Transparency:</FONT></I><FONT size="2">
	disclosure aims to enhance the understandability of the economic
	drivers and detailed results of the business building trust and
	credibility;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Consistency:</FONT></I><FONT size="2">
	disclosure should be consistent and comparable within each
	reporting period and between reporting periods;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Simplicity:</FONT></I><FONT size="2">
	disclosure of information is made in as simple a manner as
	possible to facilitate the required level of understanding of
	business performance;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Relevance:</FONT></I><FONT size="2">
	information is disclosed only when relevant to UBS&#146;s
	stakeholders, or required by regulation or statute;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Best practice:</FONT></I><FONT size="2">
	disclosure is in line with and, if possible, leads industry
	norms.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">UBS reports its results quarterly, including a
breakdown of results by business unit and extensive disclosures
relating to credit and market risk. The quantity of disclosure
and the quality of analysis and comment provided put UBS&#146;s
reporting among the leaders in the banking sector,
worldwide.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS also aims to take a prominent role in
developing industry standards for disclosure. The Group is
actively represented in committees and similar bodies helping to
develop new accounting standards and risk disclosure
standards.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS recently took the lead in proposing a new
standard for measuring and reporting client assets. This has
been well received by investors, analysts and peers and UBS is
optimistic that the International Accounting Standards Committee
will include such a standard in its revised publication of
IAS&nbsp;30 relating to bank-specific disclosure.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Performance measures and
targets</FONT></U></B>

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS seeks to increase the value of the Group by
	achieving a sustainable, after-tax return on equity of
	15&#150;20%, across periods of varying market conditions.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aims to increase shareholder value through
	double-digit average annual earnings per share (EPS) growth,
	across periods of varying market conditions.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Through cost reduction and earnings enhancement
	initiatives UBS aims to reduce the Group&#146;s cost/income
	ratio, to a level that compares positively with best-in-class
	competitors.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aims to achieve a clear growth trend in net
	new money in its private client businesses.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The first three targets are all reported
pregoodwill amortization, and adjusted for significant financial
events (see page&nbsp;92).</FONT>

<P align="left"><B><FONT size="2">Business unit key performance
indicators</FONT></B>

<DIV align="left">
<FONT size="2">UBS reports carefully chosen key performance
indicators for each of its business units. These do not carry
explicit targets, but are indicators of the business units&#146;
success in creating value for shareholders. They include
financial metrics, such as the cost/income ratio and
non-financial metrics such as client assets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The key performance indicators are used for
internal performance measurement as well as external reporting.
This ensures that management have a clear responsibility to lead
their businesses towards achieving success in the externally
reported value drivers and reduce the risk of managing to purely
internal performance measures.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Financial reporting
policies</FONT></U></B>

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

<DIV align="left">
<FONT size="2">UBS Group prepares its accounts according to
International Accounting Standards, and provides additional
information to reconcile its accounts to U.S. GAAP. A detailed
explana-</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 91</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Corporate Governance</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Financial Disclosure Principles</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">tion of the basis of UBS&#146;s accounting is
given in Note&nbsp;1 to the Financial Statements, which are
published in the Financial Report 2000.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Significant financial events</FONT></B>

<DIV align="left">
<FONT size="2">UBS&#146;s financial targets and the analysis of
financial results which is provided in quarterly and annual
reports, concentrate on figures which have been adjusted by the
exclusion of what UBS calls <I>Significant Financial Events</I>.
This facilitates meaningful comparisons between different
reporting periods, illustrating the underlying operational
performance of the business, insulated from the impact of
one-off gains or losses outside the normal course of
business.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Treatment of an item as a significant financial
event is at the discretion of the Group Executive Board, but in
general the item should be:</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&#150;&nbsp; Non-recurring</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&#150;&nbsp; Event specific</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&#150;&nbsp; Material at Group level</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&#150;&nbsp; UBS-specific, not
industry-wide</FONT>
</DIV>

<DIV align="left">
<FONT size="2">and should not be a consequence of the normal run
of business.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Examples of items that are treated as significant
financial events include the gain or loss on the sale of a
significant subsidiary or associate, such as the divestment in
1999 of UBS&#146;s stake in Swiss Life/ Rentenanstalt, or the
restructuring costs associated with a major integration, such as
the merger with PaineWebber.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Significant financial events are not a recognized
accounting concept under International Accounting Standards, and
are therefore not separately reflected in our financial
statements. The use of numbers which have been adjusted for
significant financial events is restricted to the business group
and business unit reporting and to the analysis of the Group
results and the accompanying illustrative tables. All adjusted
figures are clearly identified as such, and the pre-tax amount
of each individual significant financial event is disclosed in
the quarter in which it is recorded, and in the annual report
for that year, as is the net tax benefit or loss associated with
the significant financial events recorded in each period.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Restatement of results</FONT></B>

<DIV align="left">
<FONT size="2">As required under IAS, UBS is committed to
maintaining the transparency of its reported results and to
ensuring that analysts and investors can make meaningful
comparisons with previous periods. If there is a major
reorganization of its business units or if changes to accounting
standards or interpretations lead to a material change in the
Group&#146;s reported results, UBS restates results for previous
periods to show how they would have been reported according to
the new basis, and provides clear explanations of all
changes.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#C66005">Disclosure
channels</FONT></U></B>

<P align="left">
<FONT size="2">UBS meets with its institutional investors
regularly throughout the year, holding results presentations,
specialist investor seminars, roadshows and one-on-one or group
meetings across the world. Where possible, these events involve
UBS senior management in addition to the UBS Investor Relations
team. UBS is also developing the use of technology to further
broaden access to its presentations through webcasting, audio
links and cross-location video-conferencing for external
audiences.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS fully subscribes to the principle of equal
treatment of all shareholders. To ensure fair access to
information, all UBS publications are made available to
shareholders at the same time and key documents are generally
available in both English and German. Shareholder letters and
media releases are also translated into French and Italian.
Letters to shareholders and material information related to
corporate events are posted direct to all shareholders, while
other information is distributed via press release and posted to
UBS&#146;s website, at www.ubs.com/investorrelations.</FONT>
</DIV>

<P align="left"><B><FONT size="2">US regulatory disclosure
requirements</FONT></B>

<DIV align="left">
<FONT size="2">As a Swiss company listed on the New York Stock
Exchange, UBS complies with disclosure requirements of the
Securities and Exchange Commission (SEC) and the NYSE for
foreign issuers with registered securities listed on the NYSE.
These include the requirement to make certain filings with the
SEC. As a foreign issuer, some of the SEC&#146;s regulations and
requirements which apply to domestic issuers are not applicable
to UBS. Instead, UBS files its regular quarterly reports with
the SEC under cover of Form&nbsp;6-K, and files an annual report
on Form&nbsp;20-F. These reports, as well as materials sent to
shareholders in connection with annual and special meetings, are
all available on our website, at www.ubs.com/
investor-relations.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 92</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<FONT size="2"> </FONT><FONT size="6">UBS Share
Information</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Share Information</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">The Global Registered Share</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">The Global Registered Share</FONT>" -->
<DIV align="left"><A NAME="015"></A></DIV>

<DIV align="left">
<B><FONT size="6">The Global Registered Share</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">UBS ordinary shares are registered shares with a
par value of CHF&nbsp;10 per share, fully paid up and
non-assessable. As outlined in the Capital Management section on
page&nbsp;74, UBS plans to reduce the par value of its shares
through a distribution and share split, which are expected to
take place on 16&nbsp;July 2001. If these plans are implemented
the par value of the share will be reduced to
CHF&nbsp;2.80.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS is the first Swiss company pioneering the use
of Global Registered Shares (GRS), which allows for cross-market
portability at minimal cost to investors. The concept behind
American Depository Receipts (ADRs), the most popular
alternative to the GRS for accessing the US market, is the
creation of tailor-made securities for individual unlinked
markets, following local regulations. UBS believes that, with
the globalization of financial markets, this concept is becoming
less valid, and that securities will increasingly be traded in
multiple markets. UBS also believes that a global fungible
security can best track the changing patterns of liquidity
across the world.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A Global Registered Share is a security that
provides direct and equal ownership for all shareholders. It can
be traded and transferred across applicable borders without the
need for conversion, with identical shares traded on different
stock exchanges in different currencies. For example, the same
share purchased on the New York Stock Exchange (NYSE) can be
sold on the SWX Swiss Exchange or vice versa. The UBS GRS is
listed on the New York, Zurich and Tokyo Stock Exchanges.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The UBS ADR program was terminated at the time of
the listing of the GRS on the New York Stock Exchange
(NYSE)&nbsp;&#150; 16&nbsp;May 2000. UBS ADR owners still have
the option to exchange any outstanding ADRs for UBS shares. The
exchange ratio is 10&nbsp;ADRs for 1&nbsp;GRS. This option is
open until May 2001, after which only a cash equivalent will be
available.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">A single register exists for UBS ordinary shares,
split into two parts&nbsp; &#150; a Swiss register, which is
maintained by UBS acting as Swiss transfer agent, and a US
register, which is maintained by The Bank of New York, as US
transfer agent. A shareholder is entitled to hold shares
registered in their name on either register and transfer shares
from one register to the other upon giving proper instruction to
the transfer agents.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Share liquidity and currency effects</FONT></B>

<DIV align="left">
<FONT size="2">For the foreseeable future, because of the
greater volume of UBS shares traded on the SWX Swiss Exchange,
Swiss trading will be the primary determinant of the share price
and liquidity on the SWX Swiss Exchange will be higher.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During the hours in which both the SWX and NYSE
are simultaneously open (currently 1530 to 1700 CET), price
differences are likely to be arbitraged away by professional
market makers. The NYSE price will therefore depend on both the
SWX price and the prevailing USD/CHF exchange rate. When the SWX
is closed, traded volumes will be lower, however the specialist
firm making a market in UBS shares on the NYSE, Van der Moolen,
will facilitate sufficient liquidity and an orderly
market.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As a global financial services firm, UBS earns
profits in many currencies. Since UBS prepares its accounts in
CHF, changes in currency exchange rates, particularly CHF/USD
and CHF/GBP, may have an effect on reported earnings.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">With the PaineWebber merger the USD earnings
component of UBS will increase.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS normally pays its regular annual dividend to
shareholders registered as of the date of the Annual General
Meeting (the record date). Payment is usually scheduled 3
business days thereafter.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Following an AGM, UBS shares typically begin
trading ex-dividend. As a result of this structure, shareholders
that sell shares on the SWX Swiss Exchange two business days
prior to the payment date are required to compensate the
purchaser for the amount of the dividend. An automated
compensation system properly allocates the dividend for those
transactions and allows SegaInterSettle participants to execute
transactions between the record date and the payment date.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">These practices differ from the US norm of
declaring dividends at least ten days in advance of the
applicable record date and the commencement of ex-dividend
trading two days before the record date. To ensure Swiss
shareholders and US shareholders are simi-</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 94</FONT>
</DIV>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Share Information</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">The Global Registered Share</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">larly treated in connection with dividend
payments, and to avoid disparities between the two markets, NYSE
trading will be with due bills for the two business day period
preceding the dividend record date.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS pays dividends in Swiss francs. For UBS
ordinary shares held in street name through The Depository Trust
Company, any dividend will be converted into US dollars. Holders
of UBS ordinary shares registered on the US register will
receive dividend payments in US dollars, unless they provide
notice to The Bank of New York, UBS&#146;s US transfer agent,
that they wish to receive dividend payments in Swiss franc</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS will fix the USD dividend amount on the basis
of the DJ Interbank Foreign Exchange rate for sale of CHF
against USD. The date for this fixing will be set at the same
time as the respective ex-dividend, record and payment dates are
set.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Holders of UBS shares who are US taxpayers are
normally subject to 35% withholding tax on dividends they
receive from UBS, although they can normally reclaim part of
this, bringing their withholding tax rate down to 15%. UBS is
currently in discussions with the Swiss tax authorities to
change the withholding tax treatment of Global Registered
Shares, so that either tax is only withheld at 15% for US tax
payers, or to allow approved processors to file bulk
reclamations on behalf of qualified UBS shareholders. Despite
our efforts, there can be no assurance that this withholding tax
will be reduced or eliminated.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 95</FONT>
</DIV>

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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Share Information</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">UBS Shares 2000</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link1 "<FONT size="2">UBS Shares 2000</FONT>" -->
<DIV align="left"><A NAME="016"></A></DIV>

<DIV align="left">
<B><FONT size="6">UBS Shares 2000</FONT></B>
</DIV>

<DIV align="left">

</DIV>

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Registered shares in 1000 units</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total shares outstanding</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">444,380</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">430,893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429,953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total shares ranking for dividend</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">425,958</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">430,893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429,953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares (average)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31,199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,882</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,601</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares (year end)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,422</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,874</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,457</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Weighted average shares (for basic EPS calculation)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404,742</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">405,222</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Weighted average shares (for diluted EPS calculation)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">408,526</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">408,375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">412,881</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Per share data CHF</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.99</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.04</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.67</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Distribution</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6.10</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Market capitalization&nbsp;&#150; CHF billion</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Year-end</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">112.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	% change year-on-year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21.70</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.09</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	As a % of the Swiss Market Index (SMI)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10.80</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	As a % of the Swiss Performance Index (SPI)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9.08</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Trading volumes&nbsp;&#150; 1000 units</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SWX total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,767</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">346,405</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">244,080</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SWX daily average</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,609</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,364</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,878</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	NYSE total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27,767</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	NYSE daily average</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">175</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">

<!-- link2 "<FONT size="2">UBS share price performance in 2000</FONT>" -->
<DIV align="left"><A NAME="017"></A></DIV>

<DIV align="left">
<B><FONT size="2">UBS share price performance in 2000</FONT></B>
</DIV>

<P align="left">
<FONT size="2">UBS&#146;s share price performed strongly in
2000, rising 23% through the year and generating a total return
of 28% to investors if dividends are included.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS believes that three key factors underly this
strong performance. Firstly UBS firmly demonstrated its
commitment to achieving its strategic goals, improving
investors&#146; confidence in the Group&#146;s ability to
revitalize under-performing businesses and position itself
excellently to tap growth markets and opportunities. Secondly,
financial results demonstrated the attractiveness of the
Group&#146;s mix of businesses, and its ability to weather
deteriorating international market conditions during the year
and maintain its strong financial performance. Finally, UBS has
maintained its commitment to manage its capital for the benefit
of its shareholders, minimizing the dilution to existing
shareholders that resulted from the PaineWebber merger and
buying back over 18 million shares for cancellation.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The year started poorly for most banking stocks,
including UBS, following concerns over the sustainability of the
&#147;new economy&#148; paradigm. Opening the year at
CHF&nbsp;215, the share price fell to its lowest point for the
year of CHF&nbsp;190.75 on 25&nbsp;January. However, the stock
recovered quickly and went on to reach CHF&nbsp;250 in mid June
as UBS began to deliver on its strategic commitments, with
particularly positive reactions to the New York Stock Exchange
listing and the communication of e-commerce strategy in May, and
to our record first quarter results.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Announcement of the merger with PaineWebber
brought a temporary technical arbitrage driven drop in the stock
price, to CHF&nbsp;224, but by 18&nbsp;August the price
recovered to a year-to-date high of CHF&nbsp;264 as arbitrage
pressures reduced. Investor concerns over losses in the
investment banking sector, and increasing signs of a weakening
US economy began to put downward pressure on the share price,
which fell to CHF&nbsp;213.50 on 11&nbsp;October.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The shares recovered to close at a year&#146;s
high of 264.50 as strong third quarter results demonstrated the
resilience of UBS&#146;s earnings, and investors saw the
benefits of exposure to the strong Swiss economy as a hedge
against a potential downturn in international markets.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 96</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Share Information</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Shares 2000</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Stock Exchange Prices<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2">SWX Swiss Exchange</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2">New York Stock Exchange</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">High</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Low</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Period end</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">High</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Low</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Period end</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">(CHF)</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">(CHF)</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">(CHF)</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">(USD)</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">(USD)</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">(USD)</FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>2000</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">264.50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">190.75</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">264.50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">153.00</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">129.85</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">163.40</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Fourth quarter 2000</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">264.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">213.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">264.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">163.40</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">141.80</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">163.40</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Third quarter 2000</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">264.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">224.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">230.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">153.25</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">135.19</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">135.45</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Second quarter 2000</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">250.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">209.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">239.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">153.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">129.85</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">147.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">First quarter 2000</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">218.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">190.75</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">218.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">1999</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">264.00</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">202.50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">215.00</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Fourth quarter 1999</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">239.75</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">202.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">215.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Third quarter 1999</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">246.75</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">202.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">211.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Second quarter 1999</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">264.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">221.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">232.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">First quarter 1999</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">246.00</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">207.25</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">232.50</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">1998<SUP>2</SUP></FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">326.50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">135.00</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">211.00</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The share
prices and volumes have been adjusted for the two-for-one stock
split that became effective on 8&nbsp;May 2000.
<SUP>2</SUP>&nbsp;2 As a result of the 1998 merger of Union Bank
of Switzerland and Swiss Bank Corporation, shares of UBS AG
began trading on 29&nbsp;June 1998. UBS ordinary shares did not
trade at any time prior to that date.</FONT>
</DIV>

<P align="left">
<IMG src="y46460y4643214.gif" alt="UBS SHARE PRICE CHART">

<P align="left"><B><FONT size="2">UBS Shares and Market Capitalization</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Number of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total ordinary shares issued<SUP>1</SUP></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">444,379,729</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">430,893,162</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">429,952,612</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">3</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Less second trading line treasury
	shares</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,421,783</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Net shares outstanding</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">425,957,946</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">430,893,162</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">429,952,612</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(1</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Market capitalization (CHF
	million)</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">112,666</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">92,642</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">90,720</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">22</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Second trading line treasury shares</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,421,783</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Other treasury shares</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">36,873,714</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">24,456,698</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(100</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Total number of treasury
	shares</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,421,783</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,873,714</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,456,698</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Excludes
9,481,596 of shares to be delivered against borrowed own equity
contracts, at 31&nbsp;December 2000.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 97</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Share Information</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">UBS Shares 2000</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Distribution of UBS Shares at 31
December&nbsp;2000</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="5"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Shareholders registered</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>Shares registered</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total shares</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Number of shares registered</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>%</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>% of shares issued</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>issued</B></FONT></TD>
</TR>

<TR>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1&#150;100</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110,697</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,744,131</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	101&#150;1,000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102,038</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,548,461</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1,001&#150;5,000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,962</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,951,728</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	5,001&#150;10,000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,176</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,242,804</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	10,001&#150;50,000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">924</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,204,403</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	50,001&#150;100,000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,663,750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	100,001&#150;2,583,506 (1%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">207</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">115,639,346</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1&#150;2%</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,516,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2&#150;3%</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	3&#150;4%</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,852,677</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	4&#150;5%</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Over 5%</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,987,339</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total registered</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">226,134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">258,350,639</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>258,350,639</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-registered<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>186,029,090</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Total</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">444,379,729</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP>
<FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;46,705,889
shares registered do not carry voting rights.
<SUP>2</SUP>&nbsp;Shares not entered in the share register at
31.12.2000. <SUP>3</SUP>&nbsp;As at 31.12.2000, Chase Nominees
Ltd., London, was entered as a trustee/nominee holding 6.3% of
all shares issued. No beneficial owner held more than 5% of the
total of outstanding shares.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Details on shareholders and shares
registered</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Shareholders</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Shares</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Number</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Number</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Individual shareholders</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">216,549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,703,420</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Legal entities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,969</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120,451,892</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Nominees, fiduciaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">616</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70,195,327</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Total</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">226,134</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">258,350,639</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210,860</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144,552,709</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Europe</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,580</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,850,105</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	North America</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,980</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,112,987</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other countries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,714</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,834,838</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Total</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">226,134</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">258,350,639</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">UBS employees held approximately 8% of all shares
issued, and options equivalent to about 6%.</FONT>

<DIV align="left">
<FONT size="2"> 98</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Cautionary statement regarding forward-looking
statements</FONT></B>

<DIV align="left">
<FONT size="2">This communication contains statements that
constitute &#147;forward-looking statements&#148;, including,
without limitation, statements relating to the implementation of
strategic initiatives, including the implementation of the new
European wealth management strategy and the implementation of a
new business model for UBS Capital, and other statements
relating to our future business development and economic
performance. While these forward-looking statements represent
our judgments and future expectations concerning the development
of our business, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from our expectations.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">These factors include, but are not limited to,
(1)&nbsp;general market, macro-economic, governmental and
regulatory trends, (2)&nbsp;movements in local and international
securities markets, currency exchange rates and interest rates,
(3)&nbsp;competitive pressures, (4)&nbsp;technological
developments, (5)&nbsp;changes in the financial position or
credit-worthiness of our customers, obligors and counterparties,
(6)&nbsp;legislative developments and (7)&nbsp;other key factors
that we have indicated could adversely affect our business and
financial performance which are contained in our past and future
filings and reports, including those with the SEC.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">More detailed information about those factors is
set forth in documents furnished by UBS and filings made by UBS
with the SEC. UBS is not under any obligation to (and expressly
disclaims any such obligations to) update or alter its
forward-looking statements whether as a result of new
information, future events, or otherwise.</FONT>
</DIV>

<P align="left">
<B><FONT size="2">For information contact:</FONT></B>

<DIV align="left">
<FONT size="2">UBS AG, Investor Relations G41B, P.O. Box,
CH-8098 Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Phone: +41-1-234 41 00, Fax: +41-1-234 34
15</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E-mail: SH-investorrelations@ubs.com, Internet:
www.ubs.com/investor-relations</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Change of address</FONT></B>

<DIV align="left">
<FONT size="2">UBS AG, Shareholder Services GUMV, P.O. Box,
CH-8098 Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Phone: +41-1-235 62 02, Fax: +41-1-235 31
54</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E-mail: SH-shareholder-services@ubs.com</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Published by UBS AG</FONT></B>

<DIV align="left">
<FONT size="2">Edited by: UBS AG, Investor Relations</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Languages: English, German. Copyright: UBS
AG.</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<IMG src="y46460y46432l1.gif" alt="(UBS LOGO)">

<P align="left">
UBS AG

<DIV align="left">
P.O. Box, CH-8098 Zurich
</DIV>

<DIV align="left">
P.O. Box, CH-4002 Basel
</DIV>

<DIV align="left">
www.ubs.com
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="8%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	 <IMG src="y46460y46432l1.gif" alt="UBS Logo"></TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<IMG src="y46460y46432a8.gif" alt="Financial Report 2000"></TD>
</TR>

</TABLE>

<DIV align="left">
<IMG src="y4646046432a8a.gif" alt="People">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B><FONT size="6">Our Information Portfolio</FONT></B>

<P align="left">
<FONT size="2">This Financial Report 2000 contains our audited
financial statements for the year 2000 and accompanying detailed
analysis. It is available in English and German
(SAP-80531-0101). It is supplemented by the following
documents:</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><FONT size="2">Annual Review 2000</FONT></B>

<DIV align="left">
<FONT size="2">Our Annual Review provides brief descriptions of
our business groups and a summary review of the year 2000. It is
available in English, German, French, Italian and Spanish
(SAP-80530-0101).</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><FONT size="2">Handbook 2000/2001</FONT></B>

<DIV align="left">
<FONT size="2">Our Handbook contains detailed descriptions of
our business groups and other in-depth information about UBS,
including risk management and control, asset and liability
management, corporate governance and our financial disclosure
principals. It is available in English and German
(SAP-80532-0101).</FONT>
</DIV>

<DIV align="left">
<B><FONT size="2">Environmental
reporting:</FONT></B><FONT size="2"> The Handbook also contains
information on UBS and the environment.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

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

<DIV align="left">
<FONT size="2">UBS provides detailed quarterly financial
reporting and analysis, including comment on the progress of its
businesses and key strategic initiatives.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><FONT size="2">Our Commitment 1999/2000</FONT></B>

<DIV align="left">
<FONT size="2">The Report &#147;Our Commitment 1999/2000&#148;
illustrates how we create value for our clients, employees,
shareholders and the community and how we meet our
responsibility to all our stakeholder groups. It is available in
English, German and French (SAP-81011-0001).</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
<FONT size="2"> Each of these reports is available on the
internet at: www.ubs.com/investor-relations.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> Alternatively, printed copies of these reports
can be ordered, quoting the SAP number and language preference,
from: UBS AG, Information Center, CA50-XMB, P.O. Box, CH-8098
Zurich, Switzerland.</FONT>
</DIV>

<P align="left">
<IMG src="y46460y46432a9.gif" alt="(Excellence)">

<DIV align="left">
<IMG src="y4646046432a9a.gif" alt="(People)">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV>&nbsp;</DIV>

<!-- TOC -->
<!-- /TOC -->

<P align="left"><B><FONT size="6">Table of Contents</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Information for Readers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Group Financial Highlights</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Group Financial Review</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Review of Business Group Performance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Principles</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Center</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Group Financial Statements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Table of Contents</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial Statements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Notes to the Financial Statements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Report of the Group Auditors</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">143</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="6"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS AG (Parent Bank) Financial Statements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Table of Contents</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">147</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Parent Bank Review</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">148</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial Statements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Notes to the Financial Statements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Report of the Statutory Auditors</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">156</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Information for Shareholders</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 1</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Introduction</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link1 "<FONT size="2">Introduction</FONT>" -->
<DIV align="left"><A NAME="018"></A></DIV>

<P align="left"><B><FONT size="6">Introduction</FONT></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">The UBS Financial Report 2000, published for the
first time in this format, forms an essential part of UBS&#146;s
reporting portfolio. It includes the audited consolidated
financial statements of UBS Group for 2000 and 1999, prepared
according to International Accounting Standards and reconciled
to U.S. GAAP, and the audited financial statements of the UBS
Parent Bank for 2000, prepared according to Swiss Banking Law
requirements. It contains the discussion and analysis of the
results of UBS Group required for the US Securities and Exchange
Commission&#146;s Form&nbsp;20-F.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The UBS Financial Report 2000 is complemented by
another new publication, the UBS Handbook 2000/2001, which
describes the Group&#146;s strategy and organization, the
businesses it operates, the way it manages risk and its
arrangements for corporate governance.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, UBS publishes Quarterly Financial
Reports, analyzing its performance during each quarter of the
year, and an Annual Review, which provides a brief summary of
the Group and its financial performance in 2000.</FONT>
</DIV>

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

<P align="left">
<FONT size="2">Please contact UBS Investor Relations with any
enquiries:</FONT>

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

<DIV align="left">
<FONT size="2">Investor Relations G41B</FONT>
</DIV>

<DIV align="left">
<FONT size="2">P.O. Box, CH-8098 Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Phone +41-1-234 41 00</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fax +41-1-234 34 15</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E-mail SH-investorrelations@ubs.com</FONT>
</DIV>

<DIV align="left">
<FONT size="2">www.ubs.com/investor-relations</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Information for Readers</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link1 "<FONT size="2">Information for Readers</FONT>" -->
<DIV align="left"><A NAME="019"></A></DIV>

<P align="left"><B><FONT size="6">Information for Readers</FONT></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">The discussion and analysis in the Group
Financial Review and Review of Business Group Performance should
be read in conjunction with the UBS Group&#146;s consolidated
financial statements and the related notes, which are shown in
pages 58 to 142 of this document.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Parent Bank</FONT></U></B>

<P align="left">
<FONT size="2">Pages 147 to 154 contain the financial statements
for the UBS AG Parent Bank&nbsp;&#150; the Swiss company,
including branches worldwide, which owns all the UBS Group
companies, directly or indirectly. Except in those pages, or
where otherwise explicitly stated, all references to
&#147;UBS&#148; refer to the UBS Group and not to the Parent
Bank.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Accounting
standards</FONT></U></B>

<P align="left">
<FONT size="2">The UBS Group&#146;s consolidated financial
statements have been prepared in accordance with International
Accounting Standards (IAS). As a US listed company, UBS provides
a description in Note 41 to its consolidated financial
statements of the significant differences which would arise were
our accounts to be presented under U.S. GAAP, and a specific
reconciliation of the two methods of calculating
shareholders&#146; equity and net profit.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Unless otherwise stated, all of UBS Group&#146;s
financial information presented in this document is presented on
a consolidated basis under IAS.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Parent Bank&#146;s financial statements have
been prepared in accordance with Swiss Banking Law
requirements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">All references to 2000, 1999 and 1998 refer to
the UBS Group and the Parent Bank&#146;s fiscal years ended 31
December&nbsp;2000, 1999 and 1998, respectively. The financial
statements for the UBS Group and the Parent Bank for each of
these periods have been audited by Ernst &#38; Young Ltd., as
described in the Reports of the Independent Auditors on pages
143 and 155.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Accounting changes and
restatements</FONT></U></B>

<P align="left">
<FONT size="2">For comparative purposes, UBS Group&#146;s 1999
and 1998 figures have been restated to conform to the 2000
presentation, reflecting certain changes in accounting standards
and methods of presentation, including</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the removal from net trading income of profit on
	UBS ordinary shares held for trading purposes;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the treatment of these shares as treasury shares,
	reducing both the number of shares and the shareholders&#146;
	equity used in ratio calculations;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the reclassification of trading-related interest
	and dividend revenues from net trading income to net interest
	income; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the removal of the credit to net interest income
	and matching debit to net trading income for the cost of funding
	trading positions.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Note 1 of UBS&#146;s consolidated financial
statements includes a complete explanation of these and other
accounting changes.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">PaineWebber</FONT></U></B>

<P align="left">
<FONT size="2">Except where otherwise stated, all 2000 figures
for UBS Group throughout this report, include the impact of the
merger with Paine Webber Group, Inc., which was completed on 3
November&nbsp;2000. Under purchase accounting rules, the results
reflect PaineWebber&#146;s income and expenses for two months
only, from 3 November 2000 until year end.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Restructuring
provision</FONT></U></B>

<P align="left">
<FONT size="2">The 1998 merger of Swiss Bank Corporation and
Union Bank of Switzerland, which was completed on 29
June&nbsp;1998, was accounted for under the
&#147;pooling-of-interests&#148; method of accounting. Under the
pooling-of-interests method, a single uniform set of accounting
policies was adopted and applied retrospectively for the
restatement of comparative information.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">After the merger was effected, UBS began
integrating the operations of the two banks. This process
included streamlining operations, eliminating duplicate
information technology infrastructure, and consolidating banking
premises. At the time of the merger, UBS established a
restructuring provision of CHF&nbsp;7&nbsp;billion to cover its
expected costs associated with the integration process.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">An additional pre-tax restructuring charge of
CHF&nbsp;300 million in respect of the merger, <BR>
</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 3</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Information for Readers</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Restructuring Provision Used</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Personnel</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>IT</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Premises</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="29"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="29"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">176</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">228</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">916</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">821</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">348</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,423</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Center</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">395</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">464</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">565</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">761</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Group total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">188</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">399</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">699</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,844</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,027</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="29"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="9" align="left" valign="top"><FONT size="2">
	Initial restructuring provision in 1997</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,000</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left" valign="top"><FONT size="2">
	Additional provision in 1999</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">300</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Used in 1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,027</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Used in 1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,844</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Used in 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">699</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="9" align="left" valign="top"><FONT size="2">
	Total used through 31.12.2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,570</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="9" align="left" valign="top"><FONT size="2">
	<B>Restructuring provision remaining at 31.12.2000</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">730</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">representing about 4% of the original CHF 7
billion provision, was recognized in December&nbsp;1999. The
majority of the additional provision was due to revised
estimates of the cost of lease breaks and property
disposals.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS has now largely completed the integration and
restructuring process relating to the merger and, at 31
December&nbsp;2000, had used approximately CHF 6.6 billion of
the CHF 7.3 billion restructuring provision. UBS expects to have
utilized the entire provision by the end of 2001.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Significant financial
events</FONT></U></B>

<P align="left">
<FONT size="2">UBS analyses its performance on a reported basis
determined in accordance with International Accounting
Standards, and on a normalized basis which excludes from the
reported amounts certain items UBS calls <I>significant
financial events</I>.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Figures adjusted for significant financial events
are used to illustrate the underlying operational performance of
the business, insulated from the impact of one off gains or
losses outside the normal run of business. In particular,
UBS&#146;s financial targets have been set in terms of adjusted
results, excluding significant financial events. A policy
approved by the Group Executive Board defines which items may be
classified as significant financial events.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The use of numbers which have been adjusted for
significant financial events is restricted to UBS&#146;s
business unit reporting and to the discussion and analysis of
the Group&#146;s results and the accompanying illustrative
tables. All segmental reporting includes tables showing both
reported figures and adjusted ones, if applicable.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">All adjusted figures are clearly identified as
such, and the pre-tax amount of each individual significant
financial event is clearly disclosed, as is the net tax benefit
or loss associated with all the significant financial events in
each period.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS introduced the concept of significant
financial events for the first time in its 1999 Reporting, and
did not define significant financial events for 1998. The
comparison of results for 1999 against 1998 therefore considers
only unadjusted figures.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Significant financial events during 1999 and 2000
are shown in the table on page&nbsp;5 and described in more
detail below.</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">During 2000, UBS recorded restructuring charges
	and provisions of CHF 290 million pre-tax relating to the
	integration of PaineWebber into UBS.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">During 1999, UBS recognized pre-tax gains of CHF
	1,490 million on the sale of its 25% stake in Swiss Life/
	Rentenanstalt; CHF 110 million on the disposal of Julius Baer
	registered shares; CHF 200 million on the sale of its
	international Global Trade Finance business; and CHF 38 million
	from its residual holding in Long Term Capital Management.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">In fourth quarter 1999, UBS recognized a one-time
	credit of CHF 456 million in <BR>
	 con-</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 4</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Information for Readers</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

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

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating income as reported</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,425</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">&nbsp; <SUP>1</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Julius Baer registered shares divestment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(110</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	International Global Trade Finance divestment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(200</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Swiss Life&nbsp;/ Rentenanstalt divestment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,490</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	LTCM gain</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(38</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Adjusted operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating expenses as reported</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,203</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	US Global Settlement Fund provision</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(150</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(154</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Pension Fund accounting credit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">456</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS&nbsp;/ SBC Restructuring provision</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(300</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	PaineWebber integration costs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(290</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Adjusted operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">25,763</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Adjusted operating profit before tax and minority
	interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,639</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,053</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax effect of significant financial events</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(352</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Adjusted tax expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,420</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,334</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(87</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Adjusted net profit</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,132</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see Note 1:
Summary of Significant Accounting Policies).</FONT>
</DIV>

<P align="left">
<FONT size="2">nection with excess pension fund employer
pre-payments.</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">In fourth quarter 1999, UBS recognized an
	additional pre-tax restructuring charge of CHF 300 million in
	respect of the 1998 merger between Union Bank of Switzerland and
	Swiss Bank Corporation.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">During 1998, UBS established a provision of CHF
	842 million in connection with the US Global Settlement of World
	War II related claims. UBS recognized additional pre-tax
	provisions relating to this claim of CHF 154 million in 1999 and
	CHF 150 million in 2000.</FONT></TD>
</TR>

</TABLE>

<P align="left"><B><FONT size="2" color="#0038A8">Risk factors</FONT></B>

<P align="left">
<FONT size="2">As a global financial services firm, UBS&#146;s
businesses are affected by the external environment in the
markets in which UBS operates. In particular, the results of
UBS&#146;s business in Switzerland, and notably the results of
its credit-related activities, would be adversely affected by
any deterioration in the state of the Swiss economy because of
the impact this would have on UBS&#146;s customers&#146;
creditworthiness. More generally, global economic and political
conditions can impact UBS&#146;s results and financial position
by affecting the demand for UBS&#146;s products and services,
and the credit quality of UBS&#146;s borrowers and
counterparties. Similarly, any prolonged weakness in
international securities markets would affect UBS&#146;s
business revenues through its effect on UBS&#146;s clients&#146;
investment activity and the value of portfolios under
management, which would in turn reduce UBS&#146;s revenues from
its private banking and asset management businesses.</FONT>

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

<DIV align="left">
<FONT size="2">UBS faces intense competition in all aspects of
its business. UBS competes with asset managers, retail and
commercial banks, private banking firms, investment banking
firms, brokerage firms and other investment services firms. In
addition, the trend toward consolidation in the global financial
services industry is creating competitors with broader ranges of
product and service offerings, increased access to capital, and
greater efficiency and pricing power.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 5</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Information for Readers</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Fluctuations in currency exchange rates and
interest rates</FONT></B>

<DIV align="left">
<FONT size="2">Because UBS prepares its accounts in Swiss
francs, changes in currency exchange rates, particularly between
the Swiss franc and the US dollar, may have an effect on the
earnings that it reports. UBS&#146;s approach to managing this
risk is explained in the Currency Management section of the
discussion of Asset and Liability Management in the UBS Handbook
2000/2001.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, changes in financial market
structures can affect UBS&#146;s earnings. For example, the
establishment of the euro during 1999 affected foreign exchange
markets in Europe by reducing the extent of foreign exchange
dealings among member countries and generating more harmonized
financial products. Movements in interest rates can also affect
UBS&#146;s results. UBS&#146;s interest income is affected by
changes in interest rates, although the precise mechanisms are
complicated. Interest rate movements can also affect UBS&#146;s
fixed income trading portfolio and the investment performance of
its asset management businesses. For further discussion of the
effect of interest rate changes on UBS&#146;s business see the
Interest Rate Risk Management section of the discussion of Asset
and Liability Management in the UBS Handbook 2000/2001.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS&#146;s businesses are dependent on its
ability to process a large number of complex transactions across
numerous and diverse markets in different currencies and subject
to many different legal and regulatory regimes. UBS&#146;s
systems and processes are designed to ensure that the risks
associated with UBS&#146;s activities are appropriately
controlled, but UBS recognizes that any weaknesses in these
systems could have a negative impact on its results of
operations.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">As a result of these and other factors beyond its
control, UBS&#146;s revenues and operating profit have been and
are likely to continue to be subject to a measure of variability
from period to period. Therefore UBS&#146;s revenues and
operating profit for any particular fiscal period may not be
indicative of sustainable results, may vary from year to year
and may impact UBS&#146;s ability to achieve its strategic
objectives.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For a discussion of UBS&#146;s risk management
and control procedures see the Risk Management and Control
section of the UBS Handbook 2000/2001.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 6</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Financial Highlights</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link1 "<FONT size="2">UBS Group Financial Highlights</FONT>" -->
<DIV align="left"><A NAME="020"></A></DIV>

<DIV align="left">
<B><FONT size="6">UBS Group</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="6">Financial Highlights</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Income statement key figures</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28,425</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22,247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">26,203</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10,199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,871</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio (%)<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">72.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	69.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	79.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>2,&nbsp;3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">70.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	68.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	77.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Per share data (CHF)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share<SUP>4,&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before
	goodwill<SUP>3,&nbsp;4,&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">20.99</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.04</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share<SUP>4,&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before
	goodwill<SUP>3,&nbsp;4,&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">20.67</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Return on shareholders&#146; equity (%)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity<SUP>5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">21.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity before goodwill<SUP>3,5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">23.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance sheet key figures</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	896,556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	861,282</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">44,833</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30,608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28,794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	46</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market capitalization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">112,666</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	92,642</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	90,720</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>BIS capital ratios</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tier 1 (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total BIS (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">15.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk-weighted assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">273,290</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	273,107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	303,719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total assets under management (CHF billion)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,469</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,744</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,573</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	42</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Headcount (full time equivalents)<SUP>6</SUP></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">71,076</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	49,058</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	48,011</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	45</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Long-term ratings</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fitch, London</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">AAA</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	AAA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	AAA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Moody&#146;s, New York</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">Aa1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	Aa1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	Aa1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Standard &#38; Poor&#146;s, New York</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">AA+</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	AA+</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	AA+</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">


<P align="left">
<B><FONT size="2">Earnings adjusted for significant financial
events<SUP>8</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>% change from</B></FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26,587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">25,763</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20,534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10,639</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,053</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,132</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>2,&nbsp;3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">69.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	73.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before goodwill
	(CHF)<SUP>3,&nbsp;4,&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">21.83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before goodwill
	(CHF)<SUP>3,&nbsp;4,&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">21.50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Return on shareholders&#146; equity before goodwill
	(%)<SUP>3,&nbsp;5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">24.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">The 1999 and
1998 figures have been restated to reflect retroactive changes
in accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see Note 1:
Summary of Significant Accounting
Policies).&nbsp;<SUP>2</SUP>Operating expenses / operating
income before credit loss recovery /
(expense).&nbsp;<SUP>3</SUP>The amortization of goodwill and
other intangible assets is excluded from the
calculation.&nbsp;<SUP>4</SUP>For EPS calculation, see Note 10
to the Financial Statements.&nbsp;<SUP>5</SUP>Net profit /
average shareholders&#146; equity excluding
dividends.&nbsp;<SUP>6</SUP>The Group headcount does not include
the Klinik Hirslanden AG headcount of 1,839 and 1,853 for 31
December&nbsp;2000 and 31 December&nbsp;1999,
respectively.&nbsp;<SUP>7</SUP>1999 and 1998 share figures are
restated for the two-for-one share split, effective 8
May&nbsp;2000.&nbsp;<SUP>8</SUP>Details of Significant Financial
Events can be found on pages 4 and 5.</FONT>
</DIV>

<P align="left">
<FONT size="2">Except where otherwise stated, all 31
December&nbsp;2000 figures throughout this report include the
impact of the acquisition of PaineWebber, which occurred on 3
November&nbsp;2000.</FONT>

<DIV align="right">
<FONT size="2"> 7</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<FONT size="2">(This page intentionally left blank)</FONT>

<DIV>&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="6">Group Financial</FONT></B>

<DIV align="left">
<B><FONT size="6">Review</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6">Group Performance</FONT></B>

<P align="left"><B><U><FONT size="2" color="#0038A8">Introduction</FONT></U></B>

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

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS operates through three Business Groups and
its Corporate Center. The three Business Groups are:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS Switzerland, which is made up of two business
	units: Private and Corporate Clients and Private Banking;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS Asset Management, which, until
	January&nbsp;2001, consisted of two business units:
	Institutional Asset Management and Investment Funds/ GAM;
	and,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS Warburg, which, until January&nbsp;2001, was
	composed of five business units: Corporate &#38; Institutional
	Clients, UBS Capital, US Private Clients, International Private
	Clients and e-services.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Within each Business Group, business units share
senior management, infrastructure and other resources.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A full description of UBS and its Business Groups
can be found in the UBS Handbook 2000/2001.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">The financial impact on UBS
of the PaineWebber merger</FONT></U></B>

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

<DIV align="left">
<FONT size="2">UBS has incurred a total of CHF&nbsp;746 million
(USD&nbsp;431 million) of restructuring costs and other one-off
merger-related costs as a result of the PaineWebber
merger.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In accordance with IAS purchase accounting rules,
CHF&nbsp;456 million of these costs have been accounted for as a
pre-acquisition liability of PaineWebber and were therefore
added to the goodwill amount for the transaction.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The remaining expenses, of CHF&nbsp;290 million,
were charged in fourth quarter 2000, and treated as a
significant financial event. CHF&nbsp;152 million was charged in
UBS Warburg&#146;s e-services business unit, representing the
costs of closure of telephone call centers and the write-down of
capitalized software no longer required in light of changes in
the strategy due to the PaineWebber acquisition. CHF&nbsp;106
million was charged in the Corporate and Institutional Clients
business unit, principally covering severance and other
personnel costs. The remaining CHF&nbsp;32 million was charged
in Corporate Center.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The amount of goodwill and intangible assets
resulting from the merger was USD&nbsp;10.0 billion, or
CHF&nbsp;17.5 billion.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Within this total USD 2.7 billion relates to
identified intangible assets, including the value of
PaineWebber&#146;s brand and infrastructure.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The goodwill and intangible assets will be
amortized over 20&nbsp;years. Amortization costs amounted to
CHF&nbsp;138 million in the fourth quarter 2000.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">As part of the merger, UBS agreed to make
retention payments to PaineWebber financial advisors, senior
executives, and other staff, subject to these employees&#146;
continued employment and other restrictions. The value of these
payments is expected to amount to a total of USD&nbsp;875
million (CHF&nbsp;1,541 million), the vast majority of which
will be paid in the form of UBS shares. The payments will vest
over periods of up to four years from the merger. USD&nbsp;76
million (CHF&nbsp;128 million) was charged in fourth quarter
2000, and approximately USD&nbsp;280 million (approximately
CHF&nbsp;458 million at year end 2000 exchange rates) is
expected to be charged in 2001.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The cash portion of the merger consideration was
USD&nbsp;6.0 billion, or CHF&nbsp;10.6 billion. UBS took
advantage of the focus on the company in US markets as a result
of the PaineWebber transaction to make its inaugural US public
offering, issuing USD&nbsp;1.5 billion of 8.622% Trust Preferred
Securities on 10&nbsp;October 2000.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 10</FONT>
</DIV>
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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Issue of shares to finance the PaineWebber
merger</FONT></B>

<DIV align="left">
<FONT size="2">At an Extraordinary General Meeting on
7&nbsp;September 2000, UBS shareholders approved a resolution to
create 38&nbsp;million shares of authorized capital in
connection with the PaineWebber merger. UBS shareholders also
granted the Board of Directors a &#147;green shoe option&#148;
giving them the flexibility to issue some of these shares at the
time of the merger, and then to issue additional shares as
required during the three months following completion of the
merger, up to the 38&nbsp;million shares limit.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As announced at the completion of the merger,
40.6 million shares were delivered to PaineWebber shareholders
as part of the merger consideration. UBS chose to fund this
amount by issuing 12&nbsp;million new ordinary shares,
re-issuing 7&nbsp;million shares held in Treasury and borrowing
the remaining 21.6 million ordinary shares that were
required.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">On 6 November&nbsp;2000, following completion of
the merger, UBS launched a new treasury share buy-back program
in Switzerland, designed principally to repurchase shares to
cover the borrowings. When the program was completed on
2&nbsp;March 2000, a total of 30&nbsp;million shares had been
repurchased at an average price of CHF 266. By 31&nbsp;December
2000, 14.2 million shares had been purchased through this
program, and 13.8 million of them had been delivered to cover
the borrowed shares, leaving 7.8 million borrowed shares still
outstanding. UBS completed the repurchase of sufficient shares
to cover all the borrowed shares on 24&nbsp;January 2001, having
paid an average price of CHF&nbsp;262 per share.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">With no requirement to issue further shares in
connection with the PaineWebber merger, the green shoe option
lapsed. UBS has met its commitment to minimize the dilution of
earnings and voting power, by keeping the final number of new
UBS shares issued as small as possible. The weighted average
number of shares in the fourth quarter was 5% higher than if the
PaineWebber transaction had not occurred.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Annual General Meeting on 26&nbsp;April 2001
will be asked to give formal approval for the elimination of the
remaining 26&nbsp;million shares of authorized capital which
were not required for the transaction. It will also be asked to
reduce the conditional capital created to cover future exercise
of options held by PaineWebber staff from 16.3 million to the
5.6 million required to cover the remaining outstanding
options.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 11</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<IMG src="y46460y4643215.gif" alt="graphs">
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">UBS Group Performance against
Targets</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>RoE (%)<BR>
	</B>as reported</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	before goodwill and adjusted for significant financial
	events<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">24.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Basic EPS (CHF)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	as reported<SUP>3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	before goodwill and adjusted for significant financial
	events<SUP>2, 3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21.83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Cost / income ratio (%)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	as reported</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">72.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	before goodwill and adjusted for significant financial
	events<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">69.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Assets under Management</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net new</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net new</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>money<SUP>4</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>money<SUP>4</SUP></B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>UBS Group</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,469</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,744</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Private and Corporate Clients</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">440</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private Banking</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">681</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>UBS Asset Management</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Institutional Asset Management<SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">496</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">574</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(67</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investment Funds / GAM</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">219</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">225</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	US Private Clients<SUP>6</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">794</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	International Private Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;The amortization of goodwill and other
intangible assets is excluded from the calculation.
<SUP>3</SUP>&nbsp;1999 share figures are restated for the
two-for-one share split, effective 8&nbsp;May 2000.
<SUP>4</SUP>&nbsp;Excludes interest and dividend income.
<SUP>5</SUP>&nbsp;Includes non-institutional assets also
reported in the Investment Funds / GAM business unit.
<SUP>6</SUP>&nbsp;Client Assets were CHF 890 billion at
3&nbsp;November 2000.</FONT>
</DIV>

<P align="left"><B><FONT size="2" color="#0038A8">Group results 2000</FONT></B>

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

<DIV align="left">
<FONT size="2">UBS focuses on four key performance targets,
designed to drive us to deliver continually improving returns to
our shareholders.</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS seeks to achieve a sustainable, after-tax
	return on equity of 15-20%, across periods of varying market
	conditions.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aims to increase shareholder value through
	double-digit average annual earnings per share
	(EPS)&nbsp;growth, across periods of varying market
	conditions.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Through cost reduction and earnings enhancement
	initiatives, UBS aims to reduce the Group&#146;s cost/ income
	ratio to a level that compares positively with best-in-class
	competitors.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">UBS aims to achieve a clear growth trend in net
	new money in its private client businesses.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The first three targets are all measured
pre-goodwill amortization, and adjusted for significant
financial events.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Adjusted for significant financial events, our
pre-goodwill return on equity for the year 2000 was 24.3%,
clearly above our target range of 15-20%. Pre-goodwill earnings
per share, again on an adjusted basis, were CHF 21.83 in 2000,
representing an increase of 76% over 1999, well in excess of our
target of double-digit growth over the cycle. Continued focus on
cost control has brought the pre-goodwill cost/ income ratio,
adjusted for significant financial events, down to 69.2% in
2000, from 73.3% in 1999.</FONT>

<DIV align="left">
<FONT size="2"> 12</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net new money in the private client businesses
(Private Banking, US Private Clients and International Private
Clients) was CHF 18&nbsp;billion for the year, compared to CHF
4&nbsp;billion in 1999, and including CHF 8&nbsp;billion of net
new money in PaineWebber in only two months. PaineWebber&#146;s
net new money growth since completion of the merger demonstrates
the strength of its franchise and the momentum that it brings to
UBS&#146;s asset gathering performance.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Full year net profit was CHF 7,792 million, up
27% from the CHF 6,153 million reported in 1999. When adjusted
for significant financial events, net profit for 2000 was CHF
8,132 million, up 74% from the CHF 4,665 million achieved in
1999. These results reflect the very strong and consistent
performance recorded by the Group in every quarter of
2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Operating income and expense includes income and
expense of the former PaineWebber businesses from
3&nbsp;November 2000, the date of the completion of the merger
with PaineWebber.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Total operating income increased 28% from 1999,
to CHF 36,402 million, from CHF 28,425 million. Adjusted for
significant financial events, total operating income increased
37%, to CHF 36,402 million, from CHF 26,587 million in 1999.
This strong performance relative to 1999, was driven by
excellent trading results, improved credit conditions in the
Swiss market, much higher fee and commission income, and a
successful year for the Group&#146;s investment banking
business.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The principal significant financial events
affecting the income comparison were from the one-off sales of
businesses and investments in 1999, including pre-tax gains of
CHF 1,490 million on the sale of UBS&#146;s 25% stake in Swiss
Life/ Rentenanstalt and CHF 110 million on the disposal of
Julius Baer registered shares, recorded in Net gains from
disposal of associates and subsidiaries, and CHF 200 million on
the sale of UBS&#146;s international Global Trade Finance
business, which was recorded in Other income. In addition UBS
recognized a CHF 38&nbsp;million gain in 1999 from its residual
holdings in Long Term Capital Management, L.P., which was also
recorded in Other income.</FONT>

<P align="left">&nbsp;&nbsp;
<I><FONT size="2">Net interest income</FONT></I><FONT size="2">
before credit loss increased by CHF 2,221 million, or 38%, from
CHF 5,909 million in 1999 to CHF 8,130 million in 2000. This was
principally the result of much stronger trading-related
perform-</FONT>

<P align="left"><B><FONT size="2">Net Interest Income</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest earned on loans and advances to banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,615</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,105</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,687</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest earned on loans and advances to customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,692</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,077</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest from finance leasing</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(27</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest earned on securities borrowed and reverse repurchase
	agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,088</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,422</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,380</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest and dividend income from financial investments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">202</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">160</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">372</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest and dividend income from trading portfolio</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,842</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,598</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,901</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">270</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">931</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51,745</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,604</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,442</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Interest expense<BR>
	<BR>
	</B>Interest on amounts due to banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,155</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,515</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,205</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest on amounts due to customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,505</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,330</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,890</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest on securities lent and repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,915</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,446</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest and dividend expense from trading portfolio</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,070</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">156</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest on medium and long term debt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,731</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,334</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,045</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">43,615</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,695</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,424</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net interest income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,909</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting
Policies).</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Net Fee and Commission Income</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Credit-related fees and commissions</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">310</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">372</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">559</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Security trading and investment activity fees</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Underwriting fees<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,434</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">905</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Corporate finance fees<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,772</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,298</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,016</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Brokerage fees</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,934</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,670</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Investment fund fees</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,821</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,915</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,778</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Fiduciary fees</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">351</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">317</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">349</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Custodian fees</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,439</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,583</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Portfolio and other management and advisory fees<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,677</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,612</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,891</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,336</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,621</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,322</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Commission income from other services</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">802</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">776</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total fee and commission income</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,448</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,758</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,657</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Fee and commission expense</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Brokerage fees paid</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,084</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">795</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">704</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">661</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">356</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">327</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,745</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,151</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,031</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net fee and commission income</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,703</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,607</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,626</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;In prior
periods, Corporate finance related advisory fees were included
in Portfolio and other management and advisory fees. These fees
are now reported in the new disclosure line Corporate finance
fees together with merger and acquisition fees which were
previously reported in Underwriting and corporate finance fees.
All previous periods have been restated accordingly.</FONT>
</DIV>

<P align="left">
<FONT size="2">ance, as a result of buoyant markets, and the
return of the balance sheet to more normal proportions after the
contraction implemented as part of the Group&#146;s precautions
against potential Year 2000 related problems.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net interest income from loans and advances to
banks and amounts due to banks fell from CHF 590 million in 1999
to a net expense of CHF 540 million in 2000 due to increased
average liabilities as UBS used its unsecured funding power to
take advantage of opportunities for investments in low risk
assets such as collateralized lending. Net interest income from
collateralized lending &#150; repos, reverse repos, securities
borrowing and lending &#150; increased 40%, or CHF 1,197 million
to CHF 4,173 million in 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Interest paid on medium and long term debt
(including commercial paper) increased 45% or CHF 2,397 million
from CHF 5,334 million in 1999 to CHF 7,731 million in 2000 as
interest rates rose and UBS&#146;s funding requirements
increased, due to balance sheet growth in more active markets.
UBS also changed the mix of its debt to include a higher
proportion of short-term financing.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Credit loss expense.</FONT></I><FONT size="2">
As a result of the significant recovery of the Swiss economy in
2000 and especially its effect on the real estate and
construction markets, UBS was able to write back CHF 695 million
of credit loss provisions in UBS Switzerland in 2000. These
write-backs were offset by additional provisions for the UBS
Warburg portfolio of CHF 565 million, leading to an overall net
credit recovery of CHF 130 million for 2000, compared to an
expense of CHF 956 million in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Net fee and commission income
</FONT></I><FONT size="2">increased by CHF 4,096 million, or
32%, from CHF 12,607 million in 1999 to CHF 16,703 million in
2000. This was principally the result of high levels of
brokerage fees, due to increased client activity in strong
markets, especially in the first quarter of 2000, and the
addition of PaineWebber. In addition, two other new businesses,
Global Asset Management (GAM), acquired at the end of 1999, and
O&#146;Connor, created in June&nbsp;2000, contributed to the
increase, as did the strong performance of UBS&#146;s investment
banking business during 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Credit-related fees and commissions decreased CHF
62&nbsp;million in 2000 mainly as a result of the sale of
UBS&#146;s international Global Trade Finance business in
1999.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 14</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Underwriting fees increased by 58% over 1999 with
strong results in both fixed income and equity underwriting,
despite UBS&#146;s relatively limited involvement in the
Technology, Media and Telecoms (TMT) sector, which led to lower
equity league table rankings in 2000 than in 1999. Corporate
Finance fees grew 37%, or CHF&nbsp;474 million, from
CHF&nbsp;1,298 million in 1999 to CHF&nbsp;1,772 million in
2000, reflecting good results in Europe and a strong performance
in Mergers and Acquisitions, where our league table rankings
improved compared to 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net brokerage fees were 50% higher in 2000 than
in 1999 as a result of high levels of client activity in the
exuberant markets of the early part of the year, and the
inclusion of two months of results from PaineWebber. The
increase of 47% in Investment fund fees from 1999 to 2000
resulted from higher average volumes in 2000 and a shift in the
product mix, with a higher proportion of assets under management
invested in higher margin equity funds. In addition, Investment
fund fees in 2000 benefited from the inclusion of GAM and
PaineWebber&#146;s contribution in the last two months.
Custodian fees and portfolio and other management and advisory
fees increased by a total of CHF&nbsp;921 million, or 22%, from
1999, due to higher asset-related fees in 2000 and the inclusion
of PaineWebber and the new O&#146;Connor business.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Net trading income
</FONT></I><FONT size="2">increased CHF&nbsp;2,234 million, or
29%, to CHF&nbsp;9,953 million for 2000, compared to
CHF&nbsp;7,719 million for 1999, driven by strong growth in
equity trading income as a result of increased global market
activity, especially in the first quarter of 2000, and the
increasing strength of UBS Warburg&#146;s secondary client
franchise.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net trading income from foreign exchange
increased CHF&nbsp;179 million, or 16%, from 1999 to 2000
despite difficult trading conditions at the start of the year,
with lower levels of market activity and narrowing margins on
derivative products, compared to 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This income statement line does not fully capture
the revenues of UBS Group&#146;s foreign exchange business,
which is amongst the largest in the world. The revenues
generated by all business areas of the UBS Group from sales and
trading of foreign exchange, precious metals, and banknotes
products in 2000 were CHF&nbsp;1,519 million as compared to
CHF&nbsp;1,155 million in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net trading income from fixed income decreased
CHF&nbsp;1,691 million, or 65%, from CHF&nbsp;2,603 million in
1999 to CHF&nbsp;912 million in 2000. Fixed income net trading
income does not reflect the full picture of trading-related
income in the Fixed Income business, which also includes a
considerable contribution from coupon income, which is managed
as an integral part of the trading portfolio and is reported as
part of net interest income. The relative revenue contributions
of mark-to-market gains, coupon income and other factors are
somewhat volatile, because they depend on trading strategies and
the instrument composition of the portfolio. In 2000, while
fixed income trading income fell, net coupon income, which is
reported in net interest income, rose from CHF 2,918 million to
CHF&nbsp;5,545 million.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net trading income from equities increased
CHF&nbsp;3,746 million, or 93%, from 1999 to 2000. Positive
markets led to an exceptionally good first quarter of 2000, with
record client volumes. Performance in subsequent quarters of
2000 fell slightly in more varied market conditions, but was
still well ahead of the same periods in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Net gains from disposal of associates and
subsidiaries </FONT></I><FONT size="2">fell 95% from
CHF&nbsp;1,821 million to CHF 83&nbsp;million. 1999 included
gains from the sales of our holdings in SwissLife/ Rentenanstalt
and Julius Baer registered shares.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Net Trading Income</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign exchange</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,287</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,108</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,992</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fixed income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">912</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,603</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(65</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,754</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,159</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net trading income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting
Policies).</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;
<I><FONT size="2">Other income
</FONT></I><FONT size="2">increased CHF 78 million, or 6%, from
CHF 1,325 million in 1999 to CHF 1,403 million in 2000, with
income from investments in associates lower, following sales in
1999, more than offset by higher income from the sale of private
equity investments and a reduction of losses on property
sales.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Total operating expenses increased 28% from CHF
20,532 million to CHF 26,203 million in 2000. Adjusted for
significant financial events, total operating expenses increased
25% to CHF 25,763 million from CHF 20,534 million in 1999. The
increase was principally due to increased personnel expenses,
reflecting higher performance-related pay driven by UBS&#146;s
excellent results in 2000, the inclusion of PaineWebber and the
cost of retention payments for PaineWebber staff.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The principal significant financial events
affecting the comparison of operating expenses are the CHF 150
million additional provision for the US Global Settlement of
World War&nbsp;II related claims, recorded in 2000 in General
and administrative expenses, and CHF 290 million of costs from
the integration of PaineWebber, also recorded in 2000. Of this
CHF 290 million, CHF 118 million were charged to Personnel
expenses and amortization, CHF 93 million to General and
administrative expenses and CHF 79&nbsp;million to
Depreciation.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The various significant financial events
affecting expenses in 1999, described on pages&nbsp;4 and 5,
resulted in an increase in expense of CHF 2&nbsp;million, made
up of a CHF 456 million increase to personnel expenses and a
decrease of CHF 454 million in General and administrative
expenses.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<I><FONT size="2">Personnel expenses
</FONT></I><FONT size="2">increased CHF 4,586 million, or 36%,
from CHF 12,577 million in 1999 to CHF 17,163 million in 2000.
This increase was driven by increased bonus compensation, in
line with the Group&#146;s excellent results, and CHF 1,083
million resulting from the inclusion of PaineWebber.
Approximately 48% of the annual total represented bonus and
other variable compensation.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">As part of the merger, UBS agreed to make
retention payments to PaineWebber financial advisors, senior
executives and other staff, subject to these employees&#146;
continued employment and other restrictions. These payments are
expected to amount to a total of USD 875 million (CHF 1,541
million), the vast majority of which will be paid in the form of
UBS shares. The payments will vest over periods of up to four
years from the merger. USD 76 million (CHF 128 million) was
charged in fourth quarter 2000, and approximately USD 280
million (CHF 458 million at year-end 2000 rates) is expected to
be charged in 2001. Because they are a regular and continuing
cost of the business, these payments are not treated as
significant financial events.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s <I>headcount </I>grew 45% over the
year from 31 December&nbsp;1999, to 71,076. The vast majority of
this change was due to the inclusion of 23,000 PaineWebber
staff.</FONT>

<P align="left"><B><FONT size="2">Headcount<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>(Full-time equivalents)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change in %</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>UBS Switzerland</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,785</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,354</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private and Corporate Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,098</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private Banking</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,685</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,256</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>UBS Asset Management</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,860</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,576</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Institutional Asset Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,728</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,653</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investment Funds / GAM</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,132</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">923</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>UBS Warburg</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">38,445</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,266</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">169</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate and Institutional Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,262</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,694</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">129</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">116</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	US Private Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,490</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	e-services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">410</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">486</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	International Private Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,154</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Corporate Center</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">986</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">862</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Group total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">71,076</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,058</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The Group
headcount does not include the Klinik Hirslanden AG headcount of
1,839 as of 31&nbsp;December&nbsp;2000 and 1,853 as of
31&nbsp;December&nbsp;1999.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 16</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;
<I><FONT size="2">General and administrative expenses
</FONT></I><FONT size="2">increased CHF&nbsp;667 million, or
11%, from CHF&nbsp;6,098 million in 1999 to CHF&nbsp;6,765
million in 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">General and administrative expenses in 2000
included a final provision of CHF&nbsp;150 million related to
the US Global Settlement of World War&nbsp;II related claims,
and CHF&nbsp;93 million of PaineWebber integration costs, which
were both treated as significant financial events. General and
administrative expenses in 1999 included a provision of
CHF&nbsp;154 million related to the US global settlement of
World War&nbsp;II related claims, and CHF&nbsp;300 million of
additional provisions in respect of the 1998 merger of Union
Bank of Switzerland and Swiss Bank Corporation.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Adjusting for these effects, General and
administrative costs rose 16%, reflecting the incremental costs
from the inclusion of PaineWebber offset by the success of
UBS&#146;s continued efforts to control non-revenue driven
costs.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Depreciation and amortization
</FONT></I><FONT size="2">expenses increased CHF&nbsp;418
million, or 23%, from CHF&nbsp;1,857 million in 1999 to
CHF&nbsp;2,275 million in 2000, mainly due to the PaineWebber
merger.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Tax expense
</FONT></I><FONT size="2">increased CHF&nbsp;634 million, or
38%, from CHF&nbsp;1,686 million in 1999 to CHF&nbsp;2,320
million in 2000, principally due to increased operating profit.
The effective tax rate of 22.8% in 2000 is slightly higher than
the 21.4% effective tax rate in 1999, reflecting increased
income in higher taxation jurisdictions.</FONT>
</DIV>

<P align="left"><B><FONT size="2">UBS Group&#146;s performance without the
impact of PaineWebber</FONT></B>

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">There are limitations to our ability to track the
effect of the PaineWebber merger on the Group&#146;s
performance. Principally this is because of the full integration
of PaineWebber&#146;s capital markets business into the
Corporate and Institutional Clients unit. This was carried out
very soon after the merger was completed on 3&nbsp;November
2000, with staff and revenues completely integrated into the
existing UBS Warburg structure. It is therefore not possible to
identify clearly the specific impact of the capital markets
business on results. However, the remaining PaineWebber
businesses are reported as a separate business unit: US Private
Clients. It is possible therefore to distinguish their
contribution to Group profits. If additional adjustments are
made for</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">goodwill amortization,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">funding costs,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the share issuance, borrowing and subsequent
	repurchase,</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">restructuring costs, and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">retention payments,</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">it is possible to make an approximate estimate of
the underlying performance of UBS for 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Although this analysis should not be relied on as
a definitive indication of the performance of the continuing UBS
businesses during the year, it demonstrates the very positive
underlying performance of the Group in 2000.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Earnings Adjusted for Significant Financial
Events and</FONT></B>

<DIV align="left">
<B><FONT size="2">the Estimated Impact of the PaineWebber
Merger</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF&nbsp;million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">35,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26,587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	33</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">24,319</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20,534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10,990</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,053</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	82</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,403</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	80</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">67.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	73.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share before goodwill (CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22.44</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	81</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share before goodwill (CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22.16</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	81</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Return on shareholders&#146; equity before goodwill (%)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">27.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 17</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Dividend and distribution by par value
reduction</FONT></B>

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">In October 2000, UBS paid a dividend of
CHF&nbsp;4.50 per share in respect of the first three quarters
of 2000, as part of the arrangements for the merger with
PaineWebber. The Board of Directors recommended a distribution
in respect of the fourth quarter of 2000 of CHF&nbsp;1.60 per
share, in the form of a par value reduction. This brings the
total distribution for the year to CHF&nbsp;6.10 per share,
compared to the dividend of CHF&nbsp;5.50 per share for
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Until this year, the minimum par value allowed
under law for a Swiss share was CHF&nbsp;10. The share split
that UBS implemented in May last year brought the par value of
its share down to this level, removing any further opportunity
to split the share.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under new regulations, which are currently
passing through the Swiss legislative process and are expected
to become effective on 1&nbsp;May 2001, the minimum par value is
expected to be reduced to CHF&nbsp;0.01. UBS intends to utilize
this change to lower the market price per share to a level more
in line with that of its global peer group, and to make a
payment to its shareholders in the form of a reduction in the
nominal value of its shares.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">If shareholder approval is granted, and the
legislation becomes effective, the distribution of CHF&nbsp;1.60
per share, in respect of the fourth quarter 2000, will be paid
in the form of a par value reduction. This is treated in
Switzerland as a return of capital to shareholders, not as
income, and is therefore tax efficient for shareholders who pay
tax in Switzerland. Treatment in other jurisdictions will vary,
although under US tax regulations the distribution will be
treated as income. However, the par value reduction does still
have advantages for shareholders outside Switzerland, as no
Swiss withholding tax is payable. Each shareholder should
consult with a tax advisor for applicable tax implications of
this distribution.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The distribution will reduce the par value of the
share to CHF&nbsp;8.40. UBS then intends to split its share 3
for 1, resulting in a new par value of 2.80 per share.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Because of the legal and regulatory processes
involved, the distribution is expected to take place on
18&nbsp;July 2001, for holders of record on 13&nbsp;July 2001.
The shares are expected to start trading at the new par value on
16&nbsp;July 2001.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Total assets increased CHF&nbsp;191 billion, or
21%, from CHF&nbsp;897 billion at 31&nbsp;December 1999 to
CHF&nbsp;1,088 billion at 31&nbsp;December 2000, including
CHF&nbsp;99 billion as a result of the merger with PaineWebber.
The remainder of the increase was principally a result of the
unwinding of precautionary measures taken at the end of 1999 in
preparation for the millennium, and the currency impact of the
weakness of the Swiss franc. The increase in cash collateral on
securities borrowed, reverse repurchase agreements and trading
portfolio assets was partially offset by decreases in cash and
balances with central banks and money market paper, as liquidity
levels were adjusted following Y2K, and a reduction in positive
replacement values due to netting, thanks to improved systems
and new reporting practices. Goodwill and intangible assets
increased CHF&nbsp;16 billion, due to goodwill and intangible
assets resulting from the PaineWebber merger.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Total liabilities increased 20%, from
CHF&nbsp;866 billion at 31&nbsp;December 1999, to CHF&nbsp;1,040
billion at 31&nbsp;December 2000, reflecting the unwinding of
millennium related precautions. The increase in amounts due
under repurchase agreements, cash collateral on securities lent
and trading portfolio liabilities and an increase in money
market paper issued, was offset in part by a decrease in
negative replacement values, again principally due to
netting.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s long-term debt portfolio decreased
from CHF&nbsp;56.3 billion at 31&nbsp;December 1999 to
CHF&nbsp;54.8 billion at 31&nbsp;December 2000. During this year
CHF 14.9 billion of long-term securities were issued while
CHF&nbsp;24.6 billion matured. UBS believes the maturity profile
of the long-term debt portfolio is well balanced with a slight
bias towards shorter-term maturities to match the maturity
profile of UBS&#146;s assets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Shareholders&#146; equity increased CHF&nbsp;14
billion, or 46%, from 31&nbsp;December 1999 to</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 18</FONT>
</DIV>

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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">31&nbsp;December 2000, reflecting the increase in
capital required for the PaineWebber merger, increased retained
earnings and the reduced holding of treasury shares.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS maintains a significant percentage of liquid
assets, including collateralized receivables and trading
portfolios that can be converted into cash on relatively short
notice and without adversely affecting UBS&#146;s ability to
conduct its ongoing businesses, in order to meet short-term
funding needs. Collateralized receivables include reverse
repurchase agreements and cash collateral on securities
borrowed, and marketable corporate debt and equity securities
and a portion of UBS&#146;s loans and due from banks which are
secured primarily by real estate. The value of UBS&#146;s
collateralized receivables and trading portfolio will fluctuate
depending on market conditions and client business. The
individual components of UBS&#146;s total assets, including the
proportion of liquid assets, may vary significantly from period
to period due to changing client needs, economic and market
conditions and trading strategies.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Consolidated cash flows</FONT></B>

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">In the twelve-month period to December&nbsp;2000,
cash equivalents decreased by CHF&nbsp;8,907 million,
principally as a result of investment activities, which
generated negative cash flow of CHF&nbsp;19,135 million. This
was mainly due to CHF&nbsp;10,722 million of cash required for
the PaineWebber merger and the purchase of CHF&nbsp;8,770
million of financial investments.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The positive cash flow of CHF&nbsp;11,697 million
from operating activities principally resulted from net profit
of CHF&nbsp;7,792 million, a net increase in amounts due to
customers and amounts due from customers of CHF&nbsp;12,381
million, CHF&nbsp;11,553 million from an increase in the size of
the trading portfolio and a net cash inflow of CHF&nbsp;10,236
million from other assets and liabilities and accrued income and
expenses. These were partially offset by a net cash outflow of
CHF&nbsp;30,292 million for repurchase and reverse repurchase
agreements and cash collateral on securities borrowed and
lent.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Financing activities generated net cash outflow
of CHF&nbsp;1,581 million. CHF 10,125 million from the issuance
of money market paper. CHF&nbsp;14,884 million from long-term
debt and CHF&nbsp;2,594 million from the issuance of trust
preferred securities was offset by CHF&nbsp;24,640 million for
repayment of long-term debt and CHF&nbsp;3,928 million for
dividend payments.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Group results
1999</FONT></U></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">UBS&#146;s current performance targets were first
implemented at the beginning of 2000. Performance against
targets is not therefore discussed in relation to 1999.</FONT>

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

<DIV align="left">

</DIV>

<DIV align="left">
<I><FONT size="2">Net interest income
</FONT></I><FONT size="2">before credit loss expense increased
by CHF&nbsp;891 million, or 18%, from CHF&nbsp;5,018 million in
1998 to CHF&nbsp;5,909 million in 1999. Increased
trading-related interest income and higher interest margins in
the domestic loan portfolio in 1999 derived from more consistent
application of UBS&#146;s risk-adjusted pricing model were
partially offset by the sale of business activities which had
contributed to net interest income in 1998, as well as the
impact of lower returns on invested equity and the reduction of
the international loan portfolio.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Credit loss expense
</FONT></I><FONT size="2">recorded a slight increase of
CHF&nbsp;5 million from CHF&nbsp;951 million in 1998 to
CHF&nbsp;956 million in 1999. During 1999, UBS experienced
general improvements in the economy and in the credit
performance of its loan portfolio, and a reduction in impaired
loans in the aggregate. Although impaired loans decreased,
additional provisions were required for some of the impaired
domestic loans remaining in the portfolio.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Net fee and commission income
</FONT></I><FONT size="2">decreased by CHF&nbsp;19 million from
CHF&nbsp;12,626 million in 1998 to CHF&nbsp;12,607 million in
1999. Excluding the effect of divestments in 1998, the decrease
was roughly&nbsp;1%.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Credit-related fees and commissions decreased in
1999 in line with reduced emerging market exposures and the sale
of UBS&#146;s international Global Trade Finance operations.
Underwriting and corporate finance fees increased 3% relative to
exceptionally strong performance in 1998. Brokerage fees were
higher in 1999 than in 1998 mainly due to strong volumes in the
UK, US and Asia. A CHF&nbsp;137 million increase in investment
fund fees was attributable to higher volumes and</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 19</FONT>
</DIV>

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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">pricing adjustments from the integration of the
two pre-1998 merger product platforms. Strong increases in
custodian fees reflected higher custodian assets and a new
pricing model.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Net trading income
</FONT></I><FONT size="2">increased CHF&nbsp;4,406 million, or
133%, from CHF&nbsp;3,313 million in 1998 to CHF&nbsp;7,719
million in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net trading income from foreign exchange
decreased CHF&nbsp;884 million, or 44%, from 1998 to 1999 mostly
as a result of lower volumes in key markets. The reduced levels
of activity resulted from the introduction of the euro and
narrowing margins from increased competition in global
markets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net trading income from fixed income increased
CHF&nbsp;2,441 million from CHF&nbsp;162 million in 1998 to
CHF&nbsp;2,603 million in 1999. During 1998, net trading income
from fixed income was negatively impacted by the pre-tax
CHF&nbsp;793 million write-down of UBS&#146;s trading position
in Long Term Capital Management,&nbsp;L.P. and approximately
CHF&nbsp;690 million in losses in UBS&#146;s emerging markets
trading portfolios. Excluding those write-downs from the 1998
results, net trading income from fixed income increased
approximately 58% in 1999 over 1998. Fixed income trading
revenues were strong across all major products during 1999, led
by swaps and options and investment grade&nbsp;debt.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net trading income from equities increased
CHF&nbsp;2,849 million or 246% from 1998, to CHF&nbsp;4,008
million in 1999. During 1998, net trading income was negatively
impacted by pre-tax CHF&nbsp;762 million in losses from the
Global Equities Derivatives business area. In 1999, net trading
income benefited from very strong customer volumes in equity
products globally.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Other income,</FONT></I><FONT size="2">
including net gains from disposal of associates and
subsidiaries, increased CHF&nbsp;905 million, or 40%, from
CHF&nbsp;2,241 million in 1998 to CHF&nbsp;3,146 million in
1999. Total net gains on disposal of associates and subsidiaries
were CHF&nbsp;1,821 million in 1999 compared to disposal-related
pre-tax gains of CHF&nbsp;1,119 million in 1998. The first-time
consolidation of Klinik Hirslanden in 1999, resulting in Other
income of CHF&nbsp;395 million, was partially offset by lower
income from investments in associates as a result of the
divestments as well as lower income from other properties. The
CHF&nbsp;367 million portion of the Long Term Capital Management
write-down negatively impacted other income in 1998.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<I><FONT size="2">Personnel expenses
</FONT></I><FONT size="2">increased CHF&nbsp;2,761 million, or
28%, from CHF&nbsp;9,816 million in 1998 to CHF&nbsp;12,577
million in 1999, despite only a minor increase in headcount from
48,011 at 31&nbsp;December 1998 to 49,058 at 31&nbsp;December
1999. At the end of 1997, UBS foresaw the probability of a
shortfall in profit in its investment banking business as a
result of the then-pending 1998 merger. In order to protect its
investment banking franchise, UBS realized it would probably
need to make payments to personnel in excess of amounts
determined by normal compensation methodologies. An amount of
approximately CHF&nbsp;1&nbsp;billion was recorded as part of
the merger-related restructuring reserve for this purpose. By
the end of 1998, this shortfall had materialized, and
CHF&nbsp;1,007 million of accrued payments to personnel were
charged against the restructuring reserve in 1998 as planned.
The shortfall in profits noted above was aggravated by losses
associated with Long Term Capital Management and the Global
Equity Derivatives portfolio. Adjusting the prior year for the
CHF&nbsp;1,007 million, personnel expenses in 1999 increased by
16%, which was primarily attributable to higher
performance-related compensation based on the good investment
banking result in 1999. Personnel expense in 1999 was reduced by
the recognition of CHF&nbsp;456 million in pre-paid employer
pension contributions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">General and administrative expenses
</FONT></I><FONT size="2">decreased CHF&nbsp;637 million, or 9%,
from CHF&nbsp;6,735 million in 1998 to CHF&nbsp;6,098 million in
1999. General and administrative expenses in 1998 include the
provision of CHF&nbsp;842 million for the US Global Settlement
of World War II related claims. In 1999, the following were
included:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">the additional restructuring provision of
	CHF&nbsp;300 million;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">an additional provision of CHF&nbsp;154 million
	for the US Global Settlement of World War&nbsp;II related
	claims; and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">CHF&nbsp;130 million from the first-time
	consolidation of Klinik Hirslanden.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Excluding the impact of these items in 1998 and
1999, General and administrative ex-</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 20</FONT>
</DIV>

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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Group Financial Review</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Group Performance</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">penses decreased 6% year-on-year, reflecting
stringent cost reduction programs.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Depreciation and amortization
</FONT></I><FONT size="2">increased CHF&nbsp;32 million, or 2%,
from CHF&nbsp;1,825 million in 1998 to CHF&nbsp;1,857 million in
1999. Excluding the impact of the first-time consolidation of
Klinik Hirslanden in 1999, depreciation and amortization
remained flat.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Tax expense
</FONT></I><FONT size="2">increased CHF&nbsp;782 million, or
87%, from CHF&nbsp;904 million in 1998 to CHF&nbsp;1,686 million
in 1999, principally due to increased operating profit. The
effective tax rate of 21.4% is lower than 23.4%, the effective
rate in 1998, primarily due to the utilization of tax loss carry
forwards.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Outlook for
2001</FONT></U></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">The year 2000 was an outstanding one for UBS, and
a good one overall for the markets. Moving into 2001, the
prospects for markets and for the international credit
environment are particularly difficult to predict. The recent
upswing in the economic cycle in Switzerland may, however,
afford UBS some protection.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">We believe that our credit business is well
positioned, thanks to our avoidance of balance sheet-led
earnings growth, although we do not expect to see the net credit
loss write-backs we experienced this year. UBS Asset Management
is cautiously optimistic about prospects for growth as its core
price/ value investment style demonstrates its strengths in less
bullish markets, and UBS Warburg has already demonstrated the
quality and sustainability of its earnings in the less positive
conditions of the second half of 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The biggest opportunity for UBS in 2001 lies in
realizing the full transforming value of the PaineWebber merger,
not only in the US, but through leveraging the marketing and
client skills, product innovation and energy of our new partners
to build the best wealth management firm in the world.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 21</FONT>
</DIV>
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<P align="center">
<FONT size="2">(This page intentionally left blank)</FONT>

<DIV>&nbsp;</DIV>

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<P align="left">
<B><FONT size="6">Review of</FONT></B>

<DIV align="left">
<B><FONT size="6">Business Group</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="6">Performance</FONT></B>
</DIV>

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<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Principles</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">Principles</FONT>" -->
<DIV align="left"><A NAME="021"></A></DIV>

<DIV align="left">
<B><FONT size="6">Principles</FONT></B>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Management accounting
principles</FONT></U></B>

<P align="left">
<FONT size="2">The following discussion reviews the 1999 and
2000 results by Business Group and business unit.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS&#146;s management reporting system and
policies determine the revenues and expenses directly
attributable to each business unit. Internal charges and
transfer pricing adjustments are reflected in the performance of
each business unit.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Inter-business unit revenues and expenses
</FONT></I><FONT size="2">include transfers between business
units and between geographical locations. Revenue sharing
agreements are used to allocate external customer revenues to
Business Groups on a reasonable basis. Transactions between
Business Groups are conducted at arms length. Inter-business
unit charges are recorded as a reduction to expenses in the
business unit providing the service. Corporate Center expenses
are allocated to the operating business units, to the extent
possible.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Interest revenues
</FONT></I><FONT size="2">are apportioned to business units
based on the opportunity costs of funding their activities.
Accordingly, all assets and liabilities are refinanced with the
Group Treasury based on market rates. Revenues relating to
balance sheet products are calculated on a fully-funded basis.
As a result, business units are additionally credited with the
risk-free return on the average equity used.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Commissions </FONT></I><FONT size="2">are
credited to the business unit with the corresponding customer
relationship.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Regulatory equity </FONT></I><FONT size="2">is
allocated to business units based on the average regulatory
capital requirement during the period. Only utilized equity is
taken into account, and a buffer of 10% is added. The remaining
equity, mainly covering real estate, and any unallocated equity,
remains in Corporate Center.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Assets under management
</FONT></I><FONT size="2">are defined as third-party on- and
off-balance sheet assets for which the Group has investment
responsibility. This includes both discretionary assets, where
the Group has a mandate to invest and manage the assets, as well
as assets where the Group advises clients on their investment
decisions. Where two business units share responsibility for
management of funds (such as UBS investment funds held within
private client portfolios), the assets under management are
included in both business segments. Wholesale custody-only
assets are excluded.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During 2001, UBS expects to introduce a new way
of defining and measuring the client assets it has
responsibility for, replacing assets under management with a new
concept, distinguishing those assets held with UBS for
investment purposes.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Net new money </FONT></I><FONT size="2">is
defined as the net inflow or outflow of assets under management
during a period, excluding interest and dividend income and the
effects of market or currency movements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Headcount </FONT></I><FONT size="2">includes
trainees and staff in management development programs, but not
contractors.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Credit loss expense represents the charges to the
profit and loss account relating to amounts due to UBS from
loans and advances or other off-balance sheet products,
including OTC derivatives, that have had to be written-down
because they are impaired or uncollectable.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS determines the amounts of Credit loss expense
in its financial accounts and in the business unit reporting on
different bases. In the Group financial accounts, UBS reports
its results according to International Accounting Standards
(IAS)&nbsp;definitions. Under these rules, Credit loss expense
is the total of net new allowances and direct write-offs less
recoveries. Losses are recognized and charged to the financial
accounts in the period when they arise. In contrast, in its
segment and business unit reporting, UBS applies a different
approach to the measurement of credit risk which reflects the
average annual cost that UBS anticipates will arise from
transactions that become impaired. In order to manage exposure
to credit risk more effectively, UBS prices transactions with a
view to earning&nbsp;&#150; over time&nbsp;&#150; sufficient
income to compensate for the losses that are expected to be
caused by value adjustments for impaired assets. The basis for
measuring these inherent risks in the credit portfolios is the
concept of &#147;Expected Loss&#148; (see the Credit Risk
section of the UBS Handbook 2000/2001). UBS therefore quantifies
the Credit loss expense at business unit level based on the
Expected Loss rather than</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 24</FONT>
</DIV>
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<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Principles</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">the actual loss reported in its financial
accounts.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As each business unit is ultimately responsible
for its credit decisions, the difference between the actual
credit losses and the annual <BR>
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">expected credit loss calculated for management
reporting purposes will be charged or credited back to the
business units over a three-year period, so that the risks and
rewards of credit decisions are fully reflected in their
results.</FONT>
</DIV>

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Expected credit loss</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>IAS Actual credit expense</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.9</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>9 31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.0</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>0 31.12.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>99 31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">784</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,071</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,186</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(695</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">965</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">445</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">247</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">333</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">510</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">565</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">506</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Center</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,031</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,404</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,696</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(130</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">956</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">951</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balancing item in Corporate Center</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,161</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(448</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(745</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;
<FONT size="2">UBS reconciles the difference between the Credit
loss expense in its financial accounts and the Expected Loss
shown in business unit reporting with a balancing item in the
Corporate Center. UBS also shows the allocation of actual Credit
loss expense to the business units in the footnotes to
Note&nbsp;3a of the financial statements.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<P align="left">
<FONT size="2">UBS reports carefully chosen key performance
indicators for each of its business units. These do not carry
explicit targets, but are intended as indicators of the business
units&#146; success in creating value for shareholders. They
include both financial metrics, such as the cost/income ratio,
and non-financial metrics, such as Assets under
management.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The key performance indicators are used for
internal performance measurement as well as external reporting.
This ensures that management have a clear responsibility to lead
their businesses towards achieving success in the Group&#146;s
key value drivers and reduces any risk of managing to purely
internal performance measures.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Business Group tax
rates</FONT></U></B>

<P align="left">
<FONT size="2">The Business Groups of UBS do not represent
separate legal entities. Business Group results are prepared
through the application of UBS&#146;s management accounting
policies to the results of the entities through which they
operate.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Indicative business unit tax rates are calculated
on an annual basis based on the results and statutory tax rates
of the previous financial year. These rates are approximate
calculations, based upon the application to the year&#146;s
adjusted earnings of statutory tax rates for the locations in
which the Business Groups operated. These tax rates therefore
give guidance on the tax cost to each Business Group of doing
business during 2000 and on a standalone basis, without the
benefit of tax losses brought forward from earlier years:</FONT>
</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="91%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>UBS Switzerland</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21%</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private and Corporate Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private Banking</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>UBS Asset Management</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>22%</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Institutional Asset Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investment Funds/ GAM</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>UBS Warburg</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>22%</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate and Institutional Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	US Private Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	International Private Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	e-services</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">These tax rates are not necessarily indicative of
future tax rates for the businesses or UBS Group as a
whole.</FONT>

<DIV align="right">
<FONT size="2"> 25</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left">

<!-- link2 "<FONT size="2">UBS Switzerland</FONT>" -->
<DIV align="left"><A NAME="022"></A></DIV>

<DIV align="left">
<B><FONT size="6">UBS Switzerland</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Business Group Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99&nbsp;<SUP>1</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98&nbsp;<SUP>1</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
        <TD colspan="17"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Income</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,182</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12,761</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">13,958</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Credit loss expense&nbsp;<SUP>2</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(784</FONT></B></FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(1,071</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(1,186</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(27</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total operating income</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13,398</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">11,690</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12,772</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Personnel expenses</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,759</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4,691</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4,448</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        General and administrative expenses</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,394</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,308</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,226</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Depreciation</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">508</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">460</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">771</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top"><FONT size="2">
        Amortization of goodwill and other intangible assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">62</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">170</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total operating expenses</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,723</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7,482</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7,449</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Business Group performance before tax</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,675</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4,208</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,323</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

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

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Assets under management (CHF billion)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,121</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,110</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,013</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Cost / income ratio (%)&nbsp;<SUP>3</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">54</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Cost / income ratio before goodwill (%)&nbsp;<SUP>3, 4</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">54</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
        <TD colspan="11"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Regulatory equity used (avg)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">10,500</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,059</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9,519</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Headcount (full time equivalents)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">28,785</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        31,354</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        30,589</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;In management accounts, statistically derived
adjusted expected loss rather than net IAS credit loss
(expense)&nbsp;/ recovery is reported in the business units (see
Note&nbsp;3a). <SUP>3</SUP>&nbsp;Operating expenses&nbsp;/
operating income before credit loss expense.
<SUP>4</SUP>&nbsp;The amortization of goodwill and other
intangible assets is excluded from this calculation.</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="98%"></TD>
        <TD width="1%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <B><FONT size="2">Components of Operating Income</FONT></B></TD>
        <TD>&nbsp;</TD>
</TR>

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

</TABLE>

<DIV align="left">

</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="98%"></TD>
        <TD width="1%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <FONT size="2">Private and Corporate Clients derives its
        operating income principally from</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="97%"></TD>
        <TD width="1%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">net interest income from its loan portfolio and
        customer deposits;</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">fees for investment management services;
        and</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">transaction fees.</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="98%"></TD>
        <TD width="1%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <FONT size="2">As a result, Private and Corporate Clients&#146;
        operating income is affected by movements in interest rates,
        fluctuations in assets under management, client activity levels,
        investment performance and changes in market conditions.</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <FONT size="2">Private Banking derives its operating income
        from</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="97%"></TD>
        <TD width="1%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">fees for financial planning and wealth management
        services;</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">fees for investment management services;
        and</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD align="left">
        <FONT size="2">transaction-related fees.</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="98%"></TD>
        <TD width="1%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD align="left">
        <FONT size="2">Private Banking&#146;s fees are based on the
        market value of assets under management and the level of
        transaction-related activity. As a result, Private
        Banking&#146;s operating income is affected by such factors as
        fluctuations in assets under management, changes in market
        conditions, investment performance and inflows and outflows of
        client funds.</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 26</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">Private and Corporate
Clients</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Individual clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,026</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,553</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,975</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,855</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,728</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk transformation and capital management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">307</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">330</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operations</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">205</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">448</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(35</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(70</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">142</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,443</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,025</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(759</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,050</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,170</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(28</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,684</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,143</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,855</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,187</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,238</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,058</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,025</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">419</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">384</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">680</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,691</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,872</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,947</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,993</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,271</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">908</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">440</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">434</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net new money (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio (%)<SUP>4</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">63</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio before goodwill (%)<SUP>4,5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">63</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-performing loans/Gross loans outstanding (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,550</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,550</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,098</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,043</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;In management accounts, statistically derived
adjusted expected loss rather than net IAS credit loss (expense)
/ recovery is reported in the business units (see Note&nbsp;3a).
<SUP>3</SUP>&nbsp;Bank transaction accounts are included.
<SUP>4</SUP>&nbsp;Operating expenses / operating income before
credit loss expense. <SUP>5</SUP>&nbsp;The amortization of
goodwill and other intangible assets is excluded from this
calculation.</FONT>
</DIV>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">There were no significant financial events that
affected this business unit in 1999 or 2000.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<P align="left">
<FONT size="2">Assets under management increased slightly by
CHF&nbsp;1 billion from CHF&nbsp;439 billion in 1999 to
CHF&nbsp;440 billion during 2000, including net new money of
CHF&nbsp;0.4 billion. Market performance was slightly positive
over the year, offsetting transfers of CHF&nbsp;5 billion to
other business units.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The pre-goodwill cost&nbsp;/&nbsp;income ratio in
2000, at 63%, improved significantly from 68% in 1999. This was
principally due to lower operating expenses resulting from
continuing strict cost control, as the benefits of the 1998
merger between Union Bank of Switzerland and Swiss Bank
Corporation continued to be realized.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The quality of the Private and Corporate
Clients&#146; loan portfolio improved considerably during the
year, resulting in a non-performing loans&nbsp;/&nbsp;total
loans ratio of 5.0% at 31 December&nbsp;2000, compared to 6.6%
at the end of 1999. This improvement was due in part to the
unexpected strengthening of the Swiss economy, and also to
Private and Corporate</FONT>

<DIV align="right">
<FONT size="2"> 27</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">Clients&#146; efforts to further enhance the
risk/return profile of its loan portfolio through selective
origination, secondary market transactions, the disposal of
subsidiaries, and the continued work-out of the recovery
portfolio, which decreased from CHF&nbsp;21 billion to
CHF&nbsp;15 billion during the year.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Although UBS Switzerland&#146;s non-performing
loans ratio is somewhat higher than some comparable banks
particularly in the US, the comparison reflects different
structural practices rather than underlying asset quality. In
general, Swiss practice is to write off loans entirely only on
final settlement of bankruptcy proceedings, the sale of the
underlying assets or a formal debt forgiveness. In contrast, US
practice is to write off non-performing loans much sooner,
reducing the amount of such loans and corresponding provisions
recorded at any given date.</FONT>
</DIV>

<P align="left"><B><FONT size="2" color="#0038A8">Results</FONT></B>

<P align="left">
<FONT size="2">Record pre-tax profit for the year, at
CHF&nbsp;1,993 million, was an increase of CHF&nbsp;722 million,
or 57%, over 1999, clearly demonstrating the substantial
benefits of the merger between UBS and SBC for the combined
domestic banking franchise.</FONT>

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

<DIV align="left">
<FONT size="2">Private and Corporate Clients&#146; operating
income in 2000 was CHF 6,684 million, CHF&nbsp;541 million, or
9%, higher than in 1999. This improved performance primarily
reflected higher fee income, particularly in the first half of
the year, and reduced expected loss as the quality of the loan
portfolio improved.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Both of Private and Corporate
Clients&#146; two main operating business areas recorded
increases in their operating income in 2000 as compared to
1999.</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Individual Clients:
	</FONT></I><FONT size="2">Operating income in 2000 was CHF 5,026
	million, an increase of CHF&nbsp;473 million, or 10%, from
	CHF&nbsp;4,553 million in 1999. This was primarily due to
	increases in brokerage and investment fund fees resulting from
	increased investment activity, and minor gains on sales of
	subsidiaries and participations.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Corporate Clients:
	</FONT></I><FONT size="2">Operating income in 2000 was
	CHF&nbsp;1,975 million, an increase of CHF&nbsp;120 million, or
	6%, from CHF 1,855 million in 1999, primarily due to higher
	interest income resulting from improved margins as well as
	increased fee and commission income.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">On the other hand, the two support areas saw
their incomes reduce.</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Risk Transformation and Capital Management:
	</FONT></I><FONT size="2">Income was CHF&nbsp;307 million in
	2000. This was a decrease of CHF&nbsp;23 million, or 7%, from
	the CHF&nbsp;330 million recorded in 1999, primarily as a result
	of the reduced average size of the recovery loan portfolio,
	managed by this unit.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<I><FONT size="2">Operations: </FONT></I><FONT size="2">Revenues
	in 2000 were CHF&nbsp;205 million, a decrease of CHF&nbsp; 108
	million, or 35%, from CHF&nbsp;313 million in 1999. Operations
	revenues were affected by lower interest revenues as a result of
	reduced correspondent bank overdraft balances, partially offset
	by small one-off revenues from the revaluation of minority
	holdings in other companies.</FONT></TD>
</TR>

</TABLE>

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

<DIV align="left">
<FONT size="2">Full year operating expenses in 2000 were
CHF&nbsp;4,691 million, down 4%, or CHF&nbsp;181 million, from
1999. This was primarily due to falling personnel costs as
headcount was reduced.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Operating Income Before Credit Loss Expense by
Business Area</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Individual Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,026</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,553</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Clients</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,975</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,855</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,728</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk transformation and Capital Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">307</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">330</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operations</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">205</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">448</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(70</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">142</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,443</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,025</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Personnel expense fell by CHF&nbsp;176 million,
or 5%, from CHF&nbsp;3,363 million in 1999 to CHF&nbsp;3,187
million in 2000. Increased performance-related compensation,
reflecting the good</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 28</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">results, was more than offset by a substantial
reduction in headcount during the year.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">General and administrative expenses fell 6% over
the year, despite our continued investments in online services,
reflecting continued cost control efforts.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation expense increased by CHF&nbsp;35
million, or 9%, to CHF&nbsp;419 million, primarily due to the
implementation of IAS&nbsp;38, relating to the capitalization of
software costs.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Amortization of goodwill and other intangible
assets increased CHF&nbsp;25 million, from CHF&nbsp;2 million in
1999 to CHF&nbsp;27 million in 2000. This increase was primarily
due to the acquisition of a credit card portfolio during second
quarter 2000.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Private and Corporate Clients&#146; headcount
declined by almost 3,000 in 2000 from 24,098 at the end of 1999
to 21,100 at 31&nbsp;December 2000. This reduction includes 948
staff transferred with Systor, which became an independent
company at the start of 2000, 413 staff of Solothurner Bank,
which was sold during 2000, and the transfer of 148 financial
planning and wealth management staff to Private Banking. The
remaining reduction of 1,489 staff demonstrates UBS&#146;s
continued success in realizing UBS/ SBC merger-related
synergies.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">
________________________________________________________________________________
 <BR>
</FONT>
</DIV>

<P align="left"><B><FONT color="#0038A8">1999</FONT></B>

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

<DIV align="left">
<FONT size="2">Operating income before credit loss expense
increased CHF&nbsp;168 million, or 2%, from CHF&nbsp;7,025
million in 1998 to CHF&nbsp;7,193 million in 1999. This
improvement was primarily due to higher margins on
interest-related business, such as mortgages, as well as the
first full-year impact of the amalgamation and repricing of
products from the two former banks. In conjunction with the
creation of the Risk Transformation and Capital Management
business area in October 1999, the business areas within Private
and Corporate Clients were realigned in 1999. These realignments
and the resulting effects on 1999 operating income were as
follows:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The Business Client segment was transferred from
	Individual Clients to Corporate Clients, resulting in a decrease
	in operating income from Individual Clients from 1998 to
	1999.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Operating income from Corporate Clients increased
	from 1998 to 1999, primarily due to the transfer in of the
	Business Client segment, the transfer in of the Swiss Global
	Trade Finance business from UBS Warburg, and improving interest
	margins. The transfer out of the Recovery portfolio to Risk
	Transformation and Capital Management partially offset these
	increases.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Operating income from Operations decreased
	compared to 1998. This was the net effect of the transfer of
	emerging market bank activities from UBS Warburg into UBS
	Private and Corporate Clients and the transfer of industrialized
	bank activities to UBS Warburg during 1999.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Private and Corporate Clients&#146; expected loss
decreased CHF&nbsp;120 million, or 10%, from CHF&nbsp;1,170
million in 1998 to CHF&nbsp;1,050 million in 1999 as a result of
the accelerated reduction of impaired positions and the movement
to higher quality businesses. This was partially offset by
increased expected loss primarily resulting from the transfer of
the remainder of the Swiss Global Trade Finance business from
UBS Warburg during 1999.</FONT>

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

<DIV align="left">
<FONT size="2">Personnel, general and administrative expenses
increased CHF&nbsp;223 million, or 5%, from CHF&nbsp;4,263
million in 1998 to CHF&nbsp;4,486 million in 1999. This increase
was due primarily to merger related IT integration work, work
relating to the Year 2000 transition and the costs associated
with the shift of the Swiss Global Trade Finance business from
UBS Warburg. This business, with approximately 400
professionals, was transferred from UBS Warburg in early 1999.
These increases were partially offset by cost savings resulting
from the closure of redundant branches.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation and amortization expense decreased
CHF&nbsp;298 million, or 44%, from CHF&nbsp;684 million in 1998
to CHF&nbsp;386 million in 1999, primarily due to reduced assets
employed subsequent to the 1998 merger.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 29</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="6" color="#0038A8">Private
Banking</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,739</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,568</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,933</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(25</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,714</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,547</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,917</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,572</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,328</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,210</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,336</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,185</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,201</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">89</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">35</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,032</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,610</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,502</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,682</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,937</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,415</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">681</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">579</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net new money (CHF billion)<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(0.7</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross AuM margin (bps)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">98</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio (%)<SUP>4</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">45</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>4, 5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,950</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,509</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,269</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,685</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,256</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,546</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;In management accounts, statistically derived
adjusted expected loss rather than net IAS credit loss
(expense)&nbsp;/&nbsp;recovery is reported in the business units
(see Note&nbsp;3a). <SUP>3</SUP>&nbsp;Excludes dividend and
interest income. <SUP>4</SUP>&nbsp;Operating
expenses&nbsp;/&nbsp;operating income before credit loss
expense. <SUP>5</SUP>&nbsp;The amortization of goodwill and
other intangible assets is excluded from this calculation.</FONT>
</DIV>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">There were no significant financial events that
affected this business unit in 1999 or 2000.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<P align="left">
<FONT size="2">Assets under management increased slightly by CHF
10 billion, or 1%, from CHF 671 billion to CHF 681 billion
during 2000, primarily reflecting market performance and
currency effects. Net new money during the year was
disappointing, with net outflows of CHF 0.7 billion.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Gross margin for the year, at 98 basis points,
partly reflects the very strong performance in the exceptional
markets of the first quarter. The more recent rates of 95 basis
points in second and fourth quarters, and 94 basis points in
third quarter, represent a solid improvement over the average of
90 basis points recorded in 1999, as we introduce more
value-added products to our client base.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The pre-goodwill cost / income ratio of 44%
improved slightly from 46% in 1999, principally due to
significantly higher revenues.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

<P align="left">
<FONT size="2">Net profit before tax for the year increased
significantly, by CHF 745 million, or 25%, to CHF 3,682 million,
from CHF 2,937 million in 1999. This reflects strong markets in
the early part of 2000, and the margin-enhancing benefits of
introducing more added-value products during the year.</FONT>

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

<DIV align="left">
<FONT size="2">The increase in gross margin to 98 basis points
resulted in operating income of CHF&nbsp;6,714 million, which
was 21%, or CHF&nbsp;1,167 million, higher than in 1999. Revenue
quality has also improved with asset-</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 30</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Switzerland</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">based fees growing faster over the year than
transaction-based fees.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Full year operating expenses were CHF&nbsp;3,032
million, CHF&nbsp;422 million or 16% higher than in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Personnel expenses increased CHF&nbsp;244
million, or 18%, partly due to increased hiring in
client-focused areas, the transfer of financial planning and
wealth management staff from the Private and Corporate Clients
unit, as well as higher performance-related compensation.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">General and administrative expenses increased
CHF&nbsp;151 million, or 13%, primarily due to recruitment and
training expenses, volume-driven transaction processing costs,
as well as project-related technology costs.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation expense increased by CHF&nbsp;13
million, or 17%, due to increased investments in both software
and the refurbishment of premises.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Headcount at year end 2000 was 7,685,
representing an increase of 429 during the year. This was mainly
the result of the transfer of 148 financial planning and wealth
management staff from the Private and Corporate Clients business
unit and the completion in first quarter 2000 of previous
initiatives to strengthen product capabilities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">It is Private Banking&#146;s policy to shift the
balance of its staff towards client-facing roles, reducing the
number of support staff. During the year there were net
increases of 302 staff in client-focused market areas and 127 in
product areas, such as financial planning, Active Advisory, and
portfolio management.</FONT>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left">

<P align="left"><B><U><FONT color="#0038A8">1999</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Operating income decreased CHF&nbsp;1,370
million, or 20%, from CHF&nbsp;6,917 million in 1998 to
CHF&nbsp;5,547 million in 1999. This significant decrease
principally reflected lower transaction-based revenues due to
lower levels of client transaction activity. CHF&nbsp;1,058
million gains from the divestitures of Banca della Svizzera
Italiana (BSI) and Adler, as well as CHF&nbsp;268 million of
operating income relating to BSI&#146;s operations, are included
in operating income for 1998 and did not recur in 1999.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Notwithstanding the decrease in operating income,
assets under management increased during 1999 by CHF&nbsp;92
billion, or 16%. Strong markets, especially in Europe, in the
United States, and in the technology sector, as well as the
stronger US dollar, led to a performance increase of CHF&nbsp;80
billion for 1999. In addition, the acquisition of the
international private banking operations of Bank of America
accounted for an additional CHF&nbsp;5 billion, while
inter-business unit transfers resulted in another CHF&nbsp;6
billion. This increase was partially offset, however, by
decreased volumes from existing clients during the second half
of 1999.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Operating expenses, adjusted for CHF&nbsp;125
million in divestiture-related operating expenses, increased 4%,
or CHF&nbsp;108 million, to CHF&nbsp;2,610 million in 1999, to a
large extent as a result of UBS&#146;s expansion in the
front-line staff as well as infrastructure related
investments.</FONT>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;Personnel, general and administrative
expenses increased CHF&nbsp;102 million, or 4%, from
CHF&nbsp;2,411 million in 1998 to CHF&nbsp;2,513 million 1999.
Personnel costs increased 10%, or CHF&nbsp;118 million, to
CHF&nbsp;1,328 million in 1999 due to an increase in headcount
of 710 from 6,546 at 31&nbsp;December 1998 to 7,256 at
31&nbsp;December 1999. Headcount growth resulted from the
acquisition in 1999 of Bank of America&#146;s international
private banking operations, enhancement of UBS&#146;s logistics
capabilities and support for the introduction of new portfolio
monitoring and advisory capabilities. Operating expenses in 1998
also included CHF&nbsp;125 million related to BSI that did not
occur in 1999.</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;As a result of the acquisition of the
international private banking operations of Bank of America,
goodwill amortization increased to CHF&nbsp;21 million in 1999.
Depreciation decreased CHF&nbsp;15 million, or 16%, from
CHF&nbsp;91 million in 1998 to CHF&nbsp;6 million in 1999.</FONT>

<DIV align="right">
<FONT size="2"> 31</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left">

<!-- link1 "<FONT size="2">UBS Asset Management</FONT>" -->
<DIV align="left"><A NAME="023"></A></DIV>

<DIV align="left">
<B><FONT size="6">UBS Asset Management</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<P align="left"><B><FONT size="2">Business Group Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,369</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,358</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,369</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,358</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">880</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">516</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">515</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">439</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">271</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">228</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">49</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">263</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,631</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">932</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">856</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">322</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">437</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">502</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">522</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">598</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio (%)<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">84</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>2, 3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">70</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,250</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">672</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,860</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,576</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,863</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;Operating expenses / operating income before
credit loss expense. <SUP>3</SUP>&nbsp;The amortization of
goodwill and other intangible assets is excluded from this
calculation.</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<B><FONT size="2">Components of Revenue</FONT></B></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">UBS Asset Management generates most of its
	revenue from the asset management services it provides to
	institutional clients, and from the distribution of investment
	funds. Fees charged to institutional clients and on investment
	funds are based on the market value of assets under management.
	As a result, UBS Asset Management&#146;s revenues are affected
	by changes in market levels as well as flows of client
	funds.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 32</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Asset Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">
</FONT><B><FONT size="6" color="#0038A8">Institutional Asset
Management</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Institutional</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,103</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">968</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-institutional</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">198</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">195</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,301</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,099</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,163</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,301</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,099</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,163</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">631</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">458</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">465</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">243</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">173</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,074</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">774</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">726</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">227</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">325</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">437</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(30</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">496</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">574</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">531</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net new money (CHF billion)<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(66.6</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50.1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross AuM margin (bps)<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio (%)<SUP>4</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>4, 5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">69</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">500</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">160</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,728</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,653</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,497</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;Excludes dividend and interest income.
<SUP>3</SUP>&nbsp;Revenues divided by average assets under
management, for the institutional portion of the business only.
<SUP>4</SUP>&nbsp;Operating expenses&nbsp;/&nbsp;operating
income before credit loss expense. <SUP>5</SUP>&nbsp;The
amortization of goodwill and other intangible assets is excluded
from this calculation.</FONT>
</DIV>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">There were no significant financial events that
affected this business unit in 1999 or 2000.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<P align="left">
<FONT size="2">Assets under management decreased 14%, or CHF 78
billion, from CHF 574 billion at 31&nbsp;December 1999 to
CHF&nbsp;496 billion at 31&nbsp;December 2000, with the majority
of the decline due to client losses in the institutional
business, particularly in the earlier part of the year.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net new money for the year saw a net outflow of
CHF&nbsp;66.6 billion. Net new money outflows moderated as the
year progressed, as losses of equity mandates continued to
decline. Client losses continued to be concentrated primarily
within US and to a lesser degree UK mandates, reflecting past
investment performance issues.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The gross margin in 2000 was 33 basis points, an
increase of 8 basis points over 1999. This rise reflects the
contributions from two new higher margin businesses:
O&#146;Connor, created in June 2000, and UBS Realty Investors
(formerly Allegis), purchased in December 1999.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The cost/income ratio before goodwill increased
to 69% in 2000 from 60% in 1999, principally as a result of the
inclusion of</FONT>

<DIV align="right">
<FONT size="2"> 33</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">O&#146;Connor and UBS Realty Investors (which
generate higher gross margins than the rest of the business, but
at higher cost), spending on strategic initiatives to expand
global reach, and lower asset-based revenues towards the end of
the year.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Investment performance in
2000</FONT></U></B>

<P align="left">
<FONT size="2">The return of global equity markets towards
fundamental values was the predominant development during 2000.
This trend accelerated during the fourth quarter as the US
economy began to slow, and many companies within the Technology,
Media and Telecommunications (TMT) sector posted disappointing
earnings. Within this challenging environment, strategic
positions benefiting from the decline in the TMT sector, the
associated drop in equity markets, the under-performance of the
very largest capitalization equities, and the year-end
turnaround in the euro, helped Institutional Asset Management
deliver the best relative annual investment performance in its
history.</FONT>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;US equity strategies outperformed
benchmarks by wide margins. Global, international and UK equity
strategies were also significantly positive. Phillips &#38; Drew
was ranked the top-performing pension fund manager in Britain
for the year 2000 by Combined Actuarial Performance Services
(CAPS), the leading UK performance measurement consultancy.
Phillips &#38; Drew&#146;s flagship Managed Exempt fund
(equities mixed with property) outperformed the average fund
manager by more than 10% for the full year. Phillips &#38;
Drew&#146;s strong performance in 2000 also benefited their
balanced fund&#146;s three and five year records, moving its
ranking up from fourth quartile at the end of 1999 to second
quartile at the end of 2000.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

<P align="left">
<FONT size="2">The full year pre-tax profit of CHF 227 million
was 30% lower than 1999. Despite asset losses in the core
institutional business, income increased as a result of the
launch of the O&#146;Connor business and the acquisition of
Allegis; but this was more than offset by higher
performance-related personnel expenses, goodwill amortization
relating to Allegis and increased general and administrative
expenses.</FONT>

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

<DIV align="left">
<FONT size="2">Operating income increased CHF 202 million, or
18%, from CHF 1,099 million in 1999 to CHF 1,301 million in
2000. Despite the decrease in assets under management, operating
income increased as a result of the acquisition of Allegis and
the creation of the new O&#146;Connor alternative asset
management business, partially offset by lost revenue from
client losses.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Full year expenses increased by CHF 300 million,
to CHF 1,074 million. Personnel expenses increased 38%, or CHF
173 million, from CHF 458 million in 1999 to CHF 631 million in
2000 and General and administrative expenses increased 37%, or
CHF 65 million, over 1999 to CHF 243 million in 2000. Both
categories of expense increased as a result of the acquisition
of Allegis, the addition of the new O&#146;Connor business and
currency movements.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Depreciation and amortization expense
increased CHF 62 million, or 45%, from CHF 138 million in 1999
to CHF 200 million in 2000, including CHF 46 million from the
acquisition of Allegis.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Headcount increased 5% from 1,653 at 31
December&nbsp;1999 to 1,728 at 31 December 2000, primarily as a
result of the creation of the new O&#146;Connor business in
June&nbsp;2000.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><U><FONT color="#0038A8">1999</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Operating income decreased CHF 64 million, or 6%,
from CHF 1,163 million in 1998 to CHF 1,099 million in 1999.
Assets under management increased 8%, or CHF 43 billion, to CHF
574 billion at 31 December&nbsp;1999 from CHF 531 at 31 December
1998, with increases in both institutional and non-institutional
categories year-on-year. Despite the 4% increase in
institutional assets under management, which primarily resulted
from investment performance, the acquisition of Allegis and
growth in private client mandates, institu-</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 34</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Asset Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">tional revenues decreased. This decrease from CHF
968 million in 1998 to CHF 906 million in 1999 reflects a slight
decline in average institutional assets under management from
1998 to 1999, as gains from performance and currency were offset
by loss of clients and performance issues in certain mandate
types. Average non-institutional assets increased by 16% during
1999; however, non-institutional revenues declined slightly to
CHF&nbsp;193 million as a result of new interbusiness unit fee
arrangements with UBS Private Banking.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Personnel, general and administrative expenses
increased CHF&nbsp;17 million, or 3%, from CHF&nbsp;619 million
in 1998 to CHF&nbsp;636 million in 1999. Headcount increased
from 1,497 as of 31&nbsp;December 1998 to 1,653 as of
31&nbsp;December 1999, primarily as a result of the acquisition
of Allegis in December 1999. Personnel expenses decreased
slightly from CHF&nbsp;465 million in 1998 to CHF&nbsp;458
million in 1999 reflecting decreased incentive compensation.
General and administrative expenses increased 16% from
CHF&nbsp;154 million in 1998 to CHF&nbsp;178 million in 1999 as
a result of revisions in cost-sharing arrangements between
Institutional Asset Management and other business units of
UBS.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation and amortization expense increased
CHF&nbsp;31 million, or 29%, from CHF&nbsp;107 million in 1998
to CHF&nbsp;138 million in 1999, reflecting increased goodwill
amortization related to the buy-out of UBS&#146;s joint venture
with the Long-Term Credit Bank of Japan.</FONT>

<DIV align="right">
<FONT size="2"> 35</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6" color="#0038A8">Investment Funds/GAM</FONT></B>

<P align="left"><B><FONT size="2">Business Unit Reporting</FONT></B>

<DIV align="left">

</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">652</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	270</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	195</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">652</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	270</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	195</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">249</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">329</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">196</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	93</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">214</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">90</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">557</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	158</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">253</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">95</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	112</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">219</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	225</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	176</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net new money (CHF billion)<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross AuM margin (bps)<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">38</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/ income ratio (%)<SUP>4</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">85</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/ income ratio before goodwill(%)<SUP>4,5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">72</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">% change</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Additional information<BR>
	</B>As of</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">31.12.00</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31.12.99</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31.12.98</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">from<BR>31.12.99</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">750</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,132</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	923</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	366</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">The 1999 and
1998 figures have been restated to reflect retroactive changes
in accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>Excludes dividend and interest income.
<SUP>3</SUP>All non-institutional revenues, including those
booked in Institutional Asset Management, divided by average
assets under management. <SUP>4</SUP>Operating expenses/
operating income before credit loss expense. <SUP>5</SUP>The
amortization of goodwill and other intangible assets is excluded
from this calculation.</FONT>
</DIV>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">There were no significant financial events that
affected this business unit in 1999 or&nbsp;2000.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">Assets under management decreased 3% from CHF 225
billion at 31&nbsp;December 1999 to CHF 219 billion at year end
2000, largely a result of currency and market movements, partly
offset by net new money of CHF&nbsp;4.4&nbsp;billion.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The cost/income ratio before goodwill increased
from 59% to 72% mainly as a result of the inclusion of Global
Asset Management (GAM), but also reflecting spending on new
business initiatives, chiefly targeted at marketing investment
funds outside UBS&#146;s own client base.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The gross margin for the year, at 38&nbsp;basis
points, is significantly higher than the 24&nbsp;basis points
recorded in 1999, principally due to the contribution from
GAM.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

<DIV align="left">

</DIV>

<P align="left">
<FONT size="2">Net profit for 2000 fell 15%, or CHF&nbsp;17
million, to CHF&nbsp;95 million in 2000, reflecting the
additional costs of spending on new business initiatives,
chiefly targeted at marketing investment funds
outside&nbsp;UBS.</FONT>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Operating income increased CHF&nbsp;382 million,
or 141%, from CHF&nbsp;270 million in 1999 to</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 36</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Asset Management</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">CHF&nbsp;652 million in 2000, primarily as a
result of the GAM acquisition.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Personnel expenses increased 329%, or
CHF&nbsp;191 million, from CHF&nbsp;58 million in 1999 to
CHF&nbsp;249 million in 2000 due to the acquisition of GAM, and
increased headcount for growth initiatives in the Investment
Funds area. General and administrative expenses increased 111%,
from CHF&nbsp;93 million in 1999 to CHF&nbsp;196 million in
2000, as a result of the acquisition of GAM and marketing and
distribution initiatives in the Investment Funds area.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation and amortization expense increased
CHF&nbsp;105 million, from CHF&nbsp;7 million in 1999 to
CHF&nbsp;112 million in 2000, reflecting goodwill amortization
following the acquisition of GAM.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Headcount increased 23% from 923 at
31&nbsp;December 1999 to 1,132 at 31&nbsp;December 2000,
primarily a result of an increase of staff to support
distribution initiatives in the Investment Funds area.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><U><FONT color="#0038A8">1999</FONT></U></B>

<DIV align="left">

</DIV>

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

<DIV align="left">
<FONT size="2">Operating income increased CHF&nbsp;75 million,
or 38%, from CHF&nbsp;195 million in 1998 to CHF&nbsp;270
million in 1999. This was principally due to higher Investment
Funds assets and the transfer from Private Banking of some
client responsibility and related income. The acquisition of GAM
did not significantly impact income or expenses in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Assets under management increased 28%, or
CHF&nbsp;49 billion, to CHF&nbsp;225 billion at 31
December&nbsp;1999 from CHF&nbsp;176 billion at 31&nbsp;December
1998. CHF&nbsp;24 billion of this increase was due to the
acquisition of GAM in December 1999. The remainder was mainly
due to positive investment performance.</FONT>
</DIV>

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

<DIV align="left">

</DIV>

<DIV align="left">
<FONT size="2">Personnel, general and administrative expenses
increased CHF&nbsp;27 million, or 22%, from CHF&nbsp;124 million
in 1998 to CHF&nbsp;151 million in 1999. Headcount increased
from 366 as of 31&nbsp;December 1998 to 923 as of
31&nbsp;December 1999, primarily as a result of the acquisition
of GAM in December 1999. Excluding GAM, headcount increased by
69, as a result of efforts to build the Investment Funds
business, including the launching of new funds and expansion of
distribution efforts. Personnel expenses increased 16% from
CHF&nbsp;50 million in 1998 to CHF&nbsp;58 million in 1999 in
line with the increase in headcount. General and administrative
expenses increased 26% to CHF&nbsp;93 million in 1999 reflecting
increased investment in international distribution and the costs
of launching new funds, offset by synergies from the 1998
merger, including reduced fees for market data systems and the
combination of fund valuation and management systems.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation and amortization expense increased
CHF&nbsp;1 million, or 17%, from CHF&nbsp;6 million in 1998 to
CHF&nbsp;7 million in 1999, as a result of changes in the
holding structure of some of the business unit&#146;s real
estate funds.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 37</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">UBS Warburg</FONT>" -->
<DIV align="left"><A NAME="024"></A></DIV>

<P align="left"><B><FONT size="6">UBS Warburg</FONT></B>

<P align="left"><B><FONT size="2">Business Group Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>&nbsp;1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>&nbsp;1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,779</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;4</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,241</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,691</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense<SUP>&nbsp;2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(247</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(333</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(510</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,532</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,908</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,181</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,002</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,278</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,641</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,501</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,680</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">731</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">659</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">298</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;4</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">173</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,532</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,771</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,988</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,000</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,137</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(807</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF billion)<SUP>&nbsp;6</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">827</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio (%)<SUP>&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">79</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>&nbsp;7, 8</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">77</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">24,900</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,679</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,779</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">38,445</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,266</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,638</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">169</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Business Group Reporting Adjusted for
Significant Financial Events</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>&nbsp;1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>&nbsp;1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,779</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;4</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,041</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>&nbsp;5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,691</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense<SUP>&nbsp;2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(247</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(333</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(510</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,532</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,708</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,181</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,916</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;3</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,278</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,641</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,408</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;3</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,680</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">652</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;3</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">659</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">298</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;4</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">173</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,274</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,771</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,988</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,258</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,937</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(807</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio (%)<SUP>&nbsp;7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">77</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>&nbsp;7, 8</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">76</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).&nbsp;<SUP>2</SUP>&nbsp;In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note 3a).&nbsp;<SUP>3</SUP>&nbsp;The year ended 31
December 2000 Personnel, General and administrative expenses and
Depreciation were adjusted for the significant financial events
in respect of the PaineWebber integration costs by CHF 86
million, CHF 93 million and CHF 79 million,
respectively.&nbsp;<SUP>4</SUP>&nbsp;Goodwill funding costs of
CHF 132 million and amortization of goodwill and other
intangible assets of CHF 138 million in respect of the
PaineWebber acquisition are included in UBS Warburg results but
are not reflected in any of the individual business
units.&nbsp;<SUP>5</SUP>&nbsp;Year ended 31 December 1999 has
been adjusted for the Significant Financial Event of CHF 200
million for the sale of the international Global Trade Finance
business.&nbsp;<SUP>6</SUP>&nbsp;US Private Clients&#146; Client
Assets at 3 November&nbsp;2000 were CHF 890
billion.&nbsp;<SUP>7</SUP>&nbsp;Operating expenses / operating
income before credit loss expense.&nbsp;<SUP>8</SUP>&nbsp;The
amortization of goodwill and other intangible assets is excluded
from this calculation.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 38</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

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

<DIV align="left">
<FONT size="2">UBS Warburg&#146;s Business Group operating
expenses include CHF 138 million amortization of goodwill and
intangible assets and CHF 132 million of goodwill funding costs
relating to the merger with PaineWebber which are recorded at
the Business Group level, but are not allocated to the
individual business units.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In particular, the results of the US Private
Clients business unit, which includes the former PaineWebber
private client businesses, do not reflect goodwill amortization
or funding costs relating to the merger.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Components of Operating Income</FONT></B>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">The <I>Corporate and Institutional Clients
	</I>unit generates operating income from</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="2%"></TD>
	<TD width="96%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">commissions on agency transactions and spreads or
	markups on principal transactions;</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">fees from debt and equity capital markets
	transactions, leveraged finance, and the structuring of
	derivatives and complex transactions;</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">mergers and acquisitions and other advisory
	fees;</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">interest income on principal transactions and
	from the loan portfolio; and</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">gains and losses on market making, proprietary,
	and arbitrage positions.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">As a result, Corporate and Institutional
	Clients&#146; operating income is affected by movements in
	market conditions, interest rate swings, the level of trading
	activity in primary and secondary markets and the extent of
	merger and acquisition activity. These and other factors have
	had and may in the future have a significant impact on results
	of operations from year to year.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<I><FONT size="2">UBS Capital&#146;s
	</FONT></I><FONT size="2">primary source of operating income is
	capital gains from the disposal or sale of its investments,
	which are recorded at the time of ultimate divestment. As a
	result, appreciation in fair market value is recognized as
	operating income only at the time of sale. The level of annual
	operating income from UBS Capital is directly affected by the
	level of investment disposals that take place during the
	year.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">The private clients business units, <I>US Private
	Clients </I>and <I>International Private Clients,</I>
	principally derive their operating income from</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="2%"></TD>
	<TD width="96%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">fees for financial planning and wealth management
	services;</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">fees for discretionary services; and</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">transaction-related fees.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<FONT size="2">These fees are based on the market value of
	assets under management and the level of transaction-related
	activity. As a result, operating income is affected by such
	factors as fluctuations in assets under management, changes in
	market conditions, investment performance and inflows and
	outflows of client funds.</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right">
<FONT size="2"> 39</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">Corporate and Institutional
Clients</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>&nbsp;1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>&nbsp;1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Finance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,701</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,054</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,724</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,253</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fixed income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,969</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(267</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury products</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,653</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,805</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,351</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-core business</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">281</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">482</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>&nbsp;2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(96</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(42</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,033</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,529</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>&nbsp;2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense<SUP>&nbsp;3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(243</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(330</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(500</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,790</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,199</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,406</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,284</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;4, 5</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,861</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,333</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,779</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;4</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,429</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,483</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">555</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;4</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">629</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">535</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">149</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,767</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,053</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,508</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,023</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,102</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Compensation / income (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio (%)<SUP>&nbsp;6</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">71</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">109</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost / income ratio before goodwill (%)<SUP>&nbsp;6, 7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">70</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-performing loans / Gross loans outstanding (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average VaR (10-day 99%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">242</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">295</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>&nbsp;8</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>League table rankings<SUP>&nbsp;9</SUP></B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="18"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="18"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Global Mergers and Acquisitions completed<SUP>&nbsp;10</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rank</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	International Equity New Issues<SUP>&nbsp;11</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rank</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	International Bonds<SUP>&nbsp;11</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rank</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Eurobonds<SUP>&nbsp;11</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rank</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Market share</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="18" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,000</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,050</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,262</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,694</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).&nbsp;<SUP>2</SUP>&nbsp;Year ended 31
December&nbsp;1999 income was adjusted for the Significant
Financial Event of CHF 200 million related to the sale of the
international Global Trade Finance
business.&nbsp;<SUP>3</SUP>&nbsp;In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note&nbsp;3a).&nbsp;<SUP>4</SUP>&nbsp;The year ended
31 December&nbsp;2000 Personnel, General and administrative
expenses and Depreciation were adjusted for the Significant
Financial Events in respect of the PaineWebber integration by
CHF 86 million, CHF 13 million and CHF 7 million,
respectively.&nbsp;<SUP>5</SUP>&nbsp;The year ended 31
December&nbsp;2000 Personnel expenses include CHF 11 million of
the CHF 128 million retention payments in respect of the
PaineWebber acquisition.&nbsp;<SUP>6</SUP>&nbsp;Operating
expenses / operating income before credit loss
expense.&nbsp;<SUP>7</SUP>&nbsp;The amortization of goodwill and
other intangible assets is excluded from this
calculation.&nbsp;<SUP>8</SUP>&nbsp;VaR average for 1998 is from
the date of the UBS / SBC merger, 26 June&nbsp;1998, until 31
December&nbsp;1998.&nbsp;<SUP>9</SUP>&nbsp;The league table
rankings reflect recent industry
consolidation.&nbsp;<SUP>10</SUP>&nbsp;Source: Thomson Financial
Securities data.&nbsp;<SUP>11</SUP>&nbsp;Source: Capital Data
Bondware.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 40</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">The results for Corporate and Institutional
Clients include the costs and revenues for November and
December&nbsp;2000 of the former PaineWebber capital markets
businesses, which were integrated into this business unit from
the completion of the merger on 3&nbsp;November 2000.</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;PaineWebber integration costs were
treated as a significant financial event, and are not shown in
the table. The amounts involved were: personnel expenses
CHF&nbsp;86 million, general and administrative expenses
CHF&nbsp;13 million and depreciation CHF&nbsp;7 million.</FONT>

<DIV align="left">
<FONT size="2">In addition, a CHF&nbsp;200 million gain on the
sale of UBS&#146;s international Global Trade Finance business
in 1999 was treated as a significant financial event and is not
reflected in the operating income shown in the table.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<P align="left">
<FONT size="2">UBS Warburg measures its expense base primarily
in terms of percentage of revenues, looking at both personnel
costs and non-personnel costs on this basis.</FONT>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Continued strong revenue performance
and active cost management led to a pre-goodwill cost/income
ratio of 70%, from 79% in the previous year, representing the
result of significant cost management efforts on both personnel
and non-personnel expenses.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Corporate and Institutional
Clients&#146; ratio of personnel cost to income fell to 51% in
2000, from 55% last year. UBS Warburg continues to invest in top
quality professionals to help expand its capabilities and client
reach and aims to compensate its employees at similar levels to
its global competitors.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Changes in non-personnel costs are
less directly related to changes in income than personnel
costs.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;As a percentage of income,
non-personnel costs decreased to 19% in 2000, from 25% in 1999.
Improvements in overall cost management were offset by increased
expenditure on technology and professional fees and the
incremental costs of the PaineWebber capital markets
business.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;The value of Corporate and
Institutional Clients&#146; non-performing loans rose CHF 933
million, or 59%, from CHF 1,586 million at 31&nbsp;December 1999
to CHF 2,519 million at 31&nbsp;December 2000, reflecting the
weaker credit environment in the US. At the same time, the gross
loans outstanding rose from CHF 72,717 million at
31&nbsp;December 1999 to CHF 74,253 million at 31&nbsp;December
2000. As a result, the ratio of non-performing loans to total
loans increased to 3.4% at the end of 2000 from 2.2% at the end
of 1999. UBS Warburg does not believe that extensive lending is
critical to the expansion of its client franchise and does not
intend to engage in balance sheet led earnings growth.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Market risk utilization, as measured
by average Value at Risk, continued to remain well within the
limit of CHF&nbsp;450 million, although increasing from an
average of CHF&nbsp;213 million in 1999 to an average of
CHF&nbsp;242 million in 2000, reflecting the exceptional trading
opportunities in the early part of 2000.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

<P align="left">
<FONT size="2">UBS Warburg&#146;s Corporate and Institutional
Clients business unit delivered record financial results in
2000, with each quarter performing significantly above the
levels in the comparable quarter of 1999. Pre-tax profit of
CHF&nbsp;5,023 million was more than double the CHF 2,146
million achieved in 1999, itself a good year.</FONT>

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

<DIV align="left">
<FONT size="2">Corporate and Institutional Clients generated
revenues of CHF&nbsp;18,033 million in 2000, an increase of 44%
over 1999.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;<I>Equities</I> revenues during 2000
were CHF&nbsp;10,429 million, or 82% higher than 1999&#146;s
revenues of CHF&nbsp;5,724 million reflecting the strength of
UBS Warburg&#146;s global client franchise and increased market
share in significantly stronger secondary markets, and strong
market-making and trading revenues. UBS Warburg&#146;s secondary
equity sales business continues to be ranked as one of the
global leaders, and the leading non-US equities house.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;<I>Fixed Income</I> experienced an
exceptionally strong 2000, driven by strong markets, significant
principal finance activity and a strong government bond and
derivatives business, contributing to overall revenues for the
year 2000 of CHF&nbsp;2,969 million, an improvement of 20%, or
CHF&nbsp;505 million over 1999&#146;s revenues of CHF&nbsp;2,464
million.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 41</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Operating Income Before Credit Loss Expense by
Business Area</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>For the year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,724</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,253</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fixed income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,969</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(267</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate finance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,701</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,054</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,665</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury products</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,653</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,805</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,351</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-core business</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">281</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(96</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,033</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,529</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Despite commoditization of products and the
continuing pressure on margins across its businesses, the
<I>Treasury Products </I>business area recorded a slight
increase in underlying revenues, reflecting the recovery of euro
trading as the currency strengthened, and a growing client
franchise. The business area also increased market share through
extensive use of e-channels to extend client reach. Revenues for
1999 included revenues relating to exchange-traded derivatives
and alternative asset management, which were transferred to the
Equities business area in 2000. Full year performance reflected
this transfer, with revenues of CHF 1,653 million in 2000, down
8% on the previous year.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Market conditions for mergers and acquisitions,
advisory work and primary underwriting continued to be strong,
driving <I>Corporate Finance&#146;s </I>excellent performance.
UBS Warburg&#146;s corporate client franchise continued to
develop, with strong performance in critical sectors in 2000,
particularly Telecommunications and Consumer Goods. Productivity
per head also increased in comparison to prior years. Overall,
2000 was a year of very strong growth in this area for UBS
Warburg, with revenues of CHF 2,701 million, 31% ahead of
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Corporate Finance business area within
Corporate and Institutional Clients provides both advisory
services and financing services. Financing services include both
equity and fixed-income offerings undertaken in cooperation with
the Equities and Fixed income business areas. Accordingly, a
portion of operating income associated with these services is
allocated to those areas.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Non-core revenues in 2000, which include income
from the work-out of the Global Equity Derivatives portfolio and
the non-core loan portfolio (described below) fell 42% compared
to 1999, to CHF 281 million.</FONT>
</DIV>

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

<P align="left">
<FONT size="2">Corporate and Institutional Clients continues to
carefully manage its cost base, with the pre-goodwill
cost/income ratio remaining well below 1999 levels at 70%.
Personnel expenses increased 35% from 1999, to CHF 9,284
million, reflecting increased headcount and growth in
performance-related compensation in line with the excellent
results. Personnel expenses include CHF 11 million of retention
payments made to former PaineWebber staff.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">General and administrative expenses increased 14%
compared to 1999, as a result of increased expenditure on
technology outsourcing, professional fees and the incremental
costs of the PaineWebber capital markets business.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Overall costs grew at a significantly slower rate
than revenues, delivering continued strong pre-tax profit
growth.</FONT>
</DIV>

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

<P align="left">
<FONT size="2">Corporate and Institutional Clients headcount
rose 20% during the year, to 15,262, mainly due to business
growth in the Corporate Finance and Equities areas, including
the impact of the integration of 1,628 staff from the
PaineWebber capital markets businesses.</FONT>

<DIV align="left">
<FONT size="2"> 42</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT color="#0038A8">1999</FONT></U></B>

<P align="left">
<FONT size="2">In October and November&nbsp;1998, UBS&#146;s
Board of Directors mandated and undertook a review of UBS&#146;s
risk profile and risk management as well as UBS&#146;s control
processes and procedures. The review placed particular emphasis
on the Fixed Income business area, which had experienced losses
on credit exposures in certain emerging market assets. Each of
the business areas selected for review was assessed as to
whether it supported the UBS and UBS Warburg franchises and, if
so, whether the expected return as compared to the estimated
risk justified a continuation of the business. Corporate and
Institutional Clients used the review to define its core and
non-core business areas, and decided to wind down over time the
identified non-core businesses.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The businesses identified as non-core in late
1998 were</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Lease Finance;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Commodities Trading (energy, base metals,
	electricity);</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Non-structured Asset-Backed Finance;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Distressed Debt Trading;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Global Trade Finance, with the exception of the
	Swiss Corporate business;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Conduit Finance;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Non-core loans&nbsp;&#150; loans and commitments
	that are not part of UBS&#146;s tradeable asset portfolio, that
	are not issued in conjunction with UBS&#146;s Leveraged Finance
	business or that are credit exposures UBS wishes to reduce;
	and</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Project Finance.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The identified non-core businesses are being
wound down over time and will be disposed of as appropriate.
While UBS considers all of its non-core businesses to be held
for sale (including those listed above), none of these
businesses constitutes a segment to be treated as a discontinued
operation, as defined by U.S. GAAP. Businesses designated as
non-core businesses remain consolidated for purposes of both IAS
and U.S. GAAP unless and until such businesses are actually sold
or otherwise disposed of. Most of UBS&#146;s international
Global Trade Finance business was sold during the first quarter
of 1999 and its Conduit Finance business was sold during the
third quarter of 1999. UBS&#146;s non-core loan portfolio
decreased approximately CHF 65 billion, or 61%, from
approximately CHF&nbsp;106 billion as of 31&nbsp;December 1998
to CHF&nbsp;41 billion as of 31&nbsp;December 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Negotiations for the sale of the Project Finance
portfolio and residual Global Trade Finance positions were
completed in December&nbsp;1999 for proceeds approximating their
carrying values. As a result, no material losses were realized.
Certain aspects of UBS&#146;s Global Equities Derivatives
portfolio previously identified at the time of the 1998 merger
as inconsistent with UBS&#146;s risk profile were also
designated as a non-core business during late 1998 in order to
segregate this activity from the rest of its Equities business.
UBS accrued CHF&nbsp;154 million as a restructuring reserve for
this portion of the portfolio.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">In 1999, Corporate and Institutional
Clients&#146; operating income before credit loss expense from
core businesses amounted to CHF&nbsp;12,047 million and its
operating income before credit loss expense from non-core
businesses was CHF&nbsp;482 million.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Operating income from Equities increased
CHF&nbsp;2,471 million, or 76%, from CHF&nbsp;3,253 million in
1998 to CHF&nbsp;5,724 million in 1999. This increase was
primarily due to continued strong growth throughout 1999
compared to weaker results and losses in 1998 that did not
recur. Equities performed well during the six months ended
30&nbsp;June 1998, but experienced a more difficult trading
environment in the second half of 1998 as a result of higher
volatility levels in equity markets. In 1999, Equities performed
strongly in all major markets. Continuing strong secondary cash
and derivatives business with institutional and corporate
clients contributed significantly to the positive results.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Operating income from Fixed income increased CHF
2,731 million from CHF&nbsp;(267)&nbsp;million in 1998 to
CHF&nbsp;2,464 million in 1999. The improvement in Fixed income
largely reflected particularly strong performance in swaps and
options and investment grade corporate debt products during
1999. Strong client flows drove both investor and issuer
activities, resulting in increased revenues. Weaker than
expected results in Fixed income in 1998 were due primarily to
signifi-</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 43</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">cant losses in the Group&#146;s emerging market
portfolio, which were largely attributable to Corporate and
Institutional Clients and a write-down of CHF&nbsp;793 million
in the business unit&#146;s Long Term Capital Management trading
position.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Operating income from Corporate Finance increased
CHF&nbsp;389 million, or 23%, from CHF&nbsp;1,665 million in
1998 to CHF&nbsp;2,054 million in 1999. Strong performance in
mergers and acquisitions in 1999, resulting in higher advisory
fees, and contributions from UBS&#146;s Equity and Debt Capital
Management Groups were the primary drivers of the
increase.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Operating income from Treasury Products decreased
CHF&nbsp;546 million, or 23%, from CHF&nbsp;2,351 million in
1998 to CHF&nbsp;1,805 million in 1999. Foreign exchange
trading, while continuing to be profitable, was adversely
affected by diminished volumes in key markets in 1999. The
reduced levels of activity resulted from the introduction of the
euro and narrowing margins from increased competition in the
global markets. Corporate and Institutional Clients&#146;
precious metals business was adversely impacted by the dramatic
volatility in the gold market in the fourth quarter of
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Operating income from the non-core businesses
identified above increased CHF&nbsp;578 million, from
CHF&nbsp;(96) million in 1998 to CHF&nbsp;482 million in 1999.
In 1998, Equities recognized losses of CHF&nbsp;762 million from
the Global Equity Derivatives portfolio, as compared to 1999,
during which this portfolio generated CHF&nbsp;74 million in
positive revenues. The losses recognized in 1998 were partially
offset by CHF&nbsp;498 million in revenues generated by Global
Trade Finance. In 1999, the Global Trade Finance business was
sold for a CHF&nbsp;200 gain after generating approximately
CHF&nbsp;160 million in revenues in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Credit loss expense decreased CHF&nbsp;170
million, or 34%, from CHF&nbsp;500 million in 1998 to
CHF&nbsp;330 million in 1999. This reflected a decrease in
Expected Losses due primarily to the continued wind-down of the
non-core loan portfolio and the sale of the international Global
Trade Finance business in mid-1999. The section entitled
&#147;UBS Switzerland&nbsp;&#150; Private and Corporate
Clients&#148; includes a discussion of the impact of the
transfer of UBS&#146;s Swiss Global Trade Finance business to
Private and Corporate Clients. The non-core loan portfolio will
continue to be wound-down.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Personnel, general and administrative expenses
increased CHF&nbsp;2,474 million, or 36%, from CHF&nbsp;6,816
million in 1998 to CHF&nbsp;9,290 million in 1999. Despite a
reduction in headcount of 1,100, or 8%, from 13,794 at
31&nbsp;December 1998 to 12,694 at 31&nbsp;December 1999,
personnel expenses increased CHF&nbsp;2,528 million, or 58%, to
CHF&nbsp;6,861 in 1999, due primarily to performance-related
compensation tied directly to the strong business unit results
for the year. In addition, in 1998, CHF&nbsp;1,007 million of
accrued payments to personnel was charged against the
restructuring reserve relating to the 1998 merger of Union Bank
of Switzerland and Swiss Bank Corporation. The shortfall in
profits in 1998 was aggravated by losses associated with Long
Term Capital Management and the Global Equity Derivatives
portfolio. After adjusting 1998 for the amount charged to the
restructuring reserve, personnel expenses in 1999 increased 28%
against the comparative prior period.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">General and administrative expenses remained
relatively flat from 1998 to 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation and amortization increased
CHF&nbsp;71 million, or 10%, from CHF&nbsp;692 million in 1998
to CHF&nbsp;763 million in 1999, primarily reflecting
accelerated amortization of the goodwill on a Latin-American
subsidiary.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 44</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">UBS Capital</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">368</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	315</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">368</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	315</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">142</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	105</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	121</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">49</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(60</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">195</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	158</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">173</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	428</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="11"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Value creation (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Portfolio book value (CHF billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	83</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">600</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	340</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">129</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	116</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting
Policies).</FONT>
</DIV>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">There were no significant financial events that
affected this business unit in 1999 or 2000.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<P align="left">
<FONT size="2">The book value of UBS Capital&#146;s private
equity investments has grown from CHF 3.0 billion at the end of
1999 to CHF 5.5 billion at 31&nbsp;December 2000. New
investments of CHF 2.1 billion were made during the full year,
including new shareholdings across a diverse range of sectors.
In addition, CHF 0.8 billion of investments made by PaineWebber
were added to UBS Capital&#146;s private equity portfolio in
December&nbsp;2000. The portfolio value was reduced by certain
write-downs in investments in second and fourth quarters
2000.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital accounts for its private equity
investments at cost less permanent impairments, showing only
realized gains or losses in the profit and loss statement. The
portfolio review and valuation at 31&nbsp;December 2000 resulted
in an approximate current fair value of CHF 6.9 billion,
compared to CHF 4.2 billion at 31 December&nbsp;1999. This
equates to unrealized gains of approximately CHF 1.3 billion,
compared to CHF 1.2 billion at year-end 1999. The value creation
during the year 2000, including realized gains since
1&nbsp;January 2000, and the increase in the portfolio&#146;s
unrealized gains, is approximately CHF 0.6 billion.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

<P align="left">
<FONT size="2">In 2000, net profit was CHF 173 million, up CHF
16 million or 10% from CHF 157 million in 1999.</FONT>

<DIV align="right">
<FONT size="2"> 45</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

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

<DIV align="left">
<FONT size="2">Operating income increased 17% to CHF 368 million
in 2000, from CHF 315 million in 1999. This reflects the
realized gains from sales of investments in the year, partially
offset by write-downs of the value of several under-performing
companies in different sectors of the portfolio.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Personnel, general and administrative expenses
were CHF 191 million in 2000, an increase from the previous year
of CHF 40 million, or 26%, driven mainly by bonus expenses.
Bonuses are accrued when an investment is successfully exited,
so personnel expenses move in line with divestments.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><U><FONT color="#0038A8">1999</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Operating income decreased CHF 270 million, or
46%, from CHF 585 million in 1998 to CHF 315 million in 1999.
This reflects a decrease in realized gains resulting from a
reduced number of sales of investments in 1999 as compared to
1998.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Personnel, general and administrative expenses
decreased slightly by CHF 5 million, or 3%, from CHF 156 million
in 1998 to CHF 151 million 1999. These expenses remained stable
despite the business unit&#146;s expansion into new regions and
sectors, the recruitment of new professionals, the high level of
investment activity during 1999 and the associated investment
costs. As part of the restructuring related to the 1998 merger,
one team from UBS Capital moved to Corporate and Institutional
Clients unit effective 1&nbsp;January 1999. This resulted in a
lower headcount during most of 1999 when compared to 1998, and
therefore personnel costs decreased 13% from CHF 121 million in
1998 to CHF 105 million in 1999. General and administrative
expenses increased CHF 11 million, or 31%, to CHF 46 million in
1999 mainly due to deal-related expenses.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital made approximately CHF 1.4 billion of
new investments and add-ons during 1999.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 46</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">US Private Clients</FONT></B>
</DIV>

<P align="left"><B><FONT size="2">Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="76%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,225</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,225</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">955</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">258</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">30</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,244</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(19</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Client assets (CHF billion)<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">794</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net new money (CHF billion)<SUP>4</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross AuM margin (bps)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">86</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio (%)<SUP>5</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">102</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio before goodwill (%)<SUP>5, 6</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">101</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cost/income ratio before goodwill and retention payments
	(%)<SUP>5, 6</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">92</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Recurring fees<SUP>7</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">430</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial advisors (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,871</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Regulatory equity used (avg)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,450</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,490</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The US
Private Clients results cover the period from the date of
acquisition of PaineWebber,
3&nbsp;November&nbsp;2000.&nbsp;<SUP>2</SUP>&nbsp;Includes CHF
117 million of the CHF 128 million retention payments in respect
of the PaineWebber
acquisition.&nbsp;<SUP>3</SUP>&nbsp;Corresponds to UBS&#146;s
current definition of Assets under management. Client assets at
3&nbsp;November 2000 were CHF 890
billion.&nbsp;<SUP>4</SUP>&nbsp;Excludes interest and dividend
income.&nbsp;<SUP>5</SUP>&nbsp;Operating expenses/ operating
income before credit loss expense.&nbsp;6&nbsp;The amortization
of goodwill and other intangible assets is excluded from this
calculation.&nbsp;<SUP>7</SUP>&nbsp;Asset based and advisory
revenues including fees from mutual funds, wrap fee products,
insurance products and institutional asset management
products.</FONT>
</DIV>

<P align="left">
<FONT size="2">The merger between UBS and PaineWebber was
completed on 3&nbsp;November 2000 and was accounted for using
purchase accounting. Accordingly, the results shown for
US&nbsp;Private Clients are for the period from that date until
31&nbsp;December 2000. Results for prior periods are not
shown.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The business unit represents the former
PaineWebber businesses, excluding the PaineWebber capital
markets business transferred to the Corporate and Institutional
Clients business unit. Although the US&nbsp;businesses of the
former UBS Warburg Private Clients business unit were integrated
into PaineWebber&#146;s management structure soon after
completion of the merger, their results are still included in
the International Private Clients unit for 2000.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 47</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">There were no significant financial events that
affected this business unit in 2000.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<DIV align="left">
<FONT size="2">At the end of the fourth quarter 2000,
US&nbsp;Private Clients had CHF 794 billion of client assets.
This represents a fall of CHF 96 billion from the level at
completion of the merger on 3&nbsp;November 2000, reflecting the
decline in equity markets, particularly in the US, and the
effect of the fall of the US&nbsp;dollar against the Swiss
franc.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">PaineWebber&#146;s asset gathering continues
successfully, with net new money flows averaging CHF 202.3
million (USD 119.0 million) per day in November and
December&nbsp;2000, comparing very favorably to the average rate
for the third quarter of CHF 172.5 million (USD 103.3 million)
per day, despite the effects of the holiday season.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

<P align="left">
<FONT size="2">US&nbsp;Private Clients recorded a net loss for
November and December&nbsp;2000 of CHF 19 million. Adjusting for
the effect of retention payments of CHF 117 million, this
represents a pre-tax operating profit of CHF 98 million for the
two months.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">PaineWebber&#146;s strong asset gathering
performance during November and December was in contrast to the
seasonal slow down in transactional business, compounded this
year by the delay in the results of the US Presidential
election, which had a negative effect on client confidence and
investment activity. As a result, net profit per month was about
39% lower than the rate in PaineWebber&#146;s individual client
segment in third quarter 2000, after adjusting for the benefit
of PaineWebber&#146;s invested equity. (Within UBS&#146;s
management accounts, the net benefit of invested equity is
reflected in Corporate Center.)</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Total revenues for November and December were CHF
1,225 million, including approximately CHF 430 million of
recurring fee revenue. This represents an overall decline of 2%
from the run-rate recorded in PaineWebber&#146;s individual
client business in the third quarter, reflecting the effects of
the seasonal slow-down.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Total expenses for November and December were CHF
1,244 million. Personnel expenses were CHF 955 million,
including CHF 117 million of retention payments for PaineWebber
staff. Excluding these payments, overall expenses rose slightly
from prior levels, reflecting investments in the development of
wrap fee products and the new Corporate Employee Financial
Services business.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Total headcount at 31 December&nbsp;2000 was
21,490, including 8,871 financial advisors, up from 8,688
financial advisors at 30&nbsp;September 2000.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 48</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6" color="#0038A8">International Private
Clients</FONT></B>

<P align="left"><B><FONT size="2"> Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>286</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">197</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(4</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>282</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">194</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">190</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>385</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">294</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>188</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>30</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(53</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>610</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">521</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">323</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(328</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(327</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(133</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>KPI&#146;s</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Assets under management (CHF&nbsp;billion)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>33</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net new money (CHF&nbsp;billion)<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>10.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Gross AuM margin (bps)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>75</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Regulatory equity used (avg)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>350</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">289</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">229</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>1,154</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">722</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting
Policies).&nbsp;<SUP>2</SUP>&nbsp;In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note&nbsp;3a).&nbsp;<SUP>3</SUP>&nbsp;Excludes
interest and dividend income.</FONT>
</DIV>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">There were no significant financial events that
affected this business unit in 1999 or 2000.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">Key performance
indicators</FONT></U></B>

<P align="left">
<FONT size="2">Assets under management decreased from CHF 36
billion at the end of 1999 to CHF 33&nbsp;billion at
31&nbsp;December&nbsp;2000, reflecting poor performance in world
equity markets during the year, particularly in the technology
sector.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net new money of CHF&nbsp;10.4 billion and the
increase in the gross margin from 67 bps in 1999 to 75 bps in
2000 reflect the successful efforts to build International
Private Clients client franchise.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Operating income increased CHF 88 million, or
45%, from CHF 194 million in 1999 to CHF 282 million in 2000.
Revenues have increased as average assets under management have
grown, a wider range of products and services has been offered
to clients and new staff and offices have built their client
franchises. International Private Clients&#146; businesses are
generally in a relatively early stage of development and its
client relationships will continue to build towards their full
revenue potential.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Operating expenses increased 17%, or CHF&nbsp;89
million, from CHF 521 million in 1999 to CHF 610 million in
2000, mainly due to the expansion of offices early in 2000. This
total included restructuring costs of CHF&nbsp;93 million
related to integration of the International Private Clients
businesses into UBS&nbsp;Warburg in February&nbsp;2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Excluding this restructuring charge, expenses
fell 1% compared to 1999.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 49</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

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

<DIV align="left">
<FONT size="2">Headcount fell from 1,386 to 1,154, as a result
of the restructuring undertaken in 2000, matching staffing
levels more exactly to market opportunities.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><U><FONT color="#0038A8">1999</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Results for the year ended 31 December&nbsp;1998
were driven by a business that consisted primarily of the
private banking operations of Schroder Munchmeyer Hengst, a
German private bank acquired by the former Union Bank of
Switzerland in August&nbsp;1997, domestic private banking
activities in Australia, and limited onshore private banking
activities conducted in the United States and Italy, established
by the former Union Bank of Switzerland.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Operating income increased CHF&nbsp;4
million, or 2%, from CHF&nbsp;190 million in 1998 to
CHF&nbsp;194 million in&nbsp;1999.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Assets under management increased
during 1999 by CHF 9 billion, or 33%.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Operating expenses increased 61%, or CHF 198
million, to CHF 521 million in 1999 from CHF 323 million in
1998, as a result of expansion in front-line and support staff,
office locations, and infrastructure related investments.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;Personnel, general and administrative
expenses increased CHF 187 million, or 64%, from CHF 294 million
in 1998 to CHF 481 million in 1999. Personnel costs increased
57%, or CHF 107 million, to CHF 294 million in 1999 due to an
increase in headcount of 664, or 92%, from 722 at 31
December&nbsp;1998 to 1,386 at 31&nbsp;December&nbsp;1999.
General and administrative expenses increased CHF 80 million, or
75%, from 1998 to CHF 187 million in 1999, due to increases in
information technology, property and other infrastructure costs
to support the new offices and increased headcount.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 50</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">UBS Warburg</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6" color="#0038A8">e-services</FONT></B>

<P align="left"><B><FONT size="2"> Business Unit Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">150</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">733</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">134</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">1</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">644</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">35</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">1</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">721</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business unit performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(321</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(723</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional Information</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Headcount (full time equivalents)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">410</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">486</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The year
ended 31&nbsp;December&nbsp;2000 General and administrative
expenses and Depreciation were adjusted for Significant
Financial Events in respect of the PaineWebber integration by
CHF&nbsp;80 million and CHF&nbsp;72 million, respectively.</FONT>
</DIV>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">UBS Group established the e-services project in
the third quarter of 1999. Following the merger with
PaineWebber, the e-services strategy was re-assessed and focus
shifted to more upscale clients than those originally
targeted.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The multi-currency and multi-entity core banking
systems developed by the e-services initiative will be
integrated into the core of UBS&#146;s new wealth management
strategy in Europe.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Those parts of the infrastructure that were
relevant to the mass affluent market, such as telephone
call-centers, have been closed and the investment in them has
been written off. This has resulted in a charge of CHF&nbsp;80
million to General and administrative expenses. In addition,
capitalized software costs relating to parts of the systems
which will not now be used have been written off, resulting in a
CHF 72 million charge to depreciation. These two amounts form
part of the PaineWebber integration costs, treated as a
significant financial event, and as a result these costs do not
appear in the adjusted business unit results above.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Operating expenses were CHF&nbsp;320 million in
2000, mainly related to infrastructure-related investments in
core technologies. Personnel expenses were CHF&nbsp;150 million
in 2000 and CHF&nbsp;18 million in 1999. General and
administrative expenses were CHF 134 million in 2000 and
CHF&nbsp;18 million in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">These increases were primarily the result of the
establishment of operations infrastructure, the installation and
testing of systems platforms, and the testing of marketing
concepts.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As explained above, the restructuring costs
associated with the end of the e-services initiative were
treated as a significant financial event and are therefore not
included in these figures.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 51</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6">Corporate Center</FONT></B>

<P align="left"><B><FONT size="2">Business Group Reporting</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>2</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>2</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">358</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">191</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(82</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss recovery<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,161</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">448</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">745</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,519</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,458</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">936</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(38</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">522</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">212</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">467</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">431</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">839</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,656</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(49</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">366</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">128</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,317</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,347</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,083</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">202</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,147</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(82</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Additional Information</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Regulatory equity used (avg)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,450</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,850</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Headcount (full time equivalents)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">986</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">862</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">921</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Business Group Reporting Adjusted for
Significant Financial Events<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>2</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>2</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">358</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">372</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">191</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss recovery<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,161</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">448</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">745</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,519</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">820</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">936</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">490</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">548</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">212</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(11</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">281</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">385</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,656</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(27</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">366</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">128</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,135</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,349</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,083</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">384</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(529</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,147</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Figures
have been adjusted for the significant financial events. Year
ended 31&nbsp;December&nbsp;1999 income has been adjusted for
the CHF&nbsp;38 million income from the Long Term Capital
Management (LTCM)&nbsp;fund, CHF 1,490 million for the sale of
our 25% stake in Swiss Life / Rentenanstalt and CHF 110 million
for the sale of Julius Baer registered shares. Year ended 31
December&nbsp;2000 Personnel expenses were adjusted for the
PaineWebber integration costs of CHF 32 million. Year ended 31
December&nbsp;2000 General and administrative expenses have been
adjusted for the net additional CHF 150 million provision
relating to the US Global Settlement. Year ended 31
December&nbsp;1999 Personnel expenses have been adjusted for CHF
456 million for the Pension Fund Accounting Credit. Year ended
31 December&nbsp;1999 General and administrative expenses have
been adjusted for CHF 300 million for the UBS/ SBC Restructuring
Provision and CHF 154 million for the increase in the provision
for the US Global Settlement.&nbsp;<SUP>2</SUP>&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting
Policies).&nbsp;<SUP>3</SUP>&nbsp;In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note&nbsp;3a).</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 52</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Corporate Center</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT color="#0038A8">2000</FONT></U></B>

<P align="left">
<FONT size="2">Significant financial events booked in Corporate
Center in 1999 and 2000 were:</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Personnel expenses of CHF 32 million relating to
	the integration of PaineWebber into UBS in 2000.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Operating income of CHF 1,490 million from the
	sale of UBS&#146;s 25% stake in Swiss Life/ Rentenanstalt, CHF
	110 million from the sale of Julius Baer registered shares, and
	CHF 38 million from UBS&#146;s residual holding in Long Term
	Capital Management L.P., all in 1999.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A credit to Personnel expenses in 1999 of CHF 456
	million in connection with excess pension fund employer
	pre-payments.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Costs of CHF 154 million in 1999 and CHF 150
	million in 2000 in General and administrative expenses in
	connection with the US Global Settlement of World War II related
	claims.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Costs of CHF 300 million in General and
	administrative expenses in respect of an additional
	restructuring charge relating to the 1998 merger between UBS and
	SBC.</FONT></TD>
</TR>

</TABLE>

<P align="left"><B><U><FONT size="2" color="#0038A8">Results</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Adjusted for significant financial events,
operating income before credit loss expense decreased CHF 14
million, or 4%, from CHF 372 million in 1999 to CHF&nbsp;358
million in 2000. Gains and losses attributable to Corporate
Center arise from funding, capital and balance sheet management,
the management of corporate real estate and the management of
foreign currency activities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Credit loss expense in Corporate Center
reconciles the difference between management accounting and
financial accounting, that is between the adjusted statistically
calculated expected losses charged to the business units and the
actual credit loss expense recognized in the Group financial
accounts. The Swiss economy has been strong in 2000, leading to
credit loss expenses below the statistically calculated expected
level, and to a net write back of credit loss provisions of CHF
695 million, resulting in a credit of CHF 130 million at the
Group level. Corporate Center&#146;s credit loss expense of CHF
1,161 million reflects the balancing item between this amount
and the CHF 1,031 million Expected Loss charged to the business
units.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Operating expenses decreased from CHF 1,349
million to CHF 1,135 million.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Headcount in Corporate Center increased 124
during the year, reflecting the addition of staff from
PaineWebber, and expansion in our Corporate Language Services
subsidiary.</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="left"><B><U><FONT color="#0038A8">1999</FONT></U></B>

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

<DIV align="left">
<FONT size="2">Operating income before credit loss expense
increased CHF 1,819 million, or 952%, from CHF 191 million in
1998 to CHF 2,010 million in 1999, primarily due to the
following:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Gains on the divestments of UBS&#146;s 25%
	interest in Swiss Life/ Rentenanstalt of CHF 1,490 million and
	of UBS&#146;s interest in Julius Baer registered shares of CHF
	110 million included in 1999.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Approximately CHF 380 million due to the
	consolidation of Klinik Hirslanden AG for the first time in
	1999.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The negative impact on 1998 operating income due
	to the loss of CHF 367 million from Long Term Capital
	Management.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, revenues attributable to Corporate
Center arise from funding, capital and balance sheet management,
and the management of foreign currency earnings activities
undertaken by Group Treasury.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Personnel, general and administrative expenses
decreased CHF 937 million, or 50%,</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 53</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> Review of</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Business Group Performance</FONT></B>
</DIV>

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

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">from CHF 1,868 million in 1998 to CHF 931 million
in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Personnel costs decreased 57% to CHF 92 million
in 1999 from CHF&nbsp;212 million in 1998, primarily as a result
of the recognition in 1999 of pre-paid employer pension
contributions of CHF 456 million. This represents the difference
between previously recorded and actuarially determined pension
expenses and was recognized in 1999 after the resolution of
certain legal and regulatory issues. Excluding the recognition
of this benefit, personnel expenses increased from 1998 to 1999
despite a slight decrease in headcount from 921 in 1998 to 862
in 1999. This increase year-on-year is largely attributable to
the consolidation of Klinik Hirslanden AG for the first time in
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">General and administrative expenses decreased CHF
817 million, or 49%, to CHF 839 million in 1999 from CHF 1,656
million in 1998, primarily as a result of a charge of CHF 842
million for the US global settlement of World
War&nbsp;II-related claims in 1998. In addition, the following
items were included in general and administrative expenses for
1999:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">An additional charge of CHF 154 million related
	to the settlement of World War&nbsp; II-related claims in the
	United States.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">An additional pre-tax restructuring charge of CHF
	300 million in respect of the 1998 merger.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#150;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Expenses of Klinik Hirslanden AG as a result of
	the consolidation of this entity for the first time in
	1999.</FONT></TD>
</TR>

</TABLE>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, total operating expenses in
Corporate Center were reduced from 1998 to 1999 mainly due to a
further refinement of service level agreements with the Business
Groups.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Depreciation and amortization increased CHF 201
million, or 93%, from CHF&nbsp;215 million in 1998 to CHF 416
million in 1999, principally as a result of a reclassification
of certain items which appeared in General and administrative
expenses in 1998.</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B><FONT size="6">UBS Group</FONT></B>

<DIV align="left">
<B><FONT size="6">Financial Statements</FONT></B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Table of Contents</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link1 "<FONT size="2">Financial Statements</FONT>" -->
<DIV align="left"><A NAME="025"></A></DIV>

<P align="left"><B><FONT size="6">Financial Statements</FONT></B>

<!-- link2 "<FONT size="2">Table of Contents</FONT>" -->
<DIV align="left"><A NAME="026"></A></DIV>

<DIV align="left">
<B><FONT size="6">Table of Contents</FONT></B>
</DIV>

<DIV align="left">

</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Financial
	Statements<HR size="1"></FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">58<HR size="1"></FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	UBS Group Income Statement</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	UBS Group Balance Sheet</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	59</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	UBS Group Statement of Changes in Equity</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	60</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	UBS Group Statement of Cash Flows</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	61</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Notes to the Financial
	Statements<HR size="1"></FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">63<HR size="1"></FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Summary of Significant Accounting Policies</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	63</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Acquisition of PaineWebber Group, Inc.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	69</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	3a</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Segment Reporting by Business Group</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	70</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	3b</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Segment Reporting by Geographic Location</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	73</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Income Statement</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>74</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	4</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Net Interest Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	74</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	5</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Net Fee and Commission Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	74</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	6</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Net Trading Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	75</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	7</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Net Gains from Disposal of Associates and Subsidiaries</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	75</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	8</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Other Income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	9</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Operating Expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	10</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Earnings per Share</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	77</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Balance Sheet: Assets</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>78</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	11</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Money Market Paper</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	78</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	12a</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Due from Banks and Loans to Customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	78</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	12b</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Allowance and Provision for Credit Losses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	79</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	12c</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Impaired Loans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	79</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	12d</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-Performing Loans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	80</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	13</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Securities Borrowing, Securities Lending, Repurchase, Reverse
	Repurchase and Other Collateralized Transactions</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	81</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	14</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading Portfolio</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	82</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	15</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Financial Investments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	83</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	16</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Investments in Associates</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	83</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	17</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Property and Equipment</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	84</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	18</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Goodwill and other Intangible Assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	84</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	19</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Other Assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	85</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Table of Contents</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Balance Sheet: Liabilities</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>86</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	20</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Due to Banks and Customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	86</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	21</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Long-Term Debt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	86</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	22</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Other Liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	93</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	23</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Provisions, including Restructuring Provision</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	93</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	24</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Income Taxes</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	95</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	25</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Minority Interests</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	96</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	26</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Derivative Instruments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	97</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Off-Balance Sheet and other Information</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>102</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	27</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Pledged Assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	102</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	28</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Fiduciary Transactions</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	102</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	29</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Commitments and Contingent Liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	103</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	30</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Operating Lease Commitments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	104</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	32</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Financial Instruments Risk Position</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	105</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	a)&nbsp;&nbsp;Interest Rate Risk</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	105</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	b)&nbsp;Credit Risk</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	107</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	&nbsp;&nbsp;&nbsp;&nbsp;(b)(i)&nbsp;&nbsp;On-balance sheet assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	107</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	&nbsp;&nbsp;&nbsp;&nbsp;(b)(ii)&nbsp;&nbsp;Off-balance sheet
	financial instruments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	108</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	&nbsp;&nbsp;&nbsp;&nbsp;(b)(iii)&nbsp;Credit risk mitigation
	techniques</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	108</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	c)&nbsp;&nbsp;Currency Risk</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	109</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	d)&nbsp;&nbsp;Liquidity Risk</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	110</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	e)&nbsp;&nbsp;Capital Adequacy</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	111</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	33</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Fair Value of Financial Instruments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	112</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	34</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Retirement Benefit Plans and other Employee Benefits</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	115</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	35</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Equity Participation Plans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	119</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	36</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Related Parties</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	122</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	37</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Post-Balance Sheet Events</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	122</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	38</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Significant Subsidiaries and Associates</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	123</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	39</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Significant Currency Translation Rates</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	126</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	40</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Swiss Banking Law Requirements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	126</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	41</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Reconciliation to U.S. GAAP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	128</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	42</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Additional U.S. GAAP Disclosures</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	141</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Selected Financial Data</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">143</FONT></B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Report of the Group Auditors</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">144</FONT></B></FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 57</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">Financial Statements</FONT>" -->
<DIV align="left"><A NAME="027"></A></DIV>

<P align="left"><B><FONT size="6">Financial Statements</FONT></B>

<DIV align="left">

</DIV>

<P align="left"><B> UBS Group Income Statement</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Note</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51,745</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">35,604</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,442</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(43,615</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(29,695</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(32,424</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,909</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit loss recovery / (expense)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(956</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(951</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net interest income after credit loss recovery / (expense)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,260</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,067</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,703</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,607</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,626</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net trading income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,719</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net gains from disposal of associates and subsidiaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,821</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(95</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,403</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,325</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,425</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating expenses Personnel</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,163</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,577</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,816</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,765</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,098</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,735</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation and amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,275</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,857</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,825</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,203</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,532</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Operating profit before tax and minority interests</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,893</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,871</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,686</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">904</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit before minority interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,879</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,207</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,967</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(87</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(54</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,153</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic earnings per share (CHF)&nbsp;<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15.20</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Basic earnings per share before goodwill (CHF)&nbsp;
	<SUP>2,3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.99</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share (CHF)&nbsp;<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15.07</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Diluted earnings per share before goodwill
	(CHF)&nbsp;<SUP>2,3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.67</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15.90</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;The amortization of goodwill and other
intangible assets is excluded from this calculation.
<SUP>3</SUP>&nbsp;1999 and 1998 share figures are restated for
the two-for-one share split, effective 8&nbsp;May 2000.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 58</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>UBS Group Balance Sheet</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Note</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and balances with central banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,979</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">66,454</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">29,147</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,907</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities borrowed</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">177,857</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">193,801</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132,391</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">253,296</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211,932</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Positive replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">57,875</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,957</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">244,842</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,405</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,039</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued income and prepaid expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,062</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,167</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investments in associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">880</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,910</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,701</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,537</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">451</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,507</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">896,556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total subordinated assets</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I><FONT color="#E8112D">475</FONT></I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>600</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(21</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">74,780</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,655</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">82,240</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,365</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities lent</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">23,418</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,832</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">295,513</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196,914</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">82,632</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,638</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Negative replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">75,923</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95,786</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">310,679</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">279,960</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued expenses and deferred income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,038</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,040</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">54,855</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,332</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22, 23, 24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,756</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,992</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,039,834</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">865,514</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,885</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">434</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">565</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Shareholders&#146; equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,444</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,309</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share premium account</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,885</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,437</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(687</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(442</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(55</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retained earnings</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">24,191</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,327</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(4,000</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,023</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total shareholders&#146; equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44,833</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total liabilities, minority interests and shareholders&#146;
	equity</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">896,556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total subordinated liabilities</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I><FONT color="#E8112D">14,508</FONT></I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>14,801</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(2</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting Policies).</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The 1999 and 1998 figures have been restated to
	reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Note&nbsp;1: Summary of Significant
	Accounting Policies).</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">2</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Comprising 444,379,729 ordinary shares as of
	31&nbsp;December 2000, 430,893,162 ordinary shares as of
	31&nbsp;December 1999 and 429,952,612 ordinary shares as of
	31&nbsp;December 1998, at CHF&nbsp;10 each, fully paid.</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">3</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">In prior periods, a portion of income on own
	equity derivative contract activity was included in
	Premium&nbsp;/ (discount) on treasury shares issued and treasury
	share contract activity. This amount is now included in Net
	premium&nbsp;/ (discount) on treasury share and own equity
	derivative activity for all periods.</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">4</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">In January&nbsp;2001, all remaining shares
	borrowed to complete the acquisition of PaineWebber were settled
	resulting in a net CHF&nbsp;103 million decrease in share
	premium.</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">5</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Includes interim dividend paid in respect of the
	period from 1&nbsp;January 2000 to 30&nbsp;September 2000 of
	CHF&nbsp;1,764 million.</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">6</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The Board of Directors is proposing to repay
	CHF&nbsp;1.60 of the par value of each CHF&nbsp;10.00 share,
	instead of distributing a final dividend in respect of the
	period from 1&nbsp;October 2000 to 31&nbsp;December 2000.</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">7</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Comprising 18,421,783 ordinary shares as of
	31&nbsp;December 2000, 36,873,714 ordinary shares as of
	31&nbsp;December 1999 and 24,456,698 ordinary shares as of
	31&nbsp;December 1998.</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">8</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Includes shares issued for employee option
	plans.</FONT></TD>
</TR>

</TABLE>

<P><HR size="5" noshade><P>

<P align="left"><B>UBS Group Statement of Changes in Equity</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>&nbsp;1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>&nbsp;1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Issued and paid up share capital</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,296</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issue of share capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">135</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year</B><SUP>&nbsp;2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,444</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,309</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13,929</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,740</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,260</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Change in accounting policy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">508</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(123</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,406</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year (restated)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,437</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,617</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,666</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Premium on shares issued and warrants exercised<SUP>&nbsp;3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">139</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net premium&nbsp;/ (discount) on treasury share and own equity
	derivative activity<SUP>&nbsp;3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(391</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">775</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,160</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share premium increase due to PaineWebber acquisition</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,198</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Borrow of own shares to be delivered<SUP>&nbsp;4</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,895</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Settlement of own shares to be delivered</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(3,393</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,885</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,437</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,617</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Foreign currency translation</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(442</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(456</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(111</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Movements during the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(245</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(345</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(687</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(442</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(456</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,501</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,293</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Change in accounting policy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(174</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(69</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year (restated)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,327</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,224</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit for the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dividends paid<SUP>&nbsp;5, 6</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(3,928</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,050</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,212</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">24,191</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,327</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,224</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Treasury shares, at cost</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(3,462</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,482</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,982</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Change in accounting policy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(4,561</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,409</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,345</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year (restated)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(8,023</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,891</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,327</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Acquisitions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(16,330</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,595</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,860</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Disposals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,353</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,463</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,296</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year<SUP>&nbsp;7</SUP></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(4,000</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,023</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,891</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total shareholders&#146; equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44,833</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Reconciliation of shares issued</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Number of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>As of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the beginning of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">430,893,162</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429,952,612</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">428,724,700</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issue of share capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">804,502</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">940,550</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,227,912</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issue of share capital due to PaineWebber<SUP>&nbsp;8</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,682,065</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total ordinary shares issued, at the end of the year</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">444,379,729</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">430,893,162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429,952,612</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">In addition to treasury shares, a maximum of
42,571,341 shares (1,057,908 at 31&nbsp;December 1999 and
1,998,458 at 31&nbsp;December 1998) can be issued without
further approval of the shareholders. The amount of shares
consists of 26,000,000 authorized shares contingently issuable
by the Board of Directors in reference to the PaineWebber share
exchange until February&nbsp;2001 at the latest. The option to
issue authorized shares expired unused. Additionally 16,571,341
shares out of conditional capital had been set aside by the
Extraordinary General Meeting on 7&nbsp;September 2000. Those
shares are issuable against the exercise of options from former
PaineWebber employee option plans. The Board of Directors will
propose to the shareholders at the Annual General Meeting on
26&nbsp;April 2001 a reduction of the issuable amount to
5,643,205 shares which is the number of shares required to
settle the outstanding PaineWebber employee options at year
end.</FONT>

<DIV align="left">
<FONT size="2"> 60</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>UBS Group Statement of Cash Flows</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash flow from&nbsp;/ (used in) operating activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Adjustments to reconcile to cash flow from&nbsp;/ (used in)
	operating activities</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-cash items included in net profit and other adjustments:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation and amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,275</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,857</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,825</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Provision for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(130</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">956</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">951</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income from associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(58</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(211</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(377</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Deferred tax expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">544</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">479</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">491</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net gain from investing activities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(730</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,282</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,803</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net increase&nbsp;/ (decrease) in operating assets:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net due from&nbsp;/ to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(915</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,298</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(65,172</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Reverse repurchase agreements, cash collateral on securities
	borrowed</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(81,054</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,656</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66,031</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio including net replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,553</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(49,956</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,089</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans due to&nbsp;/ from customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,381</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,222</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,626</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued income, prepaid expenses and other assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,923</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,545</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net increase&nbsp;/ (decrease) in operating liabilities:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repurchase agreements, cash collateral on securities lent</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">50,762</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52,958</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(49,145</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued expenses and other liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,313</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7,366</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income taxes paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(959</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,063</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(733</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net cash flow from&nbsp;/ (used in) operating activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,697</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,338</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,704</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="15"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash flow (used in)&nbsp;/ from investing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investments in subsidiaries and associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(9,729</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,720</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,563</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Disposal of subsidiaries and associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">669</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,782</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Purchase of property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,640</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,820</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,813</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Disposal of property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">335</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,880</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net (investment)&nbsp;/ divestment in financial investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(8,770</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">356</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net cash flow (used in)&nbsp;/ from investing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(19,135</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,478</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="15"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash flow (used in)&nbsp;/ from financing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,125</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,128</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,073</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net movements in treasury shares and treasury share contract
	activity</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(647</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,312</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,552</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Capital issuance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dividends paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(3,928</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,050</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,212</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issuance of long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,884</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,661</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,566</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repayment of long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(24,640</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7,112</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,068</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issuance of minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,683</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repayment of minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(73</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(689</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net cash flow (used in)&nbsp;/ from financing activities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,581</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,635</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,335</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Effects of exchange rate differences</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">112</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">148</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(386</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net increase&nbsp;/ (decrease) in cash equivalents</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(8,907</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,599</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,675</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and cash equivalents, beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">102,277</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,678</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92,353</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash and cash equivalents, end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">93,370</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102,277</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,678</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash and cash equivalents comprise:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and balances with central banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,979</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,267</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">66,454</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,390</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks maturing in less than three months</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">23,937</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,487</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,021</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">93,370</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102,277</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,678</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting
Policies).</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 61</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Additional Information on the Cash Flow Statement</B>

<P align="left">
<FONT size="2">Cash and cash equivalents increased by
CHF&nbsp;1,311 million as a result of acquisitions and disposals
of subsidiaries in 2000 (see Note&nbsp;38).</FONT>

<P align="left">
<FONT size="2">The principal assets and liabilities of
PaineWebber upon consolidation are made up as follows:</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>03.11.00</B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans, net of allowances for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">42</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities borrowed&nbsp;/ reverse repurchase
	agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">45</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities lent&nbsp;/ repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">58</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">For more information relating to the PaineWebber
acquisition please see Note&nbsp;2: Acquisition of Paine Webber
Group, Inc.</FONT>

<DIV align="left">
<FONT size="2"> 62</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6">Notes to the</FONT></B>

<DIV align="left">
<B><FONT size="6">Financial Statements</FONT></B>
</DIV>

<P align="left"><B>Note&nbsp;1 Summary of Significant Accounting Policies</B>

<P align="left"><B><FONT size="2">a)&nbsp; Basis of accounting</FONT></B>

<DIV align="left">
<FONT size="2">UBS AG and subsidiaries (the &#147;Group&#148;)
provides a broad range of financial services such as advisory
services, underwriting, financing, market making, asset
management, brokerage, and retail banking on a global level. The
Group was formed on 29&nbsp;June 1998 when Swiss Bank
Corporation and Union Bank of Switzerland merged. The merger was
accounted for using the pooling of interests method of
accounting.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements are stated
in Swiss francs (CHF), the currency of the country in which UBS
AG is incorporated. They are prepared in accordance with
International Accounting Standards. In preparing the
consolidated Financial statements, management is required to
make estimates and assumptions that affect the amounts reported.
Actual results could differ from such estimates and the
differences may be material to the consolidated financial
statements.</FONT>
</DIV>

<P align="left"><B><FONT size="2">b)&nbsp; Consolidation</FONT></B>

<DIV align="left">
<FONT size="2">The consolidated financial statements comprise
those of the parent company (UBS AG), its subsidiaries and
certain special purpose entities, presented as a single economic
entity. Subsidiaries and special purpose entities which are
directly or indirectly controlled by the Group are consolidated.
Subsidiaries acquired are consolidated from the date control
passes. Subsidiaries where control is temporary because they are
acquired and held with a view to their subsequent disposal are
recorded as Financial investments.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The effects of intra-group transactions are
eliminated in preparing the Group financial statements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Equity and net income attributable to minority
interests are shown separately in the Balance sheet and Income
statement respectively.</FONT>
</DIV>

<P align="left"><B><FONT size="2">c)&nbsp; Trade date/settlement date
accounting</FONT></B>

<DIV align="left">
<FONT size="2">When the Group becomes party to a contract in its
trading activities it recognizes from that date (trade date) any
unrealized profits and losses arising from revaluing that
contract to fair value. These unrealized profits and losses are
recognized in the income statement.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">On a date subsequent to the trade date, the terms
of spot and forward trading transactions are fulfilled
(settlement date) and a resulting financial asset or liability
is recognized on the balance sheet at the fair value of the
consideration given or received.</FONT>
</DIV>

<P align="left"><B><FONT size="2">d)&nbsp; Foreign currency
translation</FONT></B>

<DIV align="left">
<FONT size="2">Foreign currency transactions are recorded at the
rate of exchange on the date of the transaction. At the balance
sheet date, monetary assets and liabilities denominated in
foreign currencies are reported using the closing exchange rate.
Exchange differences arising on the settlement of transactions
at rates different from those at the date of the transaction,
and unrealized foreign exchange differences on unsettled foreign
currency monetary assets and liabilities, are recognized in the
income statement.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Assets and liabilities of foreign entities are
translated at the exchange rates at the balance sheet date,
while income statement items and cash flows are translated at
average rates over the year. Differences resulting from the use
of these different exchange rates are recognized directly in
foreign currency translation within Shareholders&#146;
equity.</FONT>
</DIV>

<P align="left"><B><FONT size="2">e)&nbsp; Business and geographical
segments</FONT></B>

<DIV align="left">
<FONT size="2">The Group is organized on a worldwide basis into
three major Business Groups and the Corporate Center. This
organizational structure is the basis upon which the Group
reports its primary segment information.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Segment revenue, segment expenses and segment
performance include transfers between business segments and
between geographical segments. Such transfers are accounted for
at competitive prices in line with charges to unaffiliated
customers for similar services.</FONT>
</DIV>

<P align="left"><B><FONT size="2">f)&nbsp; Securities borrowing and
lending</FONT></B>

<DIV align="left">
<FONT size="2">Securities borrowed and lent that are
collateralized by cash are included in the balance</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 63</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">sheet at amounts equal to the collateral advanced
or received.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Income arising from the securities lending and
borrowing business is recognized in the income statement on an
accrual basis.</FONT>
</DIV>

<P align="left"><B><FONT size="2">g)&nbsp; Repurchase and reverse repurchase
transactions</FONT></B>

<DIV align="left">
<FONT size="2">The Group enters into purchases of securities
under agreements to resell and sales of securities under
agreements to repurchase substantially identical securities.
Securities which have been sold subject to repurchase agreements
continue to be recognized in the balance sheet and are measured
in accordance with the accounting policy for trading balances or
financial investments as appropriate. The proceeds from sale of
these securities are treated as liabilities and included in
repurchase agreements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Securities purchased subject to commitments to
resell at a future date are treated as loans collateralized by
the security and are included in reverse repurchase
agreements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Interest earned on reverse repurchase agreements
and interest incurred on repurchase agreements is recognized as
interest income and interest expense respectively over the life
of each agreement. The Group offsets reverse repurchase
agreements and repurchase agreements with the same counterparty
for transactions covered by legally enforceable master netting
agreements when net or simultaneous settlement is
intended.</FONT>
</DIV>

<P align="left"><B><FONT size="2">h)&nbsp; Trading portfolio</FONT></B>

<DIV align="left">
<FONT size="2">The trading portfolio consists of debt and equity
securities as well as of precious metals. The trading portfolio
is carried at fair value and marked to market daily. Short
positions in securities are reported as Trading portfolio
liabilities. Realized and unrealized gains and losses, net of
related transaction expenses, are recognized as Net trading
income.</FONT>
</DIV>

<P align="left"><B><FONT size="2">i)&nbsp; Loans and allowance for credit
losses</FONT></B>

<DIV align="left">
<FONT size="2">Loans are initially recorded at cost. For loans
originated by the Group, the cost is the amount lent to the
borrower. For loans acquired from a third party the cost is the
fair value at the time of acquisition.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Interest income on performing loans, including
amortization of premiums and discounts, is recognized on an
accrual basis.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Loans are stated at their principal amount net of
any allowance for credit losses. The allowance and provisions
for credit losses provides for probable losses in the credit
portfolio, including loans and lending-related commitments. Such
commitments include letters of credit, guarantees and
commitments to extend credit.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The carrying amounts of impaired loans are
reduced to their estimated realizable value through allowances.
Increases or decreases in allowances are charged or credited,
respectively, to the income statement. A write-off is made when
all or part of a loan is deemed uncollectible or in the case of
debt forgiveness. Write-offs are charged against previously
established allowances and reduce the principal amount of a
loan. Recoveries are credited to the allowances for credit
losses.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A loan is considered impaired when it becomes
probable that the bank will not be able to collect all amounts
due according to the contractual terms. The reason for
impairment includes both counterparty-specific and
country-specific elements. The evaluation is based on the
following principles:</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I>
<FONT size="2">
Counterparty-specific:&nbsp;</FONT></I><FONT size="2">Individual
credit exposures are evaluated based upon the borrower&#146;s
character, overall financial condition, resources and payment
record; the prospects for support from any financially
responsible guarantors; and, if appropriate, the realizable
value of any collateral. Impairment is measured and allowances
are established based on discounted expected cash flows.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I>
<FONT size="2">
Country-specific:&nbsp;</FONT></I><FONT size="2">Probable losses
resulting from exposures in countries experiencing political and
transfer risk, countrywide economic distress, or problems
regarding the legal enforceability of contracts are assessed
using country specific scenarios and taking into consideration
the nature of the individual exposures and their importance for
the economy. Specific country allowances are established based
on this assessment, and exclude exposures addressed in
counterparty-specific allowances.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">All impaired loans are periodically reviewed and
analyzed and the allowance for credit losses is reassessed on a
loan-by-loan basis at least annually and if necessary adjusted
for further impairments identified. If there are indications
that there are significant probable losses in the portfolio that
have not been spe-</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 64</FONT>
</DIV>

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">cifically identified, allowances would also be
provided for on a portfolio basis.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">A loan is classified as non-performing when the
contractual payments of principal and/or interest are in arrears
for 90&nbsp;days or more. After the 90-day period the
recognition of interest income ceases and a charge is recognized
for the unpaid and accrued interest receivable.</FONT>

<P align="left"><B><FONT size="2">j)&nbsp; Financial investments</FONT></B>

<P align="left">
<FONT size="2">Financial investments are debt and equity
securities held for the accretion of wealth through
distributions, such as interest and dividends, and for capital
appreciation. Financial investments also include real estate
held for sale.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Debt securities held to maturity are carried at
amortized cost. If necessary, the carrying amount is reduced to
its estimated realizable value. Interest income on debt
securities, including amortization of premiums and discounts, is
recognized on an accrual basis and reported as Net interest
income.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Financial investments held for sale are carried
at the lower of cost or market value. Reductions to market value
and reversals of such reductions as well as gains and losses on
disposal are included in Other income. Interest earned and
dividends received are included in Net interest income.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Private equity investments are carried at cost
less write-downs for impairments in value. Reductions of the
carrying amount and reversals of such reductions as well as
gains and losses on disposal are included in Other income.</FONT>

<P align="left"><B><FONT size="2">k)&nbsp; Investments in associates</FONT></B>

<P align="left">
<FONT size="2">Investments in associates in which the Group has
a significant influence are accounted for by the equity method.
Investments in which the Group has a temporary significant
influence because they are acquired and held with a view to
their subsequent disposal, are included in Financial investments
(see private equity above).</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Investments in companies in which the Group does
not hold a significant influence are recorded at cost less value
adjustments for other than temporary declines in value.</FONT>

<P align="left"><B><FONT size="2">l)&nbsp; Property and equipment</FONT></B>

<DIV align="left">
<FONT size="2">Property and equipment includes bank occupied
properties, investment properties, software, IT and
communication and other machines and equipment. Property and
equipment is carried at cost less accumulated depreciation and
is periodically reviewed for impairment.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Property and equipment is depreciated on a
straight-line basis over its estimated useful life as
follows:</FONT>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Properties</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	Not exceeding 50&nbsp; years</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IT, software and communication</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	Not exceeding 3&nbsp;years</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other machines and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	Not exceeding 5&nbsp;years</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">m)&nbsp; Goodwill and other intangible
assets</FONT></B>

<DIV align="left">
<FONT size="2">Goodwill represents the excess of the cost of an
acquisition over the fair value of the Group&#146;s share of net
identifiable assets of the acquired entity at the date of
acquisition.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Other intangible assets are comprised of
separately identifiable intangible items arising from
acquisitions and certain purchased trademarks and similar
items.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Goodwill and other intangible assets are
recognized as assets and are amortized using the straight-line
basis over their estimated useful economic life, not exceeding
20&nbsp;years. At each balance sheet date, goodwill and other
intangible assets are reviewed for indications of impairment. If
such indications exist an analysis is performed to assess if a
write-down is necessary.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Goodwill and fair value adjustments arising on
the acquisition of foreign subsidiaries are treated as local
currency balances and are translated into Swiss francs at the
closing rate at subsequent balance sheet dates. Software
development costs are capitalized when they meet certain
criteria relating to identifiability and future economic
benefits can be reasonably estimated. Internally developed
software is classified in Property and equipment in the balance
sheet.</FONT>
</DIV>

<P align="left"><B><FONT size="2">n)&nbsp; Income taxes</FONT></B>

<DIV align="left">
<FONT size="2">Income tax payable on profits, based on the
applicable tax laws in each jurisdiction, is recognized as an
expense in the period in which profits arise. The tax effects of
income tax losses available for carry-forward are recog-</FONT>
</DIV>

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

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">nized as an asset when it is probable that future
taxable profit will be available against which those losses can
be utilized.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Deferred tax liabilities are recognized for
temporary differences between the carrying amounts of assets and
liabilities in the Group balance sheet and their amounts as
measured for tax purposes, which will result in taxable amounts
in future periods. Deferred tax assets are recognized for
temporary differences which will result in deductible amounts in
future periods, but only to the extent it is probable that
sufficient taxable profits will be available against which these
differences can be utilized.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply to the period in
which the asset will be realized or the liability will be
settled based on enacted rates.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Current and deferred tax assets and liabilities
are offset when they arise from the same tax reporting group and
relate to the same tax authority and when the legal right to
offset exists.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Current and deferred taxes are recognized as tax
income or expense except for deferred taxes recognized or
disposed of on the acquisition or disposal of a
subsidiary.</FONT>
</DIV>

<P align="left"><B><FONT size="2">o)&nbsp; Treasury shares</FONT></B>

<DIV align="left">
<FONT size="2">UBS AG shares held by the Group are classified in
the Shareholders&#146; equity as Treasury shares and accounted
for at weighted average cost. The difference between the
proceeds from sales of treasury shares and their cost (net of
tax) is classified as Share premium.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Contracts that require physical settlement or net
share settlement are classified as Shareholders&#146; equity and
reported as Share premium. The difference between the proceeds
from the settlement of the contract and its cost (net of tax)
are reported as Share premium.</FONT>
</DIV>

<P align="left"><B><FONT size="2">p)&nbsp; Retirement benefits</FONT></B>

<DIV align="left">
<FONT size="2">The Group sponsors a number of retirement benefit
plans for its employees worldwide. These plans include both
defined benefit and defined contribution plans and various other
retirement benefits such as post-employment medical benefits.
Group contributions to defined contribution plans are expensed
when employees have rendered services in exchange for such
contributions, generally in the year of contribution.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group uses the projected unit credit
actuarial method to determine the present value of its defined
benefit obligations and the related current service cost and,
where applicable, past service cost.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The principal actuarial assumptions used by the
actuary are set out in Note&nbsp;34.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group recognizes a portion of its actuarial
gains and losses as income or expenses if the net cumulative
unrecognized actuarial gains and losses at the end of the
previous reporting period exceeded the greater of:</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="92%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	a)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	10% of present value of the defined benefit obligation at that
	date (before deducting plan assets); and</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	b)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	10% of the fair value of any plan assets at that date.</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The unrecognized actuarial gains and losses
exceeding the greater of the two values are recognized in the
income statement over the expected average remaining working
lives of the employees participating in the plans.</FONT>
</DIV>

<P align="left"><B><FONT size="2">q)&nbsp; Derivative instruments</FONT></B>

<DIV align="left">
<FONT size="2">Derivative instruments are carried at fair value.
Fair values are obtained from quoted market prices, discounted
cash flow models and option pricing models as appropriate. The
fair values of derivative instruments are shown in the balance
sheet as Positive and Negative replacement values. Realized and
unrealized gains and losses are recognized in Net trading
income.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Transactions in derivative instruments entered
into for hedging of non-trading positions are recognized in the
income statement on the same basis as to the underlying item
being hedged.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group offsets positive and negative
replacement values with the same counterparty for transactions
covered by legally enforceable master netting agreements.</FONT>
</DIV>

<P align="left"><B><FONT size="2">r)&nbsp; Comparability</FONT></B>

<DIV align="left">
<FONT size="2">Certain amounts have been reclassified from
previous years to conform to the 2000 presentation.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The prior year financial statements reflect the
requirements of the following revised or new International
Accounting Standards or</FONT>
</DIV>

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

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<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">changes in accounting policies which the Group
implemented in 2000:</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        IAS 10 (revised)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="bottom"><FONT size="2">
        Events after the balance sheet date</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        IAS 37</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="bottom"><FONT size="2">
        Provisions, contingent liabilities and contingent assets</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        IAS 38</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="bottom"><FONT size="2">
        Intangible assets</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interpretation SIC 12</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="bottom"><FONT size="2">
        Consolidation&nbsp;&#150;&nbsp;special purpose entities</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interpretation SIC 16</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="bottom"><FONT size="2">
        Share capital&nbsp;&#150;&nbsp;reacquired own equity instruments
        (treasury shares)</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interpretation SIC 24</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="bottom"><FONT size="2">
        Earnings per share&nbsp;&#150;&nbsp;financial instruments and
        other contracts that may be settled in shares</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Offsetting of amounts related to certain contracts</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Interest and dividend income on trading assets</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The implementation of the above standards or
accounting policies had no material impact for the Group except
for the following:</FONT>
</DIV>

<P align="left"><I><FONT size="2">IAS 38 Intangible assets</FONT></I>

<DIV align="left">
<FONT size="2">In July&nbsp;1998, the IASC issued IAS 38
Intangible Assets, which the Group adopted prospectively as of
1&nbsp;January 2000. The standard requires the capitalization
and amortization of certain intangible assets, if it is probable
that the future economic benefits that are attributable to the
assets will flow to the enterprise and the cost can be measured
reliably.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Capitalized costs relating to internally
developed software amounted to CHF 248 million as of
31&nbsp;December 2000 and are reported within Note&nbsp;17
Property and equipment as IT, software and communication, and
operating expenses were reduced accordingly.</FONT>
</DIV>

<P align="left"><I><FONT size="2">Interpretation SIC 16, Share
Capital&nbsp;&#150; Reacquired Own Equity Instruments (Treasury
Shares)</FONT></I>

<DIV align="left">
<FONT size="2">In May&nbsp;1999, the IASC issued Interpretation
SIC&nbsp;16, Share Capital&nbsp;&#150; Reacquired Own Equity
Instruments (Treasury Shares), which the Group adopted as of
1&nbsp;January 2000. The interpretation provides guidance for
the recognition, presentation and disclosure of treasury shares.
SIC&nbsp;16 applies to own shares and derivatives on own shares
held for trading and non-trading purposes. SIC&nbsp;16 requires
own shares and derivatives on own shares to be presented as
Treasury shares and deducted from Shareholders&#146; equity.
Gains and losses relating to the sale of own shares are
recognized as a change in shareholders&#146; equity.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As a result of the adoption of Interpretation SIC
16, financial information has been retroactively restated. Net
trading income was reduced by CHF 196 million for the year ended
31&nbsp;December 1999. Shareholders&#146; equity and Total
assets were reduced by CHF 4,227 million as of 31&nbsp;December
1999 and CHF 3,601 million as of 31 December&nbsp;1998.</FONT>
</DIV>

<P align="left"><I><FONT size="2">Offsetting of amounts related to certain
contracts</FONT></I>

<DIV align="left">
<FONT size="2">In order to improve comparability with its
competitors, the Group has decided to offset positive and
negative replacement values and reverse repurchase agreements
and repurchase agreements with the same counterparty for
transactions covered by legally enforceable master netting
agreements. This change became effective as of 1&nbsp;January
2000 and all prior periods represented have been restated.
Positive and negative replacement values have been reduced by
CHF 66,136 million for the year ended 31&nbsp;December 1999.
Reverse repurchase and repurchase agreements have been reduced
by CHF 12,322 million for the year ended 31&nbsp;December
1999.</FONT>
</DIV>

<P align="left"><I><FONT size="2">Interest and dividend income and expense on
trading assets</FONT></I>

<DIV align="left">
<FONT size="2">In prior periods, interest and dividend income
and expense on trading assets and liabilities were included in
Net trading income. In order to improve comparability with its
competitors, the Group has included interest and dividend income
and expense on trading assets and liabilities in interest income
and interest expense respectively. This change in presentation
became effective 1&nbsp;January 2000. The comparative financial
information for 1999 has been restated to comply with this
change. Interest income was increased by CHF 17,281 million for
the year ended 31&nbsp;December 1999. Interest expense was
increased by CHF 17,728 million for the year ended
31&nbsp;December 1999. In addition, Net trading income was
increased by CHF 447 million for the year ended 31&nbsp;December
1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition to the above, other changes have been
made to prior years to conform to current presentation.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 67</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">s)&nbsp; Recent accounting standards not yet
adopted</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS 12</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Revised, income taxes</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS 39</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Recognition and measurement of financial instruments</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS 40</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Investment property</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The implementation of the above standards will
have no material impact for the Group except for the
following:</FONT>
</DIV>

<P align="left"><I><FONT size="2">IAS 39, Recognition and measurement of
financial instruments</FONT></I>

<DIV align="left">
<FONT size="2">In December&nbsp;1998, the IASC issued IAS 39,
Recognition and Measurement of Financial Instruments, which is
required to be adopted for the Group&#146;s financial statements
as of 1&nbsp;January 2001 on a prospective basis.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Standard provides comprehensive guidance on
accounting for financial instruments. Financial instruments
include conventional financial assets and liabilities and
derivatives. IAS&nbsp;39 requires that all financial instruments
should be recognized on the balance sheet. The Group will
disclose its financial assets either as loans originated by the
bank and not held for trading, financial assets held for
trading, investments held to maturity or financial assets
available for sale.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Loans originated by the bank are initially
measured at cost, which is the fair value of the consideration
given to originate the loan, including any transaction costs.
Loans will subsequently be measured at amortized cost minus any
write-down for impairment or uncollectibility.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Financial assets held for trading are valued at
fair value and changes in the fair value are recognized in
trading income.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Held-to-maturity investments are recognized at
cost and interest is accrued using the effective interest
method. Held-to-maturity investments are subject to review for
impairment.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Financial assets available for sale are
recognized at fair value on the balance sheet. Changes in fair
value are booked to equity and disclosed in the statement of
changes in equity until the financial asset is sold, collected
or otherwise disposed of, or until the financial asset is
determined to be impaired, at which time the cumulative profit
or loss previously recognized in equity should be included in
net profit or loss for the period.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In a qualifying hedge of exposures to changes in
fair value, the change in fair value of the hedging instrument
is recognized as an adjustment to its carrying amount and in net
profit and loss. The change in fair value of the hedged item
attributable to the hedged risks adjusts the carrying value of
the hedged item and is also recognized in net profit or
loss.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In a qualifying cash flow hedge, the effective
portion of the gain or loss on the hedging instrument is
recognized as an adjustment to its carrying amount and in
equity. The ineffective portion of the gain or loss on the
hedging transaction also adjusts the hedging instrument&#146;s
carrying amount, but is reported in net profit or loss. If the
forecasted transaction is no longer expected to occur, the
cumulative gain or loss on the hedging instrument is recognized
in net profit or loss.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">A qualifying hedge of a net investment in a
foreign entity is accounted for similar to a cash flow hedge.
The gain or loss on the hedging instrument relating to the
effective portion of the hedge is classified in the same manner
as the foreign currency translation gain or loss.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The adoption of IAS 39 is expected to have a
material impact on certain financial assets and liabilities
including long-term debt. An opening adjustment to Other
comprehensive income will also be required, representing
unrealized gains and losses on financial assets recorded as
available for sale and derivatives designated as cash flow
hedges.</FONT>
</DIV>

<P align="left"><I><FONT size="2">IAS 40 Investment property</FONT></I>

<DIV align="left">
<FONT size="2">In April&nbsp;2000, the IASC issued IAS 40
Investment property, which is required to be adopted for the
Group&#146;s financial statements as of 1&nbsp;January 2001. The
Standard prescribes the accounting treatment and disclosure
requirements for investment property. Investment properties are
measured at cost less accumulated depreciation and any
accumulated impairment losses. As of 1&nbsp;January 2001
investment properties amounted to CHF 1,280 million.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 68</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 2&nbsp;&nbsp;&nbsp;Acquisition of Paine Webber Group,
Inc.</B>

<P align="left">
<FONT size="2">On 3&nbsp;November 2000, UBS completed its
acquisition of 100% of the outstanding common stock of the Paine
Webber Group, Inc., a full-service broker-dealer and one of the
largest securities and commodities firms in the United States
servicing both individual and institutional clients. The
transaction was accounted for using the purchase method of
accounting, making PaineWebber a wholly owned subsidiary of UBS.
Results of operations of PaineWebber are included in the
consolidated results beginning on the date of acquisition. Under
International Accounting Standards, the valuation of shares and
options issued is measured as of the date the acquisition was
completed, 3&nbsp;November 2000. Purchase consideration of
CHF&nbsp;22.0 billion (USD&nbsp;12.5 billion) consists of the
following:</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>CHF</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>USD</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>million</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Value of shares issued (40,580,570 shares issued)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,246</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,817</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Value of options issued (options on 6,325,270 shares issued)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">992</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">563</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash consideration</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,607</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,021</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Direct costs of the acquisition</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">115</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total purchase price</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,960</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,466</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Fair value of net assets acquired</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(5,630</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,196</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total intangible assets&nbsp;<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,330</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,270</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Intangible assets other than goodwill</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(4,695</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,665</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Goodwill arising from acquisition</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,635</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,605</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Purchased goodwill</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,202</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">682</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total goodwill at 3&nbsp;November 2000</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,837</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,287</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Effect of translation adjustments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(898</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Amortization from 3&nbsp;November 2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(103</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(61</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Balance of goodwill at 31&nbsp;December 2000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,836</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,226</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Excluding
purchased goodwill.</FONT>
</DIV>

<P align="left">
<FONT size="2">The resulting goodwill and intangible assets will
be amortized using the straight-line method over their estimated
useful lives of 20&nbsp;years.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, UBS has entered into employee
retention agreements that provide for payments to key
PaineWebber employees which are subject to the employee&#146;s
continued employment and other restrictions. The estimated cost
to the Group for the agreements is approximately CHF&nbsp;1.5
billion (USD&nbsp;875 million) over a four-year period.</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 3a&nbsp;&nbsp;&nbsp;Segment Reporting by Business
Group</B>

<P align="left">
<FONT size="2">UBS is organized into three Business Groups: UBS
Switzerland, UBS Warburg and UBS Asset Management, and our
Corporate Center.</FONT>

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

<DIV align="left">
<FONT size="2">UBS Switzerland encompasses two business units,
Private Banking and Private and Corporate Clients.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Private Banking business unit offers
comprehensive wealth management services for private clients
globally, who bank in Switzerland and other financial centers
worldwide.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Within Switzerland, the Private and Corporate
Clients business unit provides a complete set of banking and
securities services for individual and corporate clients,
focused foremost on customer service excellence, profitability
and growth via multichannel distribution.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The two business units share technological and
physical infrastructure, and have joint departments supporting
major functions such as e-commerce, financial planning and
wealth management, and investment policy and strategy.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS Asset Management is organized into two
business units, Institutional Asset Management and Investment
Funds&nbsp;/&nbsp;GAM.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Institutional Asset Management offers a diverse
range of institutional investment management capabilities, in
every major asset class, from the traditional to the
alternative.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Investment Funds provides retail investment fund
products, marketed principally through UBS Switzerland.
Investment management for these funds is generally undertaken by
Institutional Asset Management, with the Investment Funds unit
concentrating on product development and distribution.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Global Asset Management (GAM), acquired in late
1999, is a diversified asset management group, offering a wide
range of investment styles. Dedicated to giving its clients
access to the world&#146;s best investment talent, GAM&#146;s
funds are managed by its own staff and by about 80 carefully
selected external managers. GAM products are marketed both
independently and through Private Banking.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">UBS Warburg is a client-driven securities,
investment banking and wealth management firm. It is made up of
five business units.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Corporate and Institutional Clients business
unit is one of the leading global investment banking and
securities firms. For both its own corporate and institutional
clients and the other parts of the UBS Group, UBS Warburg
provides product innovation, top-quality research and advice,
and complete access to the world&#146;s capital markets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS Capital is the private equity business unit
of UBS Warburg, investing UBS and third-party funds primarily in
unlisted companies.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">US Private Clients, operating under the brand of
UBS PaineWebber, provides a full range of wealth management
services.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The International Private Clients business unit
provides private banking products and services for high net
worth clients outside the US and Switzerland who bank in their
country of residence. During 2001 the European part of this
business will become part of UBS Switzerland&#146;s Private
Banking business unit and the Asia-Pacific part will be merged
with US Private Clients.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The e-services business unit was created in
fourth quarter 1999. During 2000, e-services progressed
successfully towards its goal of creating a new business
providing wealth management for affluent European clients,
through internet, call centers and investment centers. Following
the merger with PaineWebber, UBS&#146;s European wealth
management strategy has evolved. As a result, key components of
the e-services business unit&#146;s infrastructure will become
part of Private Banking&#146;s new European wealth management
strategy and e-services will no longer be reported
separately.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">The Corporate Center encompasses Group level
functions which cannot be devolved to the operating divisions,
and ensures that the Business Groups operate as a coherent and
effective whole with a common set of values and principles.
Corporate Center&#146;s remit covers areas such as risk
management, financial reporting, marketing and communications,
funding, capital and balance sheet management and management of
foreign currency earnings.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 70</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 3a&nbsp;&nbsp;&nbsp;Segment Reporting by Business Group
(continued)</B>

<P align="left">
<FONT size="2">The Business Group results have been presented on
a management reporting basis. Consequently, internal charges and
transfer pricing adjustments have been reflected in the
performance of each business. The basis of the reporting
reflects the management of the business within the Group.
Revenue sharing agreements are used to allocate external
customer revenues to a Business Group on a reasonable basis.
Transactions between Business Groups are conducted at arms
length.</FONT>

<P align="left"><B><FONT size="2" color="#0038A8">For the year ended 31
December&nbsp;2000</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Asset</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Corporate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Switzerland</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Management</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Warburg</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Center</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Group</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,182</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,779</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">358</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,272</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Credit loss recovery&nbsp;/&nbsp;(expense)<SUP>&nbsp;1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(784</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(247</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,161</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total operating income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,519</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,402</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Personnel expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,759</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">880</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">522</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,163</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	General and administrative expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,394</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,501</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">431</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">508</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">731</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">320</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">263</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">298</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">667</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total operating expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,723</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,631</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,317</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,203</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,675</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">322</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,000</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">202</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Tax expense</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,320</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit before minority interests</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,879</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Minority interests</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(87</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="9" align="left" valign="top"><FONT size="2">
	<B>Other information as of
	31&nbsp;December&nbsp;2000<SUP>&nbsp;2</SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">281,780</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,727</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">870,608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(71,563</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,087,552</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">272,134</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,513</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">846,451</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(81,379</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,042,719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1&nbsp;</FONT></SUP><FONT size="2">In order
to show the relevant Business Group performance over time,
adjusted expected loss figures rather than the net credit
expense&nbsp;/&nbsp;recovery are reported for all Business
Groups. The statistically derived adjusted expected losses
reflect the inherent counterparty and country risks in the
respective portfolios. The difference between the statistically
derived adjusted expected loss figures and the net IAS credit
loss expenses recorded at Group level for financial reporting
purposes is reported in the Corporate Center. The divisional
breakdown of the net credit
recovery&nbsp;/&nbsp;(expense)&nbsp;for financial reporting
purposes of CHF&nbsp;130 million for the year ended
31&nbsp;December 2000 is as follows: UBS Switzerland
CHF&nbsp;695 million, UBS Warburg
CHF&nbsp;(565)&nbsp;million.&nbsp;<SUP>2&nbsp;</SUP>The funding
surplus or requirement is reflected in each Business Group and
adjusted in Corporate Center.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 71</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 3a&nbsp;&nbsp;&nbsp;Segment Reporting by Business Group
(continued)</B>

<P align="left">
<B><FONT size="2" color="#0038A8">For the year ended
31&nbsp;December&nbsp;1999&nbsp;<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Asset</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Corporate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Switzerland</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Management</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Warburg</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Center</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Group</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,761</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,369</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,241</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,381</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Credit loss recovery&nbsp;/&nbsp;(expense)&nbsp;<SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,071</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(333</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">448</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(956</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total operating income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,369</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,908</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,458</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,425</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Personnel expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,691</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">516</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,278</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,577</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	General and administrative expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,308</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">271</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,680</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">839</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,098</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">460</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">659</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">366</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,517</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">340</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total operating expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">932</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,771</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,347</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,208</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">437</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,137</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,111</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,893</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Tax expense</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit before minority interests</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,207</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Minority interests</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,153</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Other information as of 31&nbsp;December
	1999&nbsp;<SUP>3</SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">254,577</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,451</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">719,568</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(88,040</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">896,556</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">270,137</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,614</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">693,633</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(102,436</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">865,948</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting
Policies).&nbsp;<SUP>2</SUP>&nbsp;In order to show the relevant
Business Group performance over time, adjusted expected loss
figures rather than the net credit loss expense are reported for
all Business Groups. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in
the respective portfolios. The difference between the
statistically derived adjusted expected loss figures and the net
credit loss expenses recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The
divisional breakdown of the net credit loss
recovery&nbsp;/&nbsp;(expense) for financial reporting purposes
of CHF&nbsp;(956) million for the year ended 31&nbsp;December
1999 is as follows: UBS Switzerland CHF&nbsp;(965) million,
Corporate Center CHF&nbsp;9 million.&nbsp;<SUP>3</SUP>&nbsp;The
funding surplus&nbsp;/&nbsp;requirement is reflected in each
Business Group and adjusted in Corporate Center.</FONT>
</DIV>

<P align="left">
<B><FONT size="2" color="#0038A8">For the year ended
31&nbsp;December&nbsp;1998&nbsp;<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS Asset</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Corporate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>UBS</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Switzerland</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Management</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Warburg</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Center</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Group</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,958</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,358</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,691</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">191</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,198</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Credit loss recovery&nbsp;/&nbsp;(expense)&nbsp;<SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,186</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(510</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">745</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(951</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total operating income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,772</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,358</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,181</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">936</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Personnel expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,448</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">515</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,641</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">212</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,816</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	General and administrative expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,226</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">228</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,656</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,735</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">771</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">128</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,483</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Amortization of goodwill and other intangible assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">173</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">342</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total operating expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,449</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">856</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,988</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,083</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Business Group performance before tax</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,323</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">502</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(807</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,147</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,871</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Tax expense</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">904</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit before minority interests</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,967</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Minority interests</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,972</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1998
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting
Policies).&nbsp;2&nbsp;In order to show the relevant Business
Group performance over time, adjusted expected loss figures
rather than the net credit loss expense are reported for all
Business Groups. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in
the respective portfolios. The difference between the
statistically derived adjusted expected loss figures and the net
credit loss expenses recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The
divisional breakdown of the net credit loss
recovery&nbsp;/&nbsp;(expense) for financial reporting purposes
of CHF&nbsp;(951) million for the year ended 31&nbsp;December
1998 is as follows: UBS Switzerland CHF&nbsp;(445) million and
UBS Warburg CHF&nbsp;(506)&nbsp;million.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 72</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 3b&nbsp;&nbsp;&nbsp;Segment Reporting by Geographic
Location</B>

<P align="left">
<FONT size="2">The geographic analysis of total assets is based
on customer domicile whereas operating income and capital
investment is based on the location of the office in which the
transactions and assets are recorded. Because of the global
nature of financial markets the Group&#146;s business is managed
on an integrated basis worldwide, with a view to profitability
by product line. The geographical analysis of operating income,
total assets, and capital investment is provided in order to
comply with International Accounting Standards, and does not
reflect the way the Group is managed. Management believes that
analysis by Business Group, as shown in Note&nbsp;3a to these
financial statements, is a more meaningful representation of the
way in which the Group is managed.</FONT>

<P align="left">
<B><FONT size="2" color="#0038A8">For the year ended
31&nbsp;December&nbsp;2000</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Total operating income</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Total assets</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Capital investment</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">CHF million</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">CHF million</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">CHF million</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share %</FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,836</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211,851</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,135</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Rest of Europe</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,907</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">305,342</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">311</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Americas</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,976</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">474,617</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,169</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Asia&nbsp;/&nbsp;Pacific</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,626</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87,831</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Africa&nbsp;/&nbsp;Middle East</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,911</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Total</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,659</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2" color="#0038A8">For the year ended 31
December&nbsp;1999<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Total operating income</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Total assets</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Capital investment</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">CHF million</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">CHF million</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">CHF million</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share %</FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,976</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">207,702</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,990</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Rest of Europe</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,626</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">303,365</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">356</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Americas</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,861</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">281,974</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Asia&nbsp;/&nbsp;Pacific</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,945</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">96,469</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Africa&nbsp;/&nbsp;Middle East</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,046</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Total</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,425</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">896,556</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,820</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">For the year ended
31&nbsp;December&nbsp;1998<SUP>1</SUP></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="-2147483648%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2147483647%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Total operating income</FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">CHF million</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share %</FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,757</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Rest of Europe</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,655</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Americas</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,548</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Asia&nbsp;/&nbsp;Pacific</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,251</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Africa&nbsp;/&nbsp;Middle East</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><FONT color="#E8112D">Total</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">22,247</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">100</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note&nbsp;1: Summary of Significant Accounting
Policies).</FONT>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="6" color="#0038A8">Income
Statement</FONT></B>
</DIV>

<P align="left"><B>Note 4&nbsp;&nbsp;&nbsp;Net Interest Income</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest earned on loans and advances to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,615</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6,105</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,687</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest earned on loans and advances to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">14,692</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,077</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14,111</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest from finance leasing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">36</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(27</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest earned on securities borrowed and reverse repurchase
	agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">19,088</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11,422</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10,380</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest and dividend income from financial investments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">202</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	160</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	372</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest and dividend income from trading portfolio</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11,842</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,598</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,901</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">270</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	193</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	931</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">51,745</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	35,604</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	37,442</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest on amounts due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6,155</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,515</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,205</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest on amounts due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">9,505</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,330</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,890</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest on securities lent and repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">14,915</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,446</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest and dividend expense from trading portfolio</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,070</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,741</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">156</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest on medium and long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,731</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,334</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,045</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">43,615</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29,695</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32,424</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net interest income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,909</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).</FONT>
</DIV>

<P align="left"><B>Note 5&nbsp;&nbsp;&nbsp;Net Fee and Commission Income</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Credit-related fees and commissions</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">310</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	372</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	559</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Security trading and investment activity fees</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Underwriting fees<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,434</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	905</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate finance fees<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,772</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,298</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,016</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Brokerage fees</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,934</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,670</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investment fund fees</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,821</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,915</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,778</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fiduciary fees</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">351</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	317</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	349</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Custodian fees</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,439</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,583</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Portfolio and other management and advisory fees<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,677</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,612</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,891</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">17,336</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,621</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,322</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Commission income from other services</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">802</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	776</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total fee and commission income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18,448</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13,758</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13,657</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Fee and commission expense</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Brokerage fees paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,084</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	795</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	704</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">661</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	356</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	327</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,745</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,151</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,031</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net fee and commission income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">16,703</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,607</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,626</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;In prior
periods, Corporate finance related advisory fees were included
in Portfolio and other management and advisory fees. These fees
are now reported in the new disclosure line Corporate finance
fees together with merger and acquisition fees which were
previously reported in Underwriting and corporate finance fees.
All previous periods have been restated accordingly.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 74</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 6&nbsp;&nbsp;&nbsp;Net Trading Income</B>

<P align="left">&nbsp;&nbsp;&nbsp;
<FONT size="2">Foreign exchange net trading income include gains
and losses from spot and forward contracts, options, futures,
and translation of foreign currency assets and liabilities, bank
notes, precious metals, and commodities. Fixed income net
trading income includes the results of making markets in
instruments of both developed and emerging countries in
government securities, corporate debt securities, money market
instruments, interest rate and currency swaps, options, and
other derivatives. Equities net trading income includes the
results of making markets globally in equity securities and
equity derivatives such as swaps, options, futures, and forward
contracts.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign exchange</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,287</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,108</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,992</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fixed income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">912</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,603</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(65</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,754</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,159</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net trading income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">9,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).</FONT>
</DIV>

<P align="left"><B>Note 7&nbsp;&nbsp;&nbsp;Net Gains from Disposal of Associates
and Subsidiaries</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net gains from disposal of consolidated subsidiaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">57</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">613</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net gains/(losses) from disposal of investments in associates</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">26</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,813</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	(30)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(99</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net gains from disposal of associates and subsidiaries</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,821</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(95</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">While the 1999 figure represents mainly the
disposal gains from our investments in Swiss Life/ Rentenanstalt
and Julius Baer registered shares, the 1998 figure is mainly
attributable to the disposal of the BSI&nbsp;&#151; Banca della
Svizzera Italiana.</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 8&nbsp;&nbsp;&nbsp;Other Income</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="5" align="left" valign="top"><FONT size="2">
	<B>Investments in financial assets (debt and equity)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net gain from disposal of private equity investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">919</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">374</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">587</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net gain from disposal of other financial assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">162</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">180</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Impairment charges in private equity investments and other
	financial assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(507</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(102</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(556</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">397</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">574</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">452</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="5" align="left" valign="top"><FONT size="2">
	<B>Investments in property</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net gain from disposal of properties held for resale</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">85</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net loss from revaluation of properties held for resale</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(108</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(49</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(106</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income from other properties</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">96</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">328</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">73</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">255</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">711</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Equity income from investments in associates</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">58</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">377</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(73</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Other</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">698</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">653</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total other income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,403</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,325</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note 9&nbsp;&nbsp;&nbsp;Operating Expenses</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Salaries and bonuses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13,523</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,872</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,082</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Contractors</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">725</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">886</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">535</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Insurance and social contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">959</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">542</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Contribution to retirement benefit plans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">475</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">614</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Employee share plans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">97</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">151</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">201</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(36</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,384</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">943</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">842</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,163</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,577</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,816</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>General and administrative expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Occupancy</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">979</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">847</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">822</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rent and maintenance of machines and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">520</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">410</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">390</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Telecommunications and postage</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">914</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">756</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">820</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Administration</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">750</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">784</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">759</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Marketing and public relations</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">480</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">335</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">262</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Travel and entertainment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">656</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">552</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">537</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Professional fees</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">660</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">526</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IT and other outsourcing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,246</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,289</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,260</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">560</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">599</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,353</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,765</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,098</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,735</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Depreciation and amortization</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Property, equipment and software</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,608</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,517</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,483</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill and other intangible assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">667</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">340</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">342</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">96</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,275</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,857</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,825</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,203</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 10&nbsp;&nbsp;&nbsp;Earnings per Share</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="5" align="left" valign="top"><FONT size="2">
	<B>Basic earnings per share calculation</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit for the period (CHF million)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net profit for the period before goodwill amortization (CHF
	million)<SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,459</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,493</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,314</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Weighted average shares outstanding:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Registered ordinary shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">433,486,003</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">430,497,026</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429,710,128</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Own shares to be delivered</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,058,212</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(32,514,906</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,754,544</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">) <SUP>3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(24,487,833</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">) <SUP>3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Weighted average shares for basic earnings per share</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404,742,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">405,222,295</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Basic earnings per share (CHF)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Basic earnings per share before goodwill amortization
	(CHF)<SUP>2</SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.99</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.04</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="5" align="left" valign="top"><FONT size="2">
	<B>Diluted earnings per share calculation</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit for the period (CHF million)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,778<SUP>5</SUP></FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net profit for the period before goodwill amortization (CHF
	million)<SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,445<SUP>5</SUP></FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,493</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,314</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Weighted average shares for basic earnings per share</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404,742,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">405,222,295</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Potential dilutive ordinary shares resulting from outstanding
	options, warrants and convertible debt securities<SUP>6</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,496,591</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,632,670<SUP>4</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,658,746<SUP>4</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Weighted average shares for diluted earnings per share</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">408,525,900</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">408,375,152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">412,881,041</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Diluted earnings per share (CHF)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Diluted earnings per share before goodwill amortization
	(CHF)<SUP>2</SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.67</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.03</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).&nbsp;<SUP>2</SUP>&nbsp;The amortization of goodwill
and other intangible assets is excluded from this
calculation.&nbsp;<SUP>3</SUP>&nbsp;Treasury shares have
increased by 11,371,720 and by 18,372,661 for the periods ended
31 December&nbsp;1999 and 31 December&nbsp;1998, due to a change
in accounting policy (see Note 1: Summary of Significant
Accounting Policies).&nbsp;<SUP>4</SUP>&nbsp;Share amount has
been adjusted by 1,414,114 and by 5,371,922 representing other
potentially dilutive instruments for the periods ended
31&nbsp;December&nbsp;1999 and 31&nbsp;December&nbsp;1998, due
to a change in accounting policy (see Note&nbsp;1: Summary of
Significant Accounting Policies).&nbsp;<SUP>5</SUP>&nbsp;Net
profit has been adjusted for the dilutive impact of own equity
derivative activity in accordance with International Accounting
Standards.&nbsp;<SUP>6</SUP>&nbsp;Total equivalent shares
outstanding on options that were not dilutive for the respective
periods but could potentially dilute earnings per share in the
future were 9,174,760, 24,045,261 and 11,367,184 for the years
ended 31&nbsp;December 2000, 31&nbsp;December 1999 and
31&nbsp;December 1998, respectively.</FONT>
</DIV>

<P align="left">
<FONT size="2">1999 and 1998 share figures are restated for the
two-for-one share split, effective 8 May&nbsp;2000.</FONT>

<DIV align="right">
<FONT size="2"> 77</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B><FONT size="6" color="#0038A8">Balance
Sheet: Assets</FONT></B>
</DIV>

<P align="left"><B>Note 11&nbsp;&nbsp;&nbsp;Money Market Paper</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Government treasury notes and bills</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">22,551</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,724</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market placements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">43,477</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,540</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other bills and cheques</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">426</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">453</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total money market paper</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">66,454</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>thereof eligible for discount at central banks</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">60,689</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,671</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note 12a&nbsp;&nbsp;&nbsp;Due from Banks and Loans to
Customers</B>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The composition of Due from banks, the Loan
portfolio and the Allowance for credit losses by type of
exposure at the end of the year was as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="10"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="10"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">30,064</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(917</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(878</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">29,147</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,907</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgages</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">120,554</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127,987</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">133,898</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">119,242</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Subtotal</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">254,452</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">247,229</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(9,610</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,371</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net loans to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">244,842</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net due from banks and loans to customers</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">273,989</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264,765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>thereof subordinated</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">393</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The composition of Due from banks and Loans to
customers by geographical region based on the location of the
borrower at the end of the year was as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">164,645</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">183,944</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rest of Europe</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">46,882</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,796</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Americas</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">52,939</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,285</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Asia&nbsp;/&nbsp;Pacific</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,504</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,451</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Africa&nbsp;/&nbsp;Middle East</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,546</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,538</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Subtotal</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">284,516</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">278,014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(10,527</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,249</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net due from banks and loans to customers</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">273,989</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264,765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The composition of Due from banks and Loans to
customers by type of collateral at the end of the year was as
follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Secured by real estate</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">122,898</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,835</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Collateralized by securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">37,714</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,061</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Guarantees and other collateral</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,373</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,725</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unsecured</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">95,531</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99,393</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Subtotal</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">284,516</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">278,014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(10,527</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,249</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net due from banks and loans to customers</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">273,989</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264,765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 78</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 12b&nbsp;&nbsp;&nbsp;Allowance and Provision for Credit
Losses</B>

<P align="left">
<FONT size="2">The allowance and provision for credit losses
developed as follows:</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Country risk</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Specific</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>allowance and</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>allowance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>provision</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,022</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,376</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13,398</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,978</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Write-offs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,963</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(32</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,995</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,275</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Recoveries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">150</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">163</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Increase&nbsp;/&nbsp;(decrease)&nbsp;in credit loss allowance
	and provision</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(49</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(81</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(130</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">956</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net foreign exchange and other adjustments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">129</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">145</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">674</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,289</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,292</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,581</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">At the end of the year the aggregate allowances
and provisions were apportioned and displayed as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	As a reduction of Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">917</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">878</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	As a reduction of Loans to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,610</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,371</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Subtotal</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,527</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,249</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Included in other liabilities related to commitments and
	contingent liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">54</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total allowance and provision for credit losses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,581</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,398</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note 12c&nbsp;&nbsp;&nbsp;Impaired Loans</B>

<P align="left">
<FONT size="2">UBS classifies a loan as impaired when there is a
probability of incurring a partial or full loss. A provision is
then made with respect to the loan in question.</FONT>

<P align="left">
<FONT size="2">The impaired loans were as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Impaired loans&nbsp;<SUP>1, 2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,494</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">22,456</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<FONT color="#E8112D">Amount of allowance for credit losses
	related to impaired loans</FONT></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,685</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,471</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average impaired loans&nbsp;<SUP>3</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,804</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,467</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;All
impaired loans have a specific allowance for credit losses.
&nbsp;<SUP>2</SUP>&nbsp;Interest income on impaired loans is
immaterial. &nbsp;<SUP>3</SUP>&nbsp;Average balances were
calculated from quarterly data.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 79</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 12d&nbsp;&nbsp;&nbsp;Non-Performing Loans</B>

<P align="left">
<FONT size="2">When principal, interest or commission are
overdue by 90&nbsp;days, loans are classified as non-performing,
the recognition of interest or commission income ceases and a
charge is recognized against income for the unpaid interest or
commission receivable. Allowances are provided for
non-performing loans to reflect their net estimated recoverable
amount. Unrecognized interest related to such loans totalled CHF
182 million for the year ended 31&nbsp;December 2000 and CHF 409
million for the year ended 31&nbsp;December 1999.</FONT>

<P align="left">
<FONT size="2">The non-performing loans were as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-performing loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,452</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amount of allowance for credit losses related to non-performing
	loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,850</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,661</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average non-performing loans&nbsp;<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,884</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,615</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Average
balances were calculated from quarterly data.</FONT>
</DIV>

<P align="left">
<FONT size="2">An analysis of changes in non-performing loans is
presented in the following table:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-performing loans at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13,073</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,113</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net reductions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(290</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(638</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Write-offs and disposals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,331</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,402</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Non-performing loans at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,452</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The non-performing loans by type of exposure were
as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="10"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="10"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">172</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">499</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgages</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,586</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,105</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,694</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,469</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total loans to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,280</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,574</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total non-performing loans</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,452</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The non-performing loans by geographical region
based on the location of the borrower were as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,588</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,435</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rest of Europe</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">342</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Americas</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,865</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">697</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Asia / Pacific</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">307</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">373</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Africa / Middle East</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">350</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">345</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total non-performing loans</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,452</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 80</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 13&nbsp;&nbsp;&nbsp;Securities Borrowing, Securities
Lending, Repurchase,</B>

<DIV align="left">
<B>Reverse Repurchase and Other Collateralized Transactions</B>
</DIV>

<P align="left">
<FONT size="2">The Group enters into collateralized reverse
repurchase and repurchase agreements and securities borrowing
and securities lending transactions that may result in credit
exposure in the event the counterparty to the transaction is
unable to fulfill its contractual obligations. The Group
minimizes credit risk associated with these activities by
monitoring counterparty credit exposure and collateral values on
a daily basis and requiring additional collateral to be
deposited with or returned to the Group when deemed
necessary.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The following table presents cash collateral
received and paid under securities lending, repurchase
agreements, securities borrowing and reverse repurchase
agreements.</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Securities</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Securities</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Securities</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Securities</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>borrowed</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>lent</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>borrowed</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>lent</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Cash collateral by counterparties</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">159,619</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,291</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99,810</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,926</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,238</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,127</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,352</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,906</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total cash collateral on securities borrowed and lent</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">177,857</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">23,418</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,832</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Reverse</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Reverse</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>repurchase</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Repurchase</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>repurchase</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Repurchase</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>agreements</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>agreements</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>agreements</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>agreements</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Agreements by counterparties</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">144,505</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">175,421</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,104</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">125,054</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">49,296</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">120,092</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,287</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71,860</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total repurchase and reverse repurchase agreements</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">193,801</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">295,513</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132,391</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196,914</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting Policies).</FONT>
</DIV>

<P align="left">
<FONT size="2">Under reverse repurchase, securities borrowing,
and other collateralized arrangements, the Group obtains
securities on terms which permit it to repledge or resell the
securities to others. At 31&nbsp;December 2000, the Group held
CHF&nbsp;478 billion of securities on such terms, CHF&nbsp;407
billion of which have been either pledged or otherwise
transferred to others in connection with its financing
activities or to satisfy its commitments under short sale
transactions.</FONT>

<DIV align="right">
<FONT size="2"> 81</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 14&nbsp;&nbsp;&nbsp;Trading Portfolio</B>

<P align="left">
<FONT size="2">Trading assets and liabilities are carried at
fair value. The following table presents the carrying value of
trading assets and liabilities at the end of the reporting
period.</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Trading portfolio assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Swiss government and government agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,104</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,391</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	US Treasury and government agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,769</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,816</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other government</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">33,222</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,804</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate listed instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">64,514</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,420</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other unlisted instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,583</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,322</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">145,192</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">116,753</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Listed instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">102,571</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">87,089</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unlisted instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,963</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">104,891</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90,052</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Precious metals</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,213</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,127</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total trading portfolio assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">253,296</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211,932</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Trading portfolio liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Swiss government and government agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">439</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	US Treasury and government agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13,645</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,535</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other government</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,070</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,917</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate listed instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31,905</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,502</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other unlisted instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">192</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51,251</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,963</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Listed equity instruments</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31,381</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,675</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total trading portfolio liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">82,632</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,638</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting Policies).</FONT>
</DIV>

<P align="left">
<FONT size="2">The Group trades debt, equity, precious metals,
foreign currency and derivatives to meet the financial needs of
its customers and to generate revenue through its trading
activities. Note&nbsp;26 provides a description of the various
classes of derivatives together with the related volumes used in
the Group&#146;s trading activities, whereas Note&nbsp;13
provides further details about cash collateral on securities
borrowed and lent and repurchase and reverse repurchase
agreements.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Included in total trading portfolio assets above
are CHF&nbsp;59 billion of securities pledged to others under
terms which permit the counterparty to sell or repledge and
CHF&nbsp;12 billion of securities pledged to others under terms
which do not permit the counterparty to resell or
repledge.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 82</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note&nbsp;15&nbsp;&nbsp;&nbsp;Financial Investments</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Listed</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,403</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,357</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unlisted</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,803</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">609</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,206</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,966</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Listed</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,119</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">356</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unlisted</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,438</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">557</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,557</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">913</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Private equity investments</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,658</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,001</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Properties held for resale</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">984</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,159</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total financial investments</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,405</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,039</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>thereof eligible for discount at central banks</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I><FONT color="#E8112D">381</FONT></I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I><FONT color="#E8112D">563</FONT></I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The following table gives additional disclosure
in respect of the valuation methods used.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Book value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Book value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair value</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Valued at amortized cost</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Debt instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,851</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,853</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">677</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">687</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Valued at the lower of cost or market value</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Debt instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">355</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">367</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,289</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,314</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,557</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,031</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">913</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">939</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Properties held for resale</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">984</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,150</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,159</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,194</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,896</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,548</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,361</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,447</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Valued at cost less adjustments for impairments</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private equity investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,658</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,940</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,146</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total financial investments</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,405</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,341</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,039</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,280</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note&nbsp;16&nbsp;&nbsp;&nbsp;Investments in Associates</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>at</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change in</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>at</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Additions</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Disposal<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Write-offs</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>equity</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="29"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="29"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total investments in associates</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">65</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(287</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">62</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(4</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(58</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">880</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The
figure of CHF 287 million for disposals for the year ended
31&nbsp;December 2000 primarily consists of disposal of a stake
in National Versicherung AG.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 83</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note&nbsp;17&nbsp;&nbsp;&nbsp;Property and Equipment</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>IT, soft-</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Bank</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>ware and</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>machines</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>occupied</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Investment</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>communi-</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>properties</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>properties</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cation</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>equipment</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,085</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,321</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,798</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,210</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,505</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Additions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">233</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">138</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,032</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,640</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,813</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Additions from acquired companies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">201</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">818</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,019</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">755</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Disposals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(224</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(176</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(279</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(90</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(769</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,333</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reclassifications&nbsp;<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(287</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(145</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(432</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(37</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">470</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the end of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,807</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,830</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,257</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,737</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,631</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,210</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">539</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,416</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,929</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,509</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,619</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation&nbsp;<SUP>2</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">395</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">952</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">419</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,885</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,105</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Disposals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(84</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(31</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(268</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(70</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(453</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,500</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reclassifications&nbsp;<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(97</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(79</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(176</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(44</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">285</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the end of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,840</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">550</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,074</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,257</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,721</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,509</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net book value at the end of the year&nbsp;<SUP>3</SUP></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,967</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,280</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,183</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,480</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,910</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,701</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP>
<FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Properties
held for sale of CHF 256 million (CHF 432 million acquisition
costs and CHF 176 million accumulated depreciation) have been
reclassified to Note&nbsp;15 Financial
Investments.&nbsp;<SUP>2</SUP>&nbsp;Depreciation of CHF 1,885
million includes CHF 277 million that was charged against the
restructuring provision.&nbsp;<SUP>3</SUP>&nbsp;Fire insurance
value of property and equipment is CHF 14,570 million (1999: CHF
15,004 million).</FONT>
</DIV>

<P align="left"><B>Note&nbsp;18&nbsp;&nbsp;&nbsp;Goodwill and other Intangible
Assets</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>intangible</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Goodwill</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>assets</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,229</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">305</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,534</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Additions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,939</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,902</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,841</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,467</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Write-offs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(16</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(16</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(192</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reclassifications</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(41</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">41</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(88</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(839</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(354</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,193</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">347</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the end of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,272</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,894</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,166</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">951</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">40</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">991</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">790</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">533</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">134</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">667</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">340</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Write-offs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(16</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(16</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(183</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reclassifications</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(16</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(7</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(6</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(13</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the end of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,445</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">184</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,629</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">991</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net book value at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,827</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,710</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,537</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,543</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 84</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note&nbsp;19&nbsp;&nbsp;&nbsp;Other Assets</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Note</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Deferred tax assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,208</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">742</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Settlement and clearing accounts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,153</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,911</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	VAT and other tax receivables</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">419</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">702</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Prepaid pension costs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">405</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">456</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other receivables</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,322</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,196</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total other assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,507</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 85</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">Balance Sheet:
Liabilities</FONT></B>
</DIV>

<P align="left"><B>Note 20&nbsp;&nbsp;&nbsp;Due to Banks and Customers</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">82,240</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76,365</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers in savings and investment accounts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">68,213</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	78,640</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amounts due to customers on demand and time</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">242,466</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	201,320</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">310,679</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	279,960</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total due to banks and customers</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">392,919</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	356,325</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note 21&nbsp;&nbsp;&nbsp;Long-Term Debt</B>

<P align="left">
<FONT size="2">The Group issues both CHF and non-CHF denominated
fixed and floating rate debt. Publicly placed fixed rate debt
pays interest at rates up to 21.5% including structured note
issues. Floating rate debt pays interest based on the
three-month or six-month London Interbank Offered Rate
&#147;LIBOR&#148;.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Subordinated debt securities are unsecured
obligations of the Group and are subordinated in right of
payment to all present and future senior indebtedness and
certain other obligations of the Group. At 31&nbsp;December 2000
and 31&nbsp;December 1999, the Group had CHF 13,018 million and
CHF 13,106 million, respectively, in subordinated debt excluding
convertible and exchangeable debt and notes with warrants which
have been included in the following paragraph. Subordinated debt
usually pays interest annually and provides for single principal
payments upon maturity. At 31&nbsp;December 2000 and
31&nbsp;December 1999, the Group had CHF 40,428 million and CHF
41,093 million, respectively, in unsubordinated debt.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group issues convertible obligations that can
be exchanged for common stock of UBS AG and notes with warrants
attached on UBS AG shares. Furthermore, the Group issues notes
exchangeable into common stock or preferred stock of other
companies, or repaid based on the performance of an index or
group of securities. At 31&nbsp;December 2000 and
31&nbsp;December 1999, the Group had CHF 1,409 million and CHF
2,133 million, respectively, in convertible and exchangeable
debt and notes with warrants attached outstanding.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group, as part of its interest-rate risk
management process, utilizes derivative instruments to modify
the repricing characteristics of the notes/ bonds issued. The
Group also utilizes other derivative instruments to manage the
foreign exchange impact of certain long-term debt
obligations.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group issues credit-linked notes generally
through private placements. The credit-linked notes are usually
senior unsecured obligations of UBS AG, acting through one of
its branches, and can be subject to early redemption in the
event of a defined credit event. Payment of interest and/ or
principal is dependent upon the performance of a reference
entity or security. The rate of interest on each credit-linked
note is either floating and determined by reference to LIBOR
plus a spread or fixed. Medium-term and credit-linked notes have
been included in the amounts disclosed above as unsubordinated
debt.</FONT>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total bond issues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">48,179</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	48,305</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shares in bond issues of the Swiss Regional or Cantonal
	Banks&#146; Central Bond Institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,305</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,055</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Medium-term notes</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,371</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,972</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total long-term debt</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">54,855</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	56,332</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 86</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 21&nbsp;&nbsp;&nbsp;Long-Term Debt (continued)</B>
</DIV>

<P align="left"><B><FONT size="2">Contractual maturity date</FONT></B>

<TABLE width="70%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="5"></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>UBS AG (parent)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Subsidiaries</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Fixed</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Floating</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Fixed</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>rate</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2001</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13,021</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">251</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,033</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2002</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,645</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,407</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2003</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,232</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,275</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2004</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,327</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,261</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2005</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,463</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	664</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2006&nbsp;&#150; 2010</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,888</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,923</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Thereafter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,214</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<FONT color="#E8112D">38,726</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">790</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<FONT color="#E8112D">10,777</FONT></FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="60%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>bsidia</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>ries</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Floating</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2001</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">373</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,678</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2002</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">889</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,094</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2003</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,661</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2004</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,836</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,432</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2005</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">249</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,457</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2006&nbsp;&#150; 2010</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,173</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,091</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Thereafter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,442</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">4,562</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">54,855</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="left"><B><FONT size="2">Publicly placed bond issues of UBS AG (parent
company) outstanding at 31.12.2000</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Premature</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Interest</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">redemption</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">rate in %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Remarks</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Maturity</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">possible</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Currency</FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.01.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.02.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.02.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.02.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.02.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	SEK</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29.03.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.03.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.04.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.04.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.05.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.05.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.05.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.06.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.06.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.06.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	05.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.125</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.08.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.08.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.08.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.08.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.08.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24.08.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24.08.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	04.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	04.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	05.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	19.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Amount</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">160</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>1</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">375</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>2</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>3</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">193</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>4</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>6</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">400</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>7</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">801</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>7</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">738</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>8</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>9</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">410</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>10</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>11</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>12</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>13</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">372</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>10</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>10</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>14</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">96</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>15</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>16</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">920</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>17</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>18</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>19</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>20</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">450</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>20</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">145</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>21</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>22</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>23</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>24</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>25</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>26</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>27</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>28</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>29</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>10</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>30</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<DIV align="right">
<FONT size="2"> 87</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 21&nbsp;&nbsp;&nbsp;Long-Term Debt (continued)</B>
</DIV>

<P align="left"><B><FONT size="2">Publicly placed bond issues of UBS AG (parent
company) outstanding at 31.12.2000</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Premature</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Interest</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">redemption</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">rate in %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Remarks</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Maturity</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">possible</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Currency</FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	02.11.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	09.11.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	19.11.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.11.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.12.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21.12.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.12.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.01.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.01.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.01.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.01.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	JPY</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.02.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.03.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.03.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.04.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.04.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.05.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.06.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1990</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.06.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.06.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.06.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.07.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.07.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.08.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.08.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23.08.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	02.10.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.10.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.10.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.11.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.12.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.02.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.02.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.02.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.02.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.875</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	NLG</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	05.05.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.05.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.05.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.05.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.06.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.07.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.07.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.08.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.11.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.850</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.11.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.11.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.01.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.01.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.01.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.06.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.06.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.07.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.11.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Amount</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>31</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>32</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>7</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>33</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>34</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>35</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>36</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>37</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>38</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>39</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>40</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>15</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">256</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>28</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>17</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>41</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>42</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1990</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>32</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>43</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>44</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>45</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">301</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">220</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>17</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>46</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>47</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">125</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>48</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>49</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>50</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>51</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>51</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>52</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>53</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>54</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 88</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 21&nbsp;&nbsp;&nbsp;Long-Term Debt (continued)</B>
</DIV>

<P align="left"><B><FONT size="2">Publicly placed bond issues of UBS AG (parent
company) outstanding at 31.12.2000</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Premature</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Interest</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">redemption</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">rate in %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Remarks</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Maturity</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">possible</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Currency</FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	08.01.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	08.01.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.02.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.02.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21.03.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.04.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31.05.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	JPY</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.06.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.07.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.07.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.07.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24.08.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.09.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	HKD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21.11.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	08.12.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.01.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.02.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.02.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29.03.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.07.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.07.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.09.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.11.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.12.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	08.01.2007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.03.2007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.08.2008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.875</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.08.2009</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	FRF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1986</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2011</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.07.2015</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.10.2015</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.06.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1990</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31.03.2020</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.07.2025</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.12.2025</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.09.2026</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Amount</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>55</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>56</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>15</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>51</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>57</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>58</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">450</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1986</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1990</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<DIV align="right">
<FONT size="2"> 89</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 21&nbsp;&nbsp;&nbsp;Long-Term Debt (continued)</B>
</DIV>

<P align="left"><B><FONT size="2">Publicly placed bond issues of UBS
subsidiaries outstanding at 31.12.2000</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Premature</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Interest</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">redemption</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">rate in %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Remarks</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Maturity</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">possible</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Currency</FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="11" align="left" valign="top"><FONT size="2">
	<B>UBS Americas Inc. (former PaineWebber)</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.460</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.01.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.830</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.01.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.924</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.01.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.820</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	05.04.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.060</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.05.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.05.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.185</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21.05.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.810</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	08.06.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.540</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.06.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.060</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.06.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.870</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.06.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23.07.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.520</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.440</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.09.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.090</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	19.11.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.580</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.12.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.12.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.910</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	19.02.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.990</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.03.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.015</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.03.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.020</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22.04.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.05.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.590</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	02.05.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.060</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.05.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.030</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.05.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.07.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	JPY</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.358</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.07.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.390</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24.07.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.035</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.08.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.08.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	02.09.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	19.09.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.650</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.10.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.210</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.10.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.259</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.11.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.160</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.12.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.140</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.02.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	04.02.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.020</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.02.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.875</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.02.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.270</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	JPY</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.320</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.331</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.05.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.980</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23.06.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.07.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.340</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.07.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	JPY</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	02.07.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23.07.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.08.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.930</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.08.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.10.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.450</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.12.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.12.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.730</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.01.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.730</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.01.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Amount</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">128</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">101</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">103</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">340</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 90</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 21&nbsp;&nbsp;&nbsp;Long-Term Debt (continued)</B>
</DIV>

<P align="left"><B><FONT size="2">Publicly placed bond issues of UBS
subsidiaries outstanding at 31.12.2000</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Premature</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Interest</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">redemption</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">rate in %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Remarks</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Maturity</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">possible</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Currency</FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="11" align="left" valign="top"><FONT size="2">
	<B>USB Americas Inc. (former PaineWebber) (continued)</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.580</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.01.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	09.02.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.680</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.510</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.015</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.660</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.02.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.360</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.05.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.375</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.05.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.280</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.05.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.060</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18.08.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.550</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	04.10.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.790</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	04.10.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.260</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.10.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.490</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.10.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.10.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.410</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.01.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.410</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.02.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.875</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.03.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.380</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.03.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.520</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.04.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.678</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.07.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.11.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.460</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.11.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.02.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.330</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.05.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.330</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.05.2006</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.220</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.02.2007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22.10.2007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.720</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.04.2008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.730</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.04.2008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.550</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.04.2008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.520</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21.04.2008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.180</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	31.07.2008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15.10.2008</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.640</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	05.02.2009</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	01.12.2009</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.650</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.04.2010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.640</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.04.2010</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.760</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.05.2011</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.740</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.01.2012</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.625</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.02.2014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.060</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.01.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.930</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	06.02.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.810</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.02.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.910</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.03.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.990</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	09.06.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.605</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.07.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.633</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.09.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.390</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.10.2017</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.310</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	07.05.2018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.01.2036</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.03.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.080</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.01.2037</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.01.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Amount</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1995</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">125</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1993</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">208</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">257</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">290</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">212</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">198</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">203</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<DIV align="right">
<FONT size="2"> 91</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2">Footnotes</FONT></B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;1</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Royal Dutch shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;2</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Swisscom shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;3</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Lloyds TSB shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;4</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into Omvand Konvertible Svensk
	Basportfolj</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;5</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on British Telecom shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;6</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on S&#38;P Index</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;7</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Credit Suisse shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;8</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Novartis shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">&nbsp;9</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on BP Amoco shares</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">10</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Roche GS</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">11</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on SAP shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">12</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Philips shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">13</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Bank Austria shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">14</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Sonera shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">15</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into Nikkei 225 Index</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">16</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Sony ADR&#146;s</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">17</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on UBS AG shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">18</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Telefonica shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">19</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Cisco shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">20</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Zurich Fin. Services shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">21</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Nokia shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">22</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Vivendi shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">23</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Ericsson shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">24</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Lucent shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">25</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Kyocera shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">26</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Telecom Italia Mobile shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">27</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on ICI shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">28</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on ABB shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">29</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Siemens shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">30</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Telmex shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">31</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Deutsche Telekom shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">32</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Intel shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">33</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Texas Instruments shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">34</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Nortel shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">35</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Granada Group shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">36</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on IBM shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">37</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Nasdaq 100 Index</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">38</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Banco Bilbao shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">39</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Carrefour shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">40</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Bayer shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">41</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Motorola shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">42</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Glaxo shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">43</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Swiss Re shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">44</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into European Insurance Shares
	Basket</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">45</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">GOAL on Daimler Chrysler shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">46</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into FTSE Index</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">47</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Indexed to UBS Currency Portfolio</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">48</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into UBS Dutch Corporate Basket</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">49</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into Sony shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">50</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into UBS Oil Basket</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">51</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into UBS Global Equity
	Arbitrage</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">52</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into SMI Index</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">53</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into NTT shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">54</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into Blue Chip Basket</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">55</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into Nasdaq 100 Index</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">56</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into STOXX 50 Index</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">57</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">PEP on Internet Perf. Basket</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">58</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Convertible into AT&#38;T shares</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">59</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">PIP on Worldbasket</FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">PIP</FONT></TD>
	<TD align="left">
	<FONT size="2">Protected Index Participation</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">PEP</FONT></TD>
	<TD align="left">
	<FONT size="2">Protected Equity Participation</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">GOAL&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Geld- oder Aktien-Lieferung (cash or share
	delivery)</FONT></TD>
</TR>

</TABLE>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 21&nbsp;&nbsp;&nbsp;Long-Term Debt (continued)</B>
</DIV>

<P align="left"><B><FONT size="2">Publicly placed bond issues of UBS
subsidiaries outstanding at 31.12.2000</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Premature</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Interest</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">redemption</FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">rate in %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Remarks</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Maturity</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">possible</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Currency</FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="11" align="left" valign="top"><FONT size="2">
	<B>UBS Finance (Cura&#231;ao) N.V.</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1990</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.125</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	08.02.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	FRN</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.11.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29.01.2027</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	LIT</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.03.2028</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	03.03.2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	DEM</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="11" align="left" valign="top"><FONT size="2">
	<B>UBS Australia Ltd.</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	02.10.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.02.2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	AUD</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	25.02.2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	AUD</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="11" align="left" valign="top"><FONT size="2">
	<B>S.G.W. Finance plc</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13.250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.03.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	AUD</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="11" align="left" valign="top"><FONT size="2">
	<B>S.G. Warburg Group plc</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	subordinated</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	perpetual</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="11" align="left" valign="top"><FONT size="2">
	<B>UBS Finance (Cayman Islands) Ltd.</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.02.2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	STG</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.02.2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	USD</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Year of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Amount</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">issue</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1996</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1990</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">225</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1992</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">226&#146;955</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1998</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1997</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">101</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1994</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1991</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>59</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 92</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 22&nbsp;&nbsp;&nbsp;Other Liabilities</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Note</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Provisions, including restructuring provision</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,024</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,611</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Provisions for commitments and contingent liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">54</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	149</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Current tax liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,423</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,747</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Deferred tax liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,565</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	994</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	VAT and other tax payables</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,071</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	888</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Settlement and clearing accounts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,906</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,789</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other payables</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,713</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,814</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total other liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18,756</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15,992</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note 23&nbsp;&nbsp;&nbsp;Provisions, including Restructuring
Provision</B>

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

<P align="left">
<FONT size="2">Business risk provisions consist mainly of
provisions for operational risks and reserves for
litigation.</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,182</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,121</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	New provisions charged to income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">746</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">539</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Provisions applied</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,316</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(705</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Recoveries and adjustments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">682</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,773</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)<SUP>1</SUP></FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,294</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,182</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Includes
reclassification of valuation adjustments of CHF&nbsp;2,384
million to related trading assets and liabilities.</FONT>
</DIV>

<P align="left"><B><FONT size="2">UBS/SBC merger restructuring
provision</FONT></B>

<DIV align="left">
<FONT size="2">At the announcement of the UBS/SBC merger in
December&nbsp;1997, it was communicated that the merged
firm&#146;s operations in various locations would be combined,
resulting in vacant properties, reductions in personnel,
elimination of redundancies in the information technology
platforms, exit costs and other costs. As a result, a
restructuring provision of CHF&nbsp;7,300 million (of which
CHF&nbsp;7,000 million was recognized as a restructuring expense
in 1997 and CHF&nbsp;300 million was recognized as a component
of general and administrative expense in the fourth quarter of
1999) was established, to be used over a period of four years.
At 31&nbsp;December 2000, the Group had utilized CHF 6,570
million of the provisions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The restructuring provision included
approximately CHF 3,000 million for employee termination
benefits, CHF 1,500 million for sale and lease breakage costs
associated with the closure of premises, CHF 1,650 for IT
integration projects and write-offs or equipment which
management had committed to dispose of and CHF 1,150 million for
other costs classified as Personal expenses, General and
administrative expense or Other income.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The employee terminations affected all functional
levels and all operating Business Groups. CHF 2,000 million of
the provision related to employee termination benefits reflects
the costs of eliminating approximately 7,800 positions, after
considering attrition and redeployment within the Company.
CHF&nbsp;1,000 million of the provision related to payments to
maintain stability in the workforce during the integration
period. As of 31&nbsp;December 2000, approximately 6,200
employees had been made redundant or retired early and the
remaining personnel restructuring provision balance was
CHF&nbsp;410 million.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 93</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 23&nbsp;&nbsp;&nbsp;Provisions, including Restructuring
Provision (continued)</B>
</DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="10"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="10"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,973</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Addition</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Applied&nbsp;<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(188</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(378</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IT</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(63</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(642</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Premises</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(399</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(673</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(49</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(151</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total utilized during the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(699</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,844</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">730</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,429</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total provisions, including restructuring provision</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,024</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,611</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The
expense categories refer to the nature of the expense rather
than the income statement expense line.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Cumulative utilization, since establishment of
UBS/SBC merger restructuring provision through 31&nbsp;December
2000</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Personnel</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>IT</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Premises</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	476</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,086</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	184</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	220</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,966</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">44</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,983</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	373</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	413</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,770</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate Center</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	99</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	503</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,790</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Group total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<FONT color="#E8112D">2,590</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<FONT color="#E8112D">1,502</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<FONT color="#E8112D">1,339</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<FONT color="#E8112D">1,139</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6,570</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total provision</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,300</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Future utilization</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">730</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 94</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 24&nbsp;&nbsp;&nbsp;Income Taxes</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="10"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="10"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Federal and cantonal</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Current payable</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,325</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">849</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	213</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Deferred</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">233</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">511</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	463</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Current payable</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">451</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">359</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	200</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Deferred</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">311</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(33</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total income tax expense</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	904</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The Group made net tax payments, including
domestic federal, cantonal and foreign taxes, of CHF 959
million, CHF 1,063 million and CHF 733 million for the full
years of 2000, 1999 and 1998, respectively.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The components of operating profit before tax,
and the differences between income tax expense reflected in the
financial statements and the amounts calculated at the Swiss
statutory rate of 25% are as follows:</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="14"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="14"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Operating profit before tax</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,871</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Domestic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,079</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,957</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,287</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,120</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">936</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,416</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income taxes at Swiss statutory rate of 25%</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,550</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,973</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">968</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Increase/(decrease)&nbsp;resulting from:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Applicable tax rates differing from Swiss statutory rate</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(336</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax losses not recognized</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">164</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,436</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Previously unrecorded tax losses now recognized</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(655</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(215</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(142</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Lower taxed income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(401</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(278</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,849</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Non-deductible goodwill amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">159</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">98</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">117</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other non-deductible expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">432</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Adjustments related to prior years</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">245</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(112</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Change in deferred tax valuation allowance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">162</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">224</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="14" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Income tax expense</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">904</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="14" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">As of 31&nbsp;December 2000 the Group had
accumulated unremitted earnings from foreign subsidiaries on
which deferred taxes had not been provided as the undistributed
earnings of these foreign subsidiaries are indefinitely
reinvested.</FONT>

<DIV align="right">
<FONT size="2"> 95</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 24&nbsp;&nbsp;&nbsp;Income Taxes (continued)</B>
</DIV>

<P align="left">
<FONT size="2">Significant components of the Group&#146;s
deferred income tax assets and liabilities (gross)&nbsp;are as
follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Deferred tax assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Compensation and benefits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,705</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">316</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Restructuring provision</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">160</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">316</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">148</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">138</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net operating loss carry forwards</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,690</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,194</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Others</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,069</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,772</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,201</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Valuation allowance</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,564</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,459</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net deferred tax assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,208</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">742</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Deferred tax liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">457</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">342</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investment in associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">86</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other provisions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">133</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">142</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unrealized gains on investment securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">306</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Others</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">583</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">264</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,565</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">994</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The change in the balance of the net deferred tax
assets does not equal the deferred tax expense. This is due to
the effect of foreign currency rate changes on tax assets and
liabilities denominated in currencies other than CHF and also
due to the integration of PaineWebber.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Certain foreign branches and subsidiaries of the
Group have deferred tax assets related to net operating loss
carry forwards and other items. Because recognition of these
assets is uncertain, the Group has established valuation
allowances of CHF&nbsp;2,564&nbsp;million and
CHF&nbsp;2,459&nbsp;million at 31&nbsp;December 2000 and
31&nbsp;December 1999, respectively.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Net operating loss carry forwards totalling CHF
6,520 million at 31&nbsp;December&nbsp;2000 are available to
reduce future taxable income of certain branches and
subsidiaries.</FONT>
</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>The carry forwards have lives as follows:</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	One year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2 to 4&nbsp;years</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">170</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	More than 4&nbsp;years</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6,345</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6,520</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note&nbsp;25&nbsp;&nbsp;&nbsp;Minority Interests</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">434</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">990</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issuances and increases&nbsp;<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,596</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Decreases and dividend payments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(73</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(689</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(159</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interest in profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">87</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance at the end of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,885</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">434</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Thereof
issuance of Trust Preferred securities USD&nbsp;1,500 million
(CHF&nbsp;2,594 million at issuance) in connection with the
PaineWebber acquisition.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 96</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 26&nbsp;&nbsp;&nbsp;Derivative Instruments</B>

<P align="left"><B><FONT size="2">Derivatives held or issued for trading
purposes</FONT></B>

<DIV align="left">
<FONT size="2">Most of the Group&#146;s derivative transactions
relate to sales and trading activities. Sales activities include
the structuring and marketing of derivative products to
customers at competitive prices to enable them to transfer,
modify or reduce current or expected risks. Trading involves
market-making, positioning and arbitrage activities.
Market-making involves quoting bid and offer prices to other
market participants with the intention of generating revenues
based on spread and volume. Positioning involves managing market
risk positions with the expectation of profiting from favourable
movements in prices, rates or indices. Arbitrage activities
involve identifying and profiting from price differentials
between markets and products.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Derivatives held or issued for non-trading
purposes</FONT></B>

<DIV align="left">
<FONT size="2">The Group also uses derivatives as part of its
asset and liability management activities.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The majority of derivative positions used in
UBS&#146;s asset and liability management activities are
established via intercompany transactions with independently
managed units within the Group. When the Group purchases assets
and issues liabilities at fixed interest rates it subjects
itself to fair value fluctuations as market interest rates
change. These fluctuations in fair value are managed by entering
into interest rate contracts, mainly interest rate swaps which
change the fixed rate instrument into a variable rate
instrument.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">When the Group purchases foreign currency
denominated assets, issues foreign currency denominated debt or
has foreign net investments, it subjects itself to changes in
value as exchange rates move. These fluctuations are managed by
entering into currency swaps and forwards.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Type of derivatives</FONT></B>

<DIV align="left">
<FONT size="2">The Group uses the following derivative financial
instruments for both trading and non-trading purposes:</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<I><FONT size="2">Swaps:&nbsp;</FONT></I><FONT size="2">Swaps
are transactions in which two parties exchange cash flows on a
specified notional amount for a predetermined period.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Interest rate swap contracts generally represent
the contractual exchange of fixed and floating rate payments of
a single currency, based on a notional amount and an interest
reference rate.</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Cross currency interest rate swaps generally
involve the exchange of payments which are based on the interest
reference rates available at the inception of the contract on
two different currency principal balances that are exchanged.
The principal balances are re-exchanged at an agreed upon rate
at a specified future date.</FONT>

<P align="left">&nbsp;&nbsp;
<I><FONT size="2">Forwards and
futures:</FONT></I><FONT size="2">&nbsp;Forwards and futures are
contractual obligations to buy or sell a financial instrument on
a future date at a specified price. Forward contracts are
effectively tailor-made agreements that are transacted between
counterparties in the over-the-counter market (OTC), whereas
futures are standardized contracts that are transacted on
regulated exchanges.</FONT>

<P align="left">&nbsp;&nbsp;
<I>
<FONT size="2">Options:</FONT></I><FONT size="2">&nbsp;Options
are contractual agreements under which the seller (writer)
grants the purchaser the right, but not the obligation, either
to buy (call option) or sell (put option) by or at a set date, a
specified amount of a financial instrument at a predetermined
price. The seller receives a premium from the purchaser for this
right.</FONT>

<P align="left"><B><FONT size="2">Notional amounts and replacement
values</FONT></B>

<P align="left">
<FONT size="2">The following table provides the notional amounts
and the positive and negative replacement values of the
Group&#146;s derivative transactions.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The notional amount is the amount of a
derivative&#146;s underlying asset, reference rate or index and
is the basis upon which changes in the value of derivatives are
measured. It provides an indication of the volume of business
transacted by the Group but does not provide any measure of
risk.</FONT>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Some derivatives are standardized in terms of
their nominal amounts and settlement dates, and these are
designed to be bought and sold in active markets (exchange
traded). Others are packaged specifically for individual
customers and are not exchange traded although they may be
bought and sold between</FONT>

<DIV align="right">
<FONT size="2"> 97</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 26&nbsp;&nbsp;&nbsp;Derivative Instruments
(continued)</B>

<P align="left">
<FONT size="2">counterparties at negotiated prices (OTC
instruments).</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Positive replacement value represents the cost to
the Group of replacing all transactions with a receivable amount
if all the Group&#146;s</FONT>
</DIV>

<DIV align="left">
<FONT size="2">counterparties were to default. This measure is
the industry standard for the calculation of current credit
exposure. Negative replacement value is the cost to the
Group&#146;s counterparties of replacing all the Group&#146;s
transactions with a commitment if the Group were to default. The
total positive and negative replacement values after netting are
included in the balance sheet separately.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 98</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 26&nbsp;&nbsp;&nbsp;Derivative Instruments
(continued)</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>As at 31 December 2000</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Term to maturity</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>notional</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Within 3 months</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>3-12 months</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>1-5 years</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Over 5 years</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>amount</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV<SUP>1</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV<SUP>2</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>CHF bn</B></FONT></TD>
</TR>

<TR>
        <TD colspan="24"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="24"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Interest rate contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        517</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        791</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        167</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        360</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        284</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        256</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">968</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,407</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,066.3</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Swaps</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4,231</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        5,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        16,846</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9,246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        28,248</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        20,993</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">52,371</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">36,255</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,033.2</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        542</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        541</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        865</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,969</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,512</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6,862</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        701</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4,541</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,620</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">14,913</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        864.6</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts <SUP>3</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">16</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        24.1</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,938</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5,569</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6,430</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5,124</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">18,642</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">16,364</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">28,949</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">25,534</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">56,959</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">52,591</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5,442.8</FONT></b></FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Foreign exchange contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        22,652</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        20,140</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        8,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9,410</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        939</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,084</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">31,724</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">30,661</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,250.3</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interest and currency swaps</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,563</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,621</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,921</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,507</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        8,715</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        7,031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,019</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">17,218</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">13,257</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        345.9</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,958</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,726</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,896</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        821</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        438</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6,703</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6,230</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        786.8</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts <SUP>3</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">25</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1.2</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</b></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">28,177</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">24,488</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">13,936</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">14,952</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">10,475</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">8,553</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,082</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,160</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">55,670</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">50,153</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,385.2</FONT></b></FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Precious metals contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        176</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        211</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        181</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        369</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        394</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">758</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">779</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        15.3</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        128</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        80</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        206</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        201</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        934</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        936</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        85</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        119</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,353</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,336</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        75.2</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts <SUP>3</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">7</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">14</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1.3</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">305</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">269</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">423</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">394</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">1,303</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">1,330</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">87</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">136</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,118</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,129</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">92.5</FONT></b></FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Equity&nbsp;/ Index contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,417</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,186</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,170</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,271</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,424</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,019</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,715</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,948</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6,726</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">11,424</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        32.2</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,751</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,867</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6,977</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        12,358</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4,752</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        17,985</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        311</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,648</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">13,791</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">36,858</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        283.8</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts <SUP>3</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,771</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,647</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        819</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,051</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,992</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,147</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        45.2</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">4,939</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">8,700</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">8,966</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">15,680</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">7,576</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">21,450</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">2,028</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">5,599</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">23,509</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">51,429</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">376.5</FONT></b></FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Commodity contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0.0</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0.0</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">2</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">1</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">3</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">4</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">0.0</FONT></FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total derivative instruments</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">36,359</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">39,028</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">29,756</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">36,150</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">37,999</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">47,701</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">34,146</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">33,429</FONT></b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">138,260</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">156,30</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <b><FONT color="#E8112D">8</FONT></b></FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Replacement value netting</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">80,385</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">80,385</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Replacement values after netting</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">57,875</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">75,923</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="24" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;PRV:
Positive replacement value.&nbsp;<SUP>2</SUP>&nbsp;NRV: Negative
replacement value.&nbsp;<SUP>3</SUP>&nbsp;Exchange-traded
products include proprietary trades only.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 99</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 26&nbsp;&nbsp;&nbsp;Derivative Instruments
(continued)</B>
</DIV>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>As at 31 December 1999<SUP>&nbsp;1</SUP></B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Term to maturity</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Within 3 months</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>3-12 months</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>1-5 years</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Over 5 years</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV<SUP>&nbsp;2</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV<SUP>&nbsp;3</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
</TR>

<TR>
        <TD colspan="20"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="20"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Interest rate contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        68</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">108</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Swaps</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        5,248</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,871</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        22,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        24,168</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        35,557</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        30,301</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">66,495</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        108</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        742</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        268</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,018</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">427</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts<SUP>&nbsp;4</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>5,390</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>2,182</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>3,240</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>3,632</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>22,839</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>24,181</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>35,561</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>32,319</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D"><B>67,030</B></FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B><FONT color="#E8112D">Foreign exchange contracts</FONT></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Over the counter (OTC) contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Forward contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">9,657</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">14,264</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">3,628</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">7,008</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">411</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">851</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">13</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">37</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">13,709</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interest and currency swaps</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        622</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        520</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,036</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,826</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        529</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        6,076</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,567</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,518</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5,754</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,344</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,708</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,934</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,138</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        8,883</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        411</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">16,191</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts<SUP>&nbsp;4</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Futures</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">0</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>13,623</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>17,494</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>9,602</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>11,973</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>9,823</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>7,338</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>2,610</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>1,565</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D"><B>35,658</B></FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B><FONT color="#E8112D">Precious metals contracts</FONT></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Over the counter (OTC) contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Forward contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">1,092</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">1,047</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">44</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">62</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">70</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">60</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">0</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">0</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,206</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        277</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        215</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        594</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        466</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,168</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,059</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        117</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,156</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Exchange-traded contracts<SUP>&nbsp;4</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">5</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>1,369</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>1,267</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>643</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>536</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>1,238</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>1,129</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>117</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>130</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D"><B>3,367</B></FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B><FONT color="#E8112D">Equity&nbsp;/ Index contracts</FONT></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Over the counter (OTC) contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Forward contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">526</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">1,721</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">1,148</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">2,044</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">503</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">5,325</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">1,762</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">2,787</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,939</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,840</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,611</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3,814</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        10,021</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        9,766</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        27,182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        350</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,985</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">15,770</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts<SUP>&nbsp;4</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Futures</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">74</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,395</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        304</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,744</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4,047</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        72</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        63</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">3,211</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>3,835</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>3,682</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>6,706</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>16,112</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>10,341</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>32,570</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>2,112</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>5,772</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D"><B>22,994</B></FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B><FONT color="#E8112D">Commodity contracts</FONT></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Over the counter (OTC) contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Forward contracts</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">29</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">25</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">29</FONT></B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">15</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">44</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">40</FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">44</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B><FONT color="#E8112D">Total derivative instruments</FONT></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>24,261</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>24,665</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>20,191</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>32,253</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>44,241</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>65,218</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>40,400</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>39,786</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D"><B>129,093</B></FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <FONT color="#E8112D">Replacement value netting</FONT></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D">66,136</FONT></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Replacement values after netting</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">62,957</FONT></B></FONT></TD>
</TR>

<TR>
        <TD colspan="20" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="50%" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>As at 31 December 1999<SUP>&nbsp;1</SUP></B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>notional</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>Total</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>amount</B></FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2"><B>CHF bn</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="2"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Interest rate contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">75</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        554.0</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Swaps</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">59,440</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        2,650.9</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2,799</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,877.0</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts<SUP>&nbsp;4</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>62,314</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>5,910.4</B></FONT></FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Foreign exchange contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">22,160</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        1,077.1</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interest and currency swaps</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">9,940</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        252.3</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">6,267</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        813.5</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts<SUP>&nbsp;4</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Futures</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3.5</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">2</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        3.7</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>38,370</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>2,150.1</B></FONT></FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Precious metals contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,169</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        30.0</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">1,870</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        82.9</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Exchange-traded contracts<SUP>&nbsp;4</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">23</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        4.9</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>3,062</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>118.6</B></FONT></FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Equity&nbsp;/ Index contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">11,877</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        149.4</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">41,799</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        264.7</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Exchange-traded contracts<SUP>&nbsp;4</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Futures</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">46</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        25.1</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">4,414</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        79.8</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>58,136</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>519.0</B></FONT></FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Commodity contracts</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Over the counter (OTC) contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Forward contracts</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">25</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0.2</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Options</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">15</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        0.1</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>40</B></FONT></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <FONT color="#E8112D"><B>0.2</B></FONT></FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total derivative instruments</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">161,922</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Replacement value netting</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">66,136</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Replacement values after netting</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2">
        <B><FONT color="#E8112D">95,786</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2" align="left"><HR size="1"></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<DIV align="left">
<SUP><FONT size="2">1&nbsp;</FONT></SUP><FONT size="2">The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting
Policies).&nbsp;<SUP>2&nbsp;</SUP>PRV: Positive replacement
value.&nbsp;<SUP>3&nbsp;</SUP>NRV: Negative replacement
value.&nbsp;<SUP>4&nbsp;</SUP>Exchange-traded products include
proprietary trades only.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 100</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B>Note 26&nbsp;&nbsp;&nbsp;Derivative Instruments
(continued)</B>
</DIV>

<P align="left">
<FONT size="2">The Group uses derivative instruments for trading
and non-trading purposes as explained in the previous
paragraphs. All derivatives instruments held or issued for
trading or used to hedge another financial instrument carried at
fair value are accounted for at fair value with changes in fair
value recorded in Net trading income. The Group uses interest
rate swaps in its asset&nbsp;/ liability management. These
interest rate swaps are accounted for on the accrual basis of
accounting as an adjustment of Net interest income. They are
disclosed under &#147;non-trading&#148; in the table below.
Gains and losses on terminations of non-trading interest rate
swaps are deferred and amortized to Net interest income over the
remaining original maturity of the contract. All other
derivatives used in asset/liability management are accounted for
on a fair value basis of accounting due to the short term nature
of these derivatives.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The following table presents the fair value,
average fair value and notional amounts for each class of
derivative financial instrument, before netting, for the years
ended 31&nbsp;December&nbsp;2000 and 31&nbsp;December&nbsp;1999
distinguished between held or issued for trading purposes and
held or issued for non-trading purposes. Average balances for
the years ended 31&nbsp;December&nbsp;2000 and
31&nbsp;December&nbsp;1999 are calculated from quarterly
data.</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="9"></TD>
	<TD></TD>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="9"><FONT size="2"><B>31 December 2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="9"><FONT size="2"><B>31 December 1999<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="9"></TD>
	<TD></TD>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>total</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>total</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>notional</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>total</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>average</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>notional</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>CHF bn</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>PRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>NRV</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>CHF bn</B></FONT></TD>
</TR>

<TR>
	<TD colspan="21"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="21"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest Rate contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">52,626</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">55,447</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">49,202</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">54,803</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,244</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	62,082</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	75,923</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58,107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	75,129</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,775</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign Exchange contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">55,299</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">42,820</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">49,314</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">37,138</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,374</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	34,632</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	35,843</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	37,479</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	37,075</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,137</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Precious Metal contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,118</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,809</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,129</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,659</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">92</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,367</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,630</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,062</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,501</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	119</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity/ Index contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">23,509</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22,224</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">51,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">46,591</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">377</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22,994</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18,366</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	42,984</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	519</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Commodity contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	383</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">133,556</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">123,318</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">152,080</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">141,209</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	123,119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	135,145</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	156,824</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	159,902</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest Rate contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,333</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,997</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,389</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,400</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,948</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,014</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,207</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,212</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	135</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign Exchange contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">371</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">364</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">839</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,057</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,026</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	669</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	891</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	622</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	13</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Precious Metal contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity/ Index contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Commodity contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,704</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,361</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,228</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4,457</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,974</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,683</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,098</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,834</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total Trading and Non-Trading</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest Rate contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">56,959</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">59,444</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">52,591</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">58,203</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,443</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	67,030</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	80,937</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	62,314</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	79,341</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,910</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign Exchange contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">55,670</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">43,184</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">50,153</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">38,195</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,385</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	35,658</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	36,512</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	38,370</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	37,697</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,150</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Precious Metal contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,118</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,809</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,129</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,659</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">92</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,367</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,630</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,062</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,501</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	119</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity/ Index contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">23,509</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">22,224</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">51,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">46,591</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">377</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22,994</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18,366</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	58,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	42,984</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	519</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Commodity contracts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	383</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">138,260</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">127,679</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">156,308</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">145,666</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	129,093</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	140,828</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	161,922</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	164,736</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="21" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">The 1999
figures have been restated to reflect retroactive changes in
presentation.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 101</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">
<B><FONT size="6" color="#0038A8">Off-Balance Sheet and other
Information</FONT></B>

<P align="left"><B>Note 27&nbsp;&nbsp;&nbsp;Pledged Assets</B>

<P align="left">
<B><FONT size="2">Assets pledged or assigned as security for
liabilities and assets subject to reservation of title</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Related</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Related</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>liability</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>liability</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,395</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,578</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">707</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage loans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,639</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,121</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,536</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,736</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Securities<SUP>&nbsp;1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">87,871</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">62,611</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,837</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Property and equipment</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">137</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">66</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">170</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total pledged assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">118,043</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">63,803</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,231</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;For the
year ended 31&nbsp;December 2000 includes securities pledged in
respect of securities lending and repurchase agreements.</FONT>
</DIV>

<P align="left">
<FONT size="2">Assets are pledged as collateral for
collateralized credit lines with central banks, loans from
central mortgage institutions, deposit guarantees for savings
banks, security deposits relating to stock exchange membership
and mortgages on the Group&#146;s property.</FONT>

<P align="left"><B>Note 28&nbsp;&nbsp;&nbsp;Fiduciary Transactions</B>

<P align="left">
<FONT size="2">Fiduciary placement represents funds which
customers have instructed the Group to place in foreign banks.
The Group is not liable to the customer for any default by the
foreign bank nor do creditors of the Group have a claim on the
assets placed.</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Placements with third parties</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">69,300</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,221</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Fiduciary credits and other fiduciary financial transactions</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,234</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,438</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total fiduciary transactions</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">70,534</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61,659</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 102</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 29&nbsp;&nbsp;&nbsp;Commitments and Contingent
Liabilities</B>

<P align="left">
<FONT size="2">Commitments and contingencies represent potential
future liabilities of the Group resulting from credit facilities
available to clients, but not yet drawn upon by them. They are
subject to expiration at fixed dates. The Group engages in
providing open credit facilities to allow clients quick access
to funds required to meet their short-term obligations as well
as their long-term financing needs. The credit facilities can
take the form of guarantees, whereby the Group might guarantee
repayment of a loan taken out by a client with a third party;
standby letters of credit, which are credit enhancement
facilities enabling the client to engage in trade finance at
lower cost; documentary letters of credit, which are trade
finance-related payments made on behalf of a client; commitments
to enter into repurchase agreements; note issuance facilities
and revolving underwriting facilities, which allow clients to
issue money market paper or medium-term notes when needed
without engaging in the normal underwriting process each
time.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The figures disclosed in the accompanying tables
represent the amounts at risk should clients draw fully on all
facilities and then default, and there is no collateral.
Determination of the creditworthiness of the clients is part of
the normal credit risk management process, and the fees charged
for maintenance of the facilities reflect the various credit
risks.</FONT>
</DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Credit guarantees and similar instruments<SUP>&nbsp;1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,651</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,822</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Sub-participations</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(5,669</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,665</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,982</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Performance guarantees and similar instruments<SUP>&nbsp;2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,337</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,782</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Sub-participations</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(62</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(42</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,275</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,740</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Irrevocable commitments under documentary credits</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,798</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,704</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Gross contingent liabilities</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27,786</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,308</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Sub-participations</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(5,731</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,707</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net contingent liabilities</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">22,055</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,601</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Undrawn irrevocable credit facilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">53,510</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,693</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Sub-participations</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(788</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,836</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">52,722</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,857</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Liabilities for calls on shares and other equities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">133</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Gross irrevocable commitments</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">53,643</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Sub-participations</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(788</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,836</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net irrevocable commitments</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">52,855</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,914</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Gross commitments and contingent liabilities</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">81,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94,058</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Sub-participations</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(6,519</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,543</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net commitments and contingent liabilities</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">74,910</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88,515</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Credit
guarantees in the form of bill of exchange and other guarantees,
including guarantees in the form of irrevocable letters of
credit, endorsement liabilities from bills rediscounted, advance
payment guarantees and similar
facilities.&nbsp;<SUP>2</SUP>&nbsp;Bid bonds, performance bonds,
builders&#146; guarantees, letters of indemnity, other
performance guarantees in the form of irrevocable letters of
credit and similar facilities.</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Mortgage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>collateral</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>collateral</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unsecured</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Overview of collateral</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Gross contingent liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,703</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,929</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27,786</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Gross irrevocable commitments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,124</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,455</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,931</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">53,510</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Liabilities for calls on shares and other equities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">133</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total 31.12.2000</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,278</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20,158</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">59,993</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">81,429</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total 31.12.1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">577</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,130</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,351</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">94,058</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 103</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 30&nbsp;&nbsp;&nbsp;Operating Lease Commitments</B>

<P align="left">
<FONT size="2">Our minimum commitments for non-cancellable
leases of premises and equipment are as follows:</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Operating leases due </B>2001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">686</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2002</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">652</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2003</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">634</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">580</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">503</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2006 and thereafter</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3,958</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total commitments for minimum payments under operating
	leases</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,013</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Operating expenses include CHF&nbsp;816 million
and CHF&nbsp;742 million in respect of operating lease rentals
for the year ended 31&nbsp;December&nbsp;2000 and
31&nbsp;December 1999, respectively.</FONT>

<P align="left"><B>Note 31&nbsp;&nbsp;&nbsp;Litigation</B>

<P align="left">
<FONT size="2">In the United States, several class actions, in
relation to the business activities of Swiss Companies during
World War&nbsp;II, have been brought against the bank (as legal
successor to Swiss Bank Corporation and Union Bank of
Switzerland) in the United States District Court for the Eastern
District of New York (Brooklyn). These lawsuits were initially
filed in October&nbsp;1996. Another Swiss bank was designated as
a defendant alongside us. On 12&nbsp;August 1998, however, a
settlement was reached between the parties. This settlement
provides for a payment by the defendant banks to the plaintiffs,
under certain terms and conditions, of an aggregate amount of
USD&nbsp;1.25 billion. UBS agreed to contribute up to two-thirds
of this amount. As a result of contributions by Swiss industrial
companies to the settlement, UBS&#146; share was reduced by
CHF&nbsp;50 million. A number of persons have elected to opt out
of the settlement and not to participate in the class action.
Based on our estimates of forthcoming contributions, we provided
USD&nbsp;610 million in 1998, an additional USD&nbsp;95 million
in 1999 and USD&nbsp;123 million in 2000. Several payments have
been made approximating the reserved amount. The settlement
agreement was approved by the competent judge on 26
July&nbsp;2000, and on 22&nbsp;November 2000 the distribution
plan was approved. Appeals against these decisions are still
pending, but we do not believe they should have a financial
impact on the Group.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, UBS AG and other companies within
the UBS Group are subject to various claims, disputes and legal
proceedings, as part of the normal course of business. The Group
makes provision for such matters when, in the opinion of
management and its professional advisors, it is probable that a
payment will be made by the Group, and the amount can be
reasonably estimated. All litigation provisions are included
within Business risk provisions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In respect of the further claims asserted against
the Group of which management is aware (which, according to the
principles outlined above, have not been provided for), it is
the opinion of management that such claims are either without
merit, can be successfully defended or will result in exposure
to the Group which is immaterial to both financial position and
results of operations.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 104</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk
Position</B>

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

<DIV align="left">
<FONT size="2">The Group manages risk in a number of ways,
including the use of a Value-at-Risk model combined with a
system of trading limits.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This section presents information about the
results of the Group&#146;s management of the risks associated
with the use of financial instruments.</FONT>
</DIV>

<P align="left"><B>a)&nbsp; Interest Rate Risk</B>

<P align="left">
<FONT size="2">Interest rate risk is the potential impact of
changes in market interest rates on the fair values of assets
and liabilities on the balance sheet and on the annual interest
income and expense in the income statement.</FONT>

<P align="left"><B><FONT size="2">Interest rate sensitivity</FONT></B>

<DIV align="left">
<FONT size="2">One commonly used method to present the potential
impact of market movements is to show the effect of a one basis
point (0.01%) change in interest rates on the fair values of
assets and liabilities, analyzed by time bands within which the
Group is committed. This type of presentation, described as a
sensitivity analysis, is set out below. Interest rate
sensitivity is one of the inputs to the Value-at-Risk (VaR)
model used by the Group to manage its overall market risk, of
which interest rate risk is a part.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The following table sets out the extent to which
the Group was exposed to interest rate risk at 31
December&nbsp;2000. The table shows the potential impact of a
one basis point (0.01%) increase in market interest rates which
would influence the fair values of both assets and liabilities
that are subject to fixed interest rates. The impact of such an
increase in rates depends on the net asset or net liability
position of the Group in each category, currency and time band
in the table. A negative amount in the table reflects a
potential loss to the Group due to the changes in fair values as
a result of an increase in interest rates. A positive amount
reflects a potential gain as a result of an increase in interest
rates. Both primary and derivative instruments in trading and
non-trading activities, as well as off-balance-sheet commitments
are included in the table.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 105</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk Position
(continued)</B>
</DIV>

<DIV align="left">
<B>a)&nbsp; Interest Rate Risk (continued)</B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">
<B><FONT size="2">Interest rate sensitivity position</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>Interest sensitivity by time bands as of 31.12.2000</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF thousand</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Within 1</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1 to 3</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>3 to 12</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1 to 5</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>per basis point</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>month</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>months</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>months</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>years</B></FONT></TD>
</TR>

<TR>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(471</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">854</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(49</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,802</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(493</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">293</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,293</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(342</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(82</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(152</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,190</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(227</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">145</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(229</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(36</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">270</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	JPY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">293</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,532</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,088</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Others</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>In</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>terest sensitivity by time bands as of 31.12.2000</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF thousand</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Over 5</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>per basis point</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(478</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,018</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(9,859</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">380</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(106</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(183</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(443</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,801</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(731</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">269</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">521</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">362</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">585</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">819</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	JPY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(450</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(539</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(5</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Others</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(44</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(13</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>Interest sensitivity by time bands as of 31.12.1999</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF thousand</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Within 1</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1 to 3</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>3 to 12</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1 to 5</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>per basis point</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>month</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>months</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>months</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>years</B></FONT></TD>
</TR>

<TR>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">171</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(902</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">466</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">506</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(30</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(398</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,204</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(411</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">386</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(109</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(33</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(239</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(34</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	JPY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">484</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,708</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">927</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(101</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Others</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(34</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(195</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Non-trading</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="19" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="40%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>In</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>terest sensitivity by time bands as of 31.12.1999</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF thousand</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Over 5</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>per basis point</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(417</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(176</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,220</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(7,860</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(908</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(24</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,207</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,250</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,406</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(971</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">240</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(77</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(57</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">815</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">858</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	JPY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(263</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(5</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Others</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(109</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>

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

<DIV align="left">
<FONT size="2">The major part of trading-related interest rate
risk is generated in fixed income securities trading, fixed
income derivatives trading, trading in currency forward
contracts and money market trading and is managed within the
Value at Risk model. Interest rate sensitivity arising from
trading activities is quite sizeable in USD, EUR, GBP and JPY as
these are still the predominantly traded currencies in the
global interest rate markets. It should be noted that it is
management&#146;s view that an interest sensitivity analysis at
a particular point in time has limited relevance with respect to
trading positions, which can vary significantly on a daily
basis.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 106</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk Position
(continued)</B>
</DIV>

<DIV align="left">
<B>a)&nbsp; Interest Rate Risk (continued)</B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Non-trading</FONT></B>

<DIV align="left">
<FONT size="2">The interest rate risk related to client business
with undefined maturities and non-interest bearing business
including the strategic management of overall balance sheet
interest rate exposure is managed by the Corporate Center.
Significant contributors to the overall USD and GBP interest
rate sensitivity were strategic long-term subordinated notes
issues which are intentionally unhedged since they are regarded
as constituting a part of the Group&#146;s equity for asset and
liability management purposes as well as funding transactions
related to the acquisition of PaineWebber. At 31&nbsp;December
2000, the Group&#146;s equity was invested in a portfolio of
fixed rate CHF deposits with an average duration of
2.5&nbsp;years. As this equity investment is the most
significant component of the CHF book, this results in the
entire book having an interest rate sensitivity of
CHF&nbsp;(9.9) million, which is reflected in the table above.
This is in line with the duration and sensitivity targets set by
the Group Executive Board. Investing in shorter-term or variable
rate instruments would mean exposing the earnings stream
(interest income) to higher fluctuations.</FONT>
</DIV>

<P align="left"><B>b)&nbsp; Credit Risk</B>

<P align="left">
<FONT size="2">Credit risk represents the loss which UBS would
suffer if a counterparty or issuer failed to perform its
contractual obligations in all forms. It is inherent in
traditional banking products&nbsp; &#150;&nbsp; loans,
commitments to lend, and contracts to support
counterparties&#146; obligations to third parties such as
letters of credit&nbsp; &#150;&nbsp; and in foreign exchange and
derivatives contracts, such as swaps and options (&#147;traded
products&#148;). Positions in tradeable assets such as bonds and
equities, including both direct holdings and synthetic positions
through derivatives, also carry credit risk.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">This risk is managed primarily based on reviews
of the financial status of each specific counterparty, which are
rated on a 14 point rating scale, based on probability of
default. Credit risk is higher when counterparties are
concentrated in a single industry or geographical region. This
is because a group of otherwise unrelated counterparties could
be adversely affected in their ability to honor their
obligations because of economic developments affecting their
common industry or region.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Concentrations of credit risk exist if a number
of clients are engaged in similar activities, or are located in
the same geographic region or have comparable economic
characteristics such that their ability to meet contractual
obligations would be similarly affected by changes in economic,
political or other conditions. Concentrations of credit risk
indicate the relative sensitivity of the bank&#146;s performance
to developments affecting a particular industry or geographic
location.</FONT>
</DIV>

<P align="left"><B><FONT size="2">(b)(i)&nbsp; On-balance sheet assets</FONT></B>

<DIV align="left">
<FONT size="2">As of 31&nbsp;December 2000, due from banks and
loans to customers amounted to CHF&nbsp;285 billion. 57.9% of
the gross loans were with clients domiciled in Switzerland.
Please refer to Note&nbsp;12 for a breakdown by region.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The issuer default risk of securities positions
reported at fair value in the trading portfolio assets amounted
to CHF&nbsp;253 billion as of 31&nbsp;December 2000. Please
refer to Note 14 for a further breakdown by type of
issuer.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 107</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk Position
(continued)</B>
</DIV>

<DIV align="left">
<B>a)&nbsp; Interest Rate Risk (continued)</B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">(b)(ii)&nbsp; Off-balance sheet financial
instruments</FONT></B>

<P align="left"><B><FONT size="2">Credit commitments and contingent
liabilities</FONT></B>

<DIV align="left">
<FONT size="2">Of the CHF 81 billion in credit commitment and
contingent liabilities as at 31 December 2000, 15% related to
clients domiciled in Switzerland, 30% Europe (excluding
Switzerland) and 45% North America.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Credit risk represents the current replacement
value of all outstanding derivative contracts with an unrealized
gain by taking into consideration legally enforceable master
netting agreements. Positive replacement values amounted to CHF
58 billion as at 31 December 2000. Based on the location of the
ultimate counterparty, 6% of this credit risk amount related to
Switzerland, 45% to Europe (excluding Switzerland) and 32% to
North America. 42% of the positive replacement values are with
other banks.</FONT>
</DIV>

<P align="left"><B><FONT size="2">(b)(iii)&nbsp; Credit risk mitigation
techniques</FONT></B>

<DIV align="left">
<FONT size="2">Credit risk associated with derivative
instruments is mitigated by the use of master netting
agreements. A further method of reducing credit exposure arising
from derivative transactions is to use collateralization
arrangements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Master netting agreements eliminate risk to the
extent that only the net claim is due to be settled in the case
of a default of the counterparty. The impact of master netting
agreements as at 31 December 2000 is to mitigate credit risk on
derivative instruments by approximately CHF 80 billion. The
impact can change substantially over short periods of time,
because the exposure is affected by each transaction subject to
the arrangement.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group subjects its derivative-related credit
risks to the same credit approval, limit and monitoring
standards that it uses for managing other transactions that
create credit exposure. This includes evaluation of
counterparties as to creditworthiness, and managing the size,
diversification and maturity structure of the portfolio. Credit
utilization for all products is compared against established
limits on a continual basis and is subject to a standard
exception reporting process.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 108</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk Position
(continued)</B>
</DIV>

<DIV align="left">
<B>b)&nbsp; Credit Risk (continued)</B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>c)&nbsp; Currency Risk</B>

<P align="left">
<FONT size="2">The Group views itself as a Swiss entity, with
the Swiss franc as its reporting currency. Hedging transactions
are used to manage risks in other currencies.</FONT>

<P align="left">
<B><FONT size="2">Breakdown of assets and liabilities by
currencies</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>CHF</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>USD</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>EUR</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>CHF</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>USD</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash and balances with central banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">51.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	38.6</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due from banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.7</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities borrowed</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">169.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	106.4</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reverse repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">83.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">37.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">67.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	42.5</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">16.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">134.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">27.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">75.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	77.1</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Positive replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">38.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">154.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">52.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">31.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	166.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	35.0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Financial investments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.9</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued income and prepaid expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.8</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Investments in associates</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.1</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Property and equipment</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.5</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Goodwill and other intangible assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">19.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.9</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total assets</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">214.</FONT></B>7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">543.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">96.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">233.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	234.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	322.1</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper issued</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">67.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	55.7</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">46.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	36.3</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">12.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.5</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">194.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">16.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">74.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	91.3</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">52.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">16.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	38.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Negative replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">59.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">118.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">129.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">29.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">32.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	127.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	93.8</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued expenses and deferred income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">4.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.8</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Long-term debt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">23.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">9.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.6</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">9.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">3.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Minority interests</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Shareholders&#146; equity</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">44.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total liabilities, minority interests and shareholders&#146;
	equity</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">222.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">550.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">83.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">231.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	232.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	354.4</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="50%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>EUR</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Other</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash and balances with central banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.9</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due from banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9.4</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities borrowed</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.6</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reverse repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	37.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	50.1</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	26.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	78.5</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Positive replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	49.6</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Financial investments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.9</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued income and prepaid expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Investments in associates</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.1</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Property and equipment</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.7</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Goodwill and other intangible assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.1</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.5</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total assets</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	81.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	257.8</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper issued</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7.7</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17.5</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.2</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	61.3</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Negative replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	74.0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	23.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	35.0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued expenses and deferred income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.6</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Long-term debt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11.9</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.7</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Minority interests</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.1</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Shareholders&#146; equity</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.0</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total liabilities, minority interests and shareholders&#146;
	equity</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	79.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	231.0</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<DIV align="right">
<FONT size="2"> 109</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk Position
(continued)</B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>d)&nbsp; Liquidity Risk</B>

<P align="left">
<B><FONT size="2">Maturity analysis of assets and
liabilities</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Due</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Due</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Due</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>between</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>between</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Due</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>On</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Subject</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>within</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>3 and</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1 and</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>after</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>demand</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to notice&nbsp;<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>3 mths</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>12 mths</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>5 years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>5 years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD colspan="29"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="29"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash and balances with central banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due from banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities borrowed</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reverse repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">193.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">253.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">253.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Positive replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">244.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Financial investments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued income and prepaid expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Investments in associates</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Property and equipment</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Goodwill and other intangible assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total 31.12.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">351.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">38.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">502.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">87.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">60.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">46.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,087.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total 31.12.99</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">309.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">395.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">896.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper issued</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities lent</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">251.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">295.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Negative replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">310.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued expenses and deferred income</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Long-term debt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total 31.12.00</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">283.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">77.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">536.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">84.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">33.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">25.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,039.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total 31.12.99</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">247.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">416.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">865.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Deposits
without a fixed term, on which notice of withdrawal or
termination has not been given. (Such funds may be withdrawn by
the depositor or repaid by the borrower subject to an agreed
period of notice.)</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 110</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk Position
(continued)</B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>e)&nbsp; Capital Adequacy</B>

<P align="left">
<B><FONT size="2">Risk-weighted assets (BIS)</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>sheet&nbsp;/</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Risk-</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>sheet&nbsp;/</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Risk-</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>notional</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>weighted</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>notional</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>weighted</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Balance sheet assets</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due from banks and other collateralized lendings</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">333,270</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,409</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	229,737</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,486</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net positions on securities&nbsp;<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">83,739</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,979</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	77,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,806</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Positive replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">57,875</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,763</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	62,957</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,175</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Loans, net of allowances for credit losses and other
	collateralized lendings</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">312,376</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">162,539</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	292,902</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159,835</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued income and prepaid expenses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,062</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,653</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,167</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,164</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Property and equipment&nbsp;<SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">13,620</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,604</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">&nbsp; <SUP>2</SUP></FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,701</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,860</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">&nbsp; <SUP>2</SUP></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,507</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,581</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11,007</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Off-balance sheet and other positions</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Contingent liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">27,786</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,548</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28,308</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,459</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Irrevocable commitments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">53,643</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,599</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	65,693</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,787</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Forward and swap contracts&nbsp;<SUP>3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">5,743,239</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,933</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,881,483</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,213</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Purchased options&nbsp;<SUP>3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">380,411</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,922</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	406,208</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,823</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Market risk positions&nbsp;<SUP>4</SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,760</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,813</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total risk-weighted assets</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">273,290</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">273,107</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Excluding
positions in the trading book, included in market risk
positions.&nbsp;<SUP>2</SUP>&nbsp;Including for the year 2000,
intangible assets of CHF&nbsp;4,710 million. The risk-weighted
amount includes CHF&nbsp;984 million (1999: CHF&nbsp;1,159
million) foreclosed properties and properties held for disposal,
which are recorded in the balance sheet under financial
investments.&nbsp;<SUP>3</SUP>&nbsp;The risk-weighted amount
corresponds to the security margin (add-on) of the
contracts.&nbsp;<SUP>4</SUP>&nbsp;Value at Risk according to the
internal model multiplied by a factor of 12.5 to create the
risk-weighted amount of the market risk positions in the trading
book.</FONT>
</DIV>

<P align="left">
<B><FONT size="2">BIS capital ratios</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Capital</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Ratio</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Capital</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Ratio</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>CHF&nbsp;million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>%</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>CHF&nbsp;million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>%</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Tier 1<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">31,892</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">11.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	28,952</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10.6</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Tier 2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">10,968</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	10,730</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total BIS</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">42,860</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">15.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	39,682</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.5</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The
Tier&nbsp;1 capital includes USD&nbsp;1,500 million
(CHF&nbsp;2,456 million) Trust Preferred securities issued in
connection with the PaineWebber acquisition.</FONT>
</DIV>

<P align="left">
<FONT size="2">Among other measures UBS monitors the adequacy of
its capital using ratios established by the Bank for
International Settlements (BIS). The BIS ratio is required to be
at least 8%. The Group has complied with all BIS and Swiss
capital adequacy rules for all periods presented. These ratios
measure capital adequacy by comparing the Group&#146;s eligible
capital with its risk weighted positions which include balance
sheet assets, net positions in securities not held in the
trading book, off-balance sheet transactions converted into
their credit equivalents and market risk positions at a weighted
amount to reflect their relative risk.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The capital adequacy rules require a minimum
amount of capital to cover credit and market risk exposures. For
the calculation of the capital required for credit risk the
balance sheet assets are weighted according to broad categories
of notional credit risk, being assigned a risk weighting
according to the amount of capital deemed to be necessary to
support them. Four categories of risk weights (0%, 20%, 50%,
100%) are applied; for example cash, claims collateralized by
cash or claims collateralized by OECD central-government
securities have a zero risk weighting which means that no
capital is required to be held in respect of these assets.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 111</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 32&nbsp;&nbsp;&nbsp;Financial Instruments Risk Position
(continued)</B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B>e)&nbsp; Capital adequacy
(continued)</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;
<FONT size="2">Uncollateralized loans granted to corporate or
private customers carry a 100% risk weighting, meaning that they
must be supported by capital equal to 8% of the carrying amount.
Other asset categories have weightings of 20% or 50% which
require 1.6% or 4% capital.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The net positions in securities not held in the
trading book reflect the Group&#146;s exposure to an issuer of
securities arising from its physical holdings and other related
transactions in that security.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For contingent liabilities and irrevocable
facilities granted, the credit equivalent is calculated by
multiplying the nominal value of each transaction by its
corresponding credit conversion factor. The resulting amounts
are then weighted for credit risk using the same percentage as
for balance sheet assets. In the case of OTC forward contracts
and purchased options, the credit equivalent is computed on the
basis of the current replacement value of the respective
contract plus a security margin (add-on) to cover the future
potential credit risk during the remaining duration of the
contract.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">UBS calculates its capital requirement for market
risk positions, which includes interest-rate instruments and
equity securities in the trading book as well as positions in
foreign exchange and commodities throughout the Group, using an
internal Value at Risk (VaR) model. This approach was introduced
in the BIS 1996 market risk amendment to the Basel Accord of
July&nbsp;1988 and incorporated in the Swiss capital adequacy
rules of the Swiss Banking Ordinance.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The BIS proposal requires that the regulators
perform tests of the bank internal models before giving
permission for these models to be used to calculate the market
risk capital. Based on extensive checks, the use of the Group
internal models was accepted by the Swiss Federal Banking
Commission in July&nbsp;1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Tier&nbsp;1 capital consists of permanent
shareholders&#146; equity, trust preferred securities and
retained earnings less goodwill and investments in
unconsolidated subsidiaries. Tier 2 capital includes the
Group&#146;s subordinated long-term debt.</FONT>
</DIV>

<P align="left"><B>Note 33&nbsp;&nbsp;&nbsp;Fair Value of Financial
Instruments</B>

<P align="left">
<FONT size="2">The following table presents the fair value of
on- and off-balance sheet financial instruments based on certain
valuation methods and assumptions. It is presented because not
all financial instruments are reflected in the financial
statements at fair value.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Fair value is the amount for which an asset could
be exchanged, or a liability settled, between knowledgeable,
willing parties in an arm&#146;s-length transaction. A market
price, where an active market (such as a recognized stock
exchange) exists, is the best evidence of the fair value of a
financial instrument. However, market prices are not available
for a significant number of the financial assets and liabilities
held and issued by the Group. Therefore, for financial
instruments where no market price is available, the fair values
presented in the following table have been estimated using
present value or other estimation and valuation techniques based
on market conditions existing at balance sheet date.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The values derived using these techniques are
significantly affected by underlying assumptions concerning both
the amounts and timing of future cash flows and the discount
rates used. The following methods and assumptions have been
used:</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(a)&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">trading assets, derivatives and other
	transactions undertaken for trading purposes are measured at
	fair value by reference to quoted market prices when available.
	If quoted market prices are not available, then fair values are
	estimated on the basis of pricing models, or discounted cash
	flows. Fair value is equal to the carrying amount for these
	items;</FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2"> 112</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 33&nbsp;&nbsp;&nbsp;Fair Value of Financial Instruments
(continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(b)</FONT></TD>
	<TD align="left">
	<FONT size="2">the fair value of liquid assets and other assets
	maturing within 12&nbsp;months is assumed to approximate their
	carrying amount. This assumption is applied to liquid assets and
	the short-term elements of all other financial assets and
	financial liabilities;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(c)</FONT></TD>
	<TD align="left">
	<FONT size="2">the fair value of demand deposits and savings
	accounts with no specific maturity is assumed to be the amount
	payable on demand at the balance sheet date;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(d)</FONT></TD>
	<TD align="left">
	<FONT size="2">the fair value of variable rate financial
	instruments is assumed to approximate their carrying
	amounts;</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">(e)</FONT></TD>
	<TD align="left">
	<FONT size="2">the fair value of fixed rate loans and mortgages
	is estimated by comparing market interest rates when the loans
	were granted with current market rates offered on similar loans.
	Changes in the credit quality of loans within the portfolio are
	not taken into account in determining gross fair values as the
	impact of credit risk is recognized separately by deducting the
	amount of the allowance for credit losses from both book and
	fair values.</FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;
<FONT size="2">The assumptions and techniques have been
developed to provide a consistent measurement of fair value for
the Group&#146;s assets and liabilities. However, because other
institutions may use different methods and assumptions, such
fair value disclosures cannot necessarily be compared from one
financial institution to another.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gain/(loss)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gain/(loss)</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF billion</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash and balances with central banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">66.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">66.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due from banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">29.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">29.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities borrowed</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">177.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">177.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reverse repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">193.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">193.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">253.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">253.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Positive replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">57.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">57.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">245.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">244.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(0.2</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">235.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">235.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Financial investments</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="25"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Money market paper issued</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">74.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">74.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">82.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">82.8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Cash collateral on securities lent</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">23.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">23.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Repurchase agreements</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">295.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">295.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trading portfolio liabilities</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">82.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">82.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Negative replacement values</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">75.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">75.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to customers</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">311.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">311.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">280.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">280.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Long-term debt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">55.7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">56.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(0.9</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1.2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Fair value effect on income of hedging derivatives recorded on
	the accrual basis</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(0.5</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net difference between carrying value and fair value</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0.2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 113</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 33&nbsp;&nbsp;&nbsp;Fair Value of Financial Instruments
(continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The table does not reflect the fair values of
non-financial assets and liabilities such as property,
equipment, goodwill, intangible assets, prepayments, and
non-interest accruals. The interest amounts accrued to date for
financial instruments are included, for purposes of the above
fair value disclosure, in the carrying value of the respective
financial instruments.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Substantially all of the Group&#146;s commitments
to extend credit are at variable rates. Accordingly, the Group
has no significant exposure to fair value fluctuations related
to these commitments.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Changes in the fair value of the Group&#146;s
fixed rate loans, long- and medium-term notes and bonds issued
are hedged by derivative instruments, mainly interest rate
swaps. The interest rate risk inherent in the balance sheet
positions with no specific maturity is also hedged with
derivative instruments based on the management view on the
economic maturity of the products.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The hedging derivative instruments are carried at
fair value on the balance sheet and are part of the replacement
values in the above table. The difference between the total
amount of valuation gains and losses and the amortized amount is
deferred and shown net in the table as Fair value effect on
income of hedging derivatives recorded on the accrual
basis.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During 2000, the interest rate level of leading
economies continued to increase. The moves in rates had a direct
impact on the fair value calculation of fixed term
transactions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As the bank has an excess volume of fixed rate
long-term assets over fixed rate long-term liabilities, the net
fair value unrealized gain reduced substantially. In addition to
fixed rate balance sheet positions, the bank has a number of
retail products traditionally offered in Switzerland, such as
variable rate mortgage loans and customer savings and deposits.
These instruments have no maturity or have a contractual
repricing maturity of less than one year. Based on the
assumptions and the guidance under IAS, they are excluded from
the fair value calculations of the table above.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The exclusion of the above traditional banking
products from the fair value calculation leads to certain fair
value swings. If the calculation took into account the fair
value differences based on the economic maturity of the
non-maturity liabilities, such as savings and deposits, in an
environment of rising interest rates, they would generate fair
value gains which may offset most of the fair value loss
reported for fixed term transactions and for hedging derivative
transactions.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 114</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note&nbsp;34&nbsp;&nbsp;&nbsp;Retirement Benefit Plans and
other Employee Benefits</B>

<P align="left">
<FONT size="2">The Group has established various pension plans
inside and outside of Switzerland. The major plans are located
in Switzerland, the UK, the US and Germany. Independent
actuarial valuations are performed for the plans in these
locations.</FONT>

<P align="left"><B><FONT size="2">Swiss pension plans until 30
June&nbsp;1999</FONT></B>

<DIV align="left">
<FONT size="2">The pension funds of the Group were set up as
trusts, domiciled in Basel and Zurich. All domestic employees
were covered. The pension funds were defined benefit plans. The
pension plan benefits exceeded the minimum benefits required
under Swiss law.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Contributions were paid for by the Group and the
employees. The employee contributions were calculated as a
percentage of the insured annual salary and were deducted
monthly. The percentages deducted from salary were dependent on
age and varied between 8% and 12%. The Group contributions were
variable and amount to 125% to 250% of the employees
contributions depending on the financial situation of the
pension fund.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The pension plan formula was based on years of
contributions and final covered salary. The benefits covered
included retirement benefits, disability, death and survivor
pension.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Swiss pension plans starting 1&nbsp;July
1999</FONT></B>

<DIV align="left">
<FONT size="2">The pension plans of both former banks in
Switzerland are in the process of being liquidated and a new
foundation with domicile in Zurich was created as of
21&nbsp;January 1999. The new pension scheme became operational
as of 1&nbsp;July 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As a result of the merger of the plans of the
former banks in Switzerland, on 1&nbsp;July 1999 there was an
increase of vested plan benefits for the beneficiaries of such
plans due to the allocation of the excess of the fair value of
plan assets over the benefit obligation. This had the effect of
increasing the Defined benefit obligation by
CHF&nbsp;3,525&nbsp;million. In accordance with IAS&nbsp;19
(revised 1998) this resulted in a one-time charge to income
which was offset by the recognition of assets previously
unrecognized due to the paragraph&nbsp;58(b) limitation of
IAS&nbsp;19 (revised 1998) used to fund this increase in
benefits.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The pension plan covers practically all employees
in Switzerland and exceeds the minimum benefit requirements
under Swiss law. Contributions to the pension plan are paid for
by employees and the Group. The employee contributions are
calculated as a percentage of insured annual salary and are
deducted monthly. The percentages deducted from salary for full
benefit coverage (including risk benefits) depend on age and
vary between 7% and 10%. The Group pays a variable contribution
that ranges between 150% and 220% of the sum of employees&#146;
contributions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The pension plan formula is based on years of
contributions and final covered salary. The benefits covered
include retirement benefits, disability, death and survivor
pension.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In 1999, the Group recognized a prepaid pension
asset of CHF&nbsp;456&nbsp;million representing excess employer
contributions. In 2000, CHF&nbsp;100&nbsp;million of this asset
was used to satisfy the benefit obligation.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Foreign pension plans</FONT></B>

<DIV align="left">
<FONT size="2">The foreign locations of UBS operate various
pension schemes in accordance with local regulations and
practices. Among these schemes are defined contribution plans as
well as defined benefit plans. The locations with defined
benefit plans of a material nature are in the UK, the US and
Germany. These locations together with Switzerland cover nearly
90% of the active work-force. Certain of these schemes permit
employees to make contributions and earn matching or other
contributions from the Group.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The retirement plans provide benefits in the
event of retirement, death, disability or employment
termination. The plans&#146; retirement benefits depend on age,
contributions and level of compensation. The principal plans are
financed in full by the Group. The funding policy for these
plans is consistent with local government and tax
requirements.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The assumptions used in foreign plans take into
account local economic conditions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The amounts shown for foreign plans reflect the
net funded positions of the major foreign plans.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 115</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note&nbsp;34&nbsp;&nbsp;&nbsp;Retirement Benefit Plans and
other Employee Benefits (continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Swiss pension plans</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Defined benefit obligation at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(17,011</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14,944</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14,431</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Service cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(545</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(464</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(535</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(666</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(636</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(726</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Plan amendments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,517</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(119</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Special termination benefits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(211</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actuarial gain (loss)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">571</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Benefits paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">721</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">979</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">873</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Defined benefit obligation at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(17,712</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,011</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14,944</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fair value of plan assets at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,565</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,885</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,224</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actual return on plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">535</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">856</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Employer contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">490</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">515</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">493</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Plan participant contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">205</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">180</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">185</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Benefits paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(721</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(979</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(873</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Special termination benefits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,172</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Fair value of plan assets at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19,074</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,565</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,885</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Plan assets in excess of benefit obligation</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,362</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,554</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,941</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unrecognized net actuarial gains</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(331</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(724</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(385</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unrecognized assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(675</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(374</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,556</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Prepaid pension cost</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">356</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">456</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Additional details to fair value of plan assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Own financial instruments and securities lent to UBS included in
	plan assets</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,643</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,761</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Any assets used by UBS included in plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">179</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">176</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="13"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Retirement benefits expense</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Current service cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">545</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">535</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">666</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">636</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">726</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected return on plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(928</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(883</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(856</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Adjustment to limit prepaid pension cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">301</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(150</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">148</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of unrecognized prior service costs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">211</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">172</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Employee contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(204</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(180</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(185</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Actuarially determined net periodic pension cost</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">591</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">374</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actual return on plan assets (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2.9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Principal actuarial assumptions used (%)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Discount rate</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected rate of return on plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected rate of salary increase</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rate of pension increase</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1.5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 116</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note&nbsp;34&nbsp;&nbsp;&nbsp;Retirement Benefit Plans and
other Employee Benefits (continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Pension plans abroad</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Defined benefit obligation at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,444</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,009</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,950</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Service cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(165</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(118</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(116</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(162</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(123</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(140</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Plan amendments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Special termination benefits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(3</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actuarial gain&nbsp;/ (loss)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(99</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Benefits paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">84</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Acquisition of PaineWebber</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(740</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Currency adjustment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">123</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(269</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(58</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Defined benefit obligation at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(3,406</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,444</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,009</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fair value of plan assets at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,880</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,173</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,188</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actual return on plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">352</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">267</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Employer contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Plan participant contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">23</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Benefits paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(84</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(133</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(60</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Acquisition of PaineWebber</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">676</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Currency adjustment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(130</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">333</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(274</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Fair value of plan assets at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,378</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,880</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,173</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Plan assets in excess of benefit obligation</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(28</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">436</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unrecognized net actuarial gains</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(81</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(474</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(63</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unrecognized transition amount</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unrecognized past service cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Unrecognized assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(47</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(28</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(60</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>(Unfunded accrued)&nbsp;/ prepaid pension cost</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(153</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(63</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Movement of net (liability) or asset</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(Unfunded accrued)&nbsp;/ prepaid pension cost at the beginning
	of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(63</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net periodic pension cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(55</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(123</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(33</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Employer contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">13</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Acquisition of PaineWebber</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(63</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Currency adjustment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>(Unfunded accrued)&nbsp;/ prepaid pension cost at the end of
	the year</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(153</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(63</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Retirement benefits expense</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Current service cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">165</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">116</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">162</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected return on plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(243</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(195</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(191</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of net transition liability</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Adjustment to limit prepaid pension cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Immediate recognition of transition assets under IAS 8</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of unrecognized prior service costs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amortization of unrecognized net (gain)&nbsp;/ losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(9</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Effect of any curtailment or settlement</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Employee contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(23</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Actuarially determined net periodic pension cost</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">55</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actual return on plan assets (%)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(0.9</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Principal actuarial assumptions used (weighted average %)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Discount rate</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6.3</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected rates of return on plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8.1</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected rate of salary increase</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Rate of pension increase</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1.6</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 117</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note&nbsp;34&nbsp;&nbsp;&nbsp;Retirement Benefit Plans and
other Employee Benefits (continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Postretirement medical and life
plans</FONT></B>

<DIV align="left">
<FONT size="2">In the US and the UK the Group offers retiree
medical benefits that contribute to the health care coverage of
employees and beneficiaries after retirement. In addition to
retiree medical benefits, the Group in the US also provides
retiree life insurance benefits.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The benefit obligation in excess of plan assets
for those plans amounts to CHF 111 million as of
31&nbsp;December 2000 (1999 CHF 113 million, 1998 CHF 93
million) and the total unfunded accrued postretirement
liabilities to CHF&nbsp;108 million as of 31&nbsp;December 2000
(1999 CHF&nbsp;83 million, 1998 CHF&nbsp;62 million). The
actuarially determined net postretirement cost amounts to
CHF&nbsp;22 million as of 31&nbsp;December 2000 (1999
CHF&nbsp;17 million, 1998 CHF&nbsp;17 million).</FONT>
</DIV>

<P align="left"><B><FONT size="2">Postretirement medical and life
plans</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Postretirement benefit obligation at the beginning of the
	year</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(117</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(96</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(103</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Service cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(6</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(8</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Plan amendments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(7</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actuarial gain&nbsp;/ (loss)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">27</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Benefits paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Acquisition of PaineWebber</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(9</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Currency adjustment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Postretirement benefit obligation at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(115</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(117</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(96</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Fair value of plan assets at the beginning of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Actual return on plan assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Company contributions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Benefits paid</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(4</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Fair value of plan assets at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The assumed health care cost trend used in
determining the benefit expense for 2000 is 5.33%. Assumed
health care cost trend rates have a significant effect on the
amounts reported for the health care plan. A
one-percentage-point change in the assumed health care cost
trend rates would change the US postretirement benefit
obligation and the service and interest cost components of the
net periodic postretirement benefit costs as follows:</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1% increase</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1% decrease</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Effect on total service and interest cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2.4</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1.7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Effect on the postretirement benefit obligation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11.0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8.3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 118</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 35&nbsp;&nbsp;&nbsp;Equity Participation Plans</B>

<P align="left">
<FONT size="2">UBS AG has established various equity
participation plans in the form of stock plans and stock option
plans to further align the long-term interests of managers,
staff and shareholders.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under the Equity Ownership Plan, selected
personnel are awarded a portion of their performance-related
compensation in UBS AG shares or warrants, which are restricted
for a specified number of years. Under the Long Term Incentive
Plan, key employees are granted long-term stock options to
purchase UBS AG shares at a price not less than the fair market
value of the shares on the date the option is granted.
Participation in both plans is mandatory. Long-term stock
options are blocked for three or five years, during which they
cannot be exercised. One option gives the right to purchase one
registered UBS AG share at the option&#146;s strike price. UBS
AG has additional plans under which new recruits and members of
senior management may be granted UBS AG shares, options and
warrants.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under the Equity Investment Plan, employees have
the choice to invest part of their annual bonus in UBS AG shares
or in warrants or derivatives on UBS AG shares, which may be
exercised or settled in cash. A number of awards under these
plans are made in notional shares or instruments, which
generally are settled in cash. A holding period, generally three
years, applies during which the instruments cannot be sold or
exercised. In addition, participants in the plan receive a
restricted matching contribution of additional UBS AG shares or
derivatives. Shares awarded under the plan are purchased or
hedged in the market. Under the PAP plan, employees in
Switzerland are entitled to purchase a specified number of UBS
AG shares at a predetermined discounted price each year (the
discount is recorded as compensation expense). The number of
shares that can be purchased depends primarily on years of
service and rank. Any such shares purchased must be held for a
specified period of time. Information on shares available for
issuance under these plans is included in the Group Statement of
Changes in Equity.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group has adopted the equity-based
compensation plans of PaineWebber for its eligible employees.
The PaineWebber Equity Plus Program allows eligible employees to
purchase UBS AG shares at a price equal to fair market value on
the purchase date and receive stock options to purchase UBS AG
shares based upon the number of shares purchased under the
Program. The non-qualified stock options have a price equal to
the fair market value of the stock on the date the option is
granted. Shares purchased under the Equity Plus Program are
restricted from resale for two years from the time of purchase,
and the options that are granted under the Equity Plus Program
have a three-year vesting requirement and expire seven years
after the date of grant. PaineWebber has additional plans under
which new recruits, senior management and other key employees
may receive option grants. Options granted under the plans of
PaineWebber are denominated in US dollars.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, UBS has entered into employee
retention agreements that provide for the payment to key
PaineWebber employees which are subject to the employees&#146;
continued employment and other restrictions. The awards are
primarily in the form of UBS stock and option grants. The
estimated cost to the Group for the agreements is approximately
CHF 1.5 billion (USD 875 million) over a four-year period.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Generally, the Group&#146;s policy is to
recognize expense as of the date of grant for equity
participation instruments (stocks, warrants, options and other
derivatives for which the underlying is the Group&#146;s own
shares). The amount of expense recognized is equal to the
intrinsic value (excess of the UBS AG share price over the
instrument&#146;s strike price, if any) of the instrument at
such date. The accrued expense for the years ended
31&nbsp;December 2000, 1999 and 1998 was CHF 1,749 million, CHF
1,684 million and CHF 996 million, respectively. The accruals
include awards earned currently but issued in the following
year.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 119</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 35&nbsp;&nbsp;&nbsp;Equity Participation Plans
(continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> <B>Options on UBS AG shares</B></FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted-</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted-</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted-</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>average</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>average</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>average</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>exercise</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>exercise</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>exercise</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>price</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>price</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>price</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>options</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(in CHF)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>options</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(in CHF)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>options</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(in CHF)</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Outstanding, at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,138,462</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">197</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,202,786</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,899,924</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Options due to acquisition of PaineWebber</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,325,270</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;1</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">102</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Granted during the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,082,682</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><SUP><FONT color="#E8112D">&nbsp;2</FONT></SUP></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">215</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,439,142</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,811,778</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">182</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Exercised during the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,796,769</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">150</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(71,766</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">179</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,970</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Forfeited during the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(646,811</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">193</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(431,700</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">190</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(485,946</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">268</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Outstanding, at the end of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">21,102,834</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">175</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,138,462</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">197</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,202,786</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">177</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Exercisable, at the end of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,103,613</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">101</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650,640</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1&nbsp;</FONT></SUP><FONT size="2">UBS AG
issued options in exchange for vested options of PaineWebber,
which have been included in the purchase price for PaineWebber
at fair value (see Note&nbsp;2: Acquisition of Paine Webber
Group, Inc.).&nbsp;<SUP>2&nbsp;</SUP>Includes options granted to
key employees of PaineWebber, vesting over a 3-year period,
subject to the employee&#146;s continued employment and other
restrictions.</FONT>
</DIV>

<P align="left">
<FONT size="2">Some of the options in the table above have
exercise prices denominated in US dollars, which have been
converted to Swiss francs for inclusion in the table.</FONT>

<P align="left">
<B><FONT size="2">The following table summarizes information
about stock options outstanding at 31&nbsp;December
2000:</FONT></B>

<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2">Options outstanding</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Range of exercise</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Number of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Weighted-average</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Weighted-average</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">prices per share</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">options outstanding</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">exercise price</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">remaining contractual life</FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><I>CHF</I></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I>CHF</I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I>years</I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	170.00&#150;225.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,755,040</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186.81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	225.01&#150;270.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,436,805</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237.80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>170.00&#150;270.00</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>13,191,845</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>200.09</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4.1</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><I>USD</I></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I>USD</I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I>years</I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	14.65&#150;25.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,129,643</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21.84</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	25.01&#150;50.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,236,743</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32.11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	50.01&#150;75.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,194,960</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70.40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	75.01&#150;100.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,880,768</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	100.01&#150;125.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	125.01&#150;143.07</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,468,875</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141.01</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>14.65&#150;143.07</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>7,910,989</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>81.92</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5.4</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

<TABLE width="60%" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2">Options exercisable</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Range of exercise</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Number of</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Weighted-average</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">prices per share</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">options exercisable</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">exercise price</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><I>CHF</I></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I>CHF</I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	170.00&#150;225.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">460,408</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">184.24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	225.01&#150;270.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>170.00&#150;270.00</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>460,408</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>184.24</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><I>USD</I></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><I>USD</I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	14.65&#150;25.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,129,643</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21.84</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	25.01&#150;50.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,236,743</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32.11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	50.01&#150;75.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,194,960</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70.40</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	75.01&#150;100.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,880,768</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	100.01&#150;125.00</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	125.01&#150;143.07</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">201,091</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">142.96</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>14.65&#150;143.07</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>5,643,205</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>58.24</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;
<FONT size="2">During 1998, options that had been issued to
Swiss Bank Corporation employees were revised to reflect the
1&nbsp; 1/13 SBC to UBS AG share conversion rate of the merger.
Also, during 1998, because of a significant drop in the UBS AG
share price in the third quarter, employees were given the
opportunity to convert options received earlier in the year with
a strike price of CHF 270 to a reduced number (&nbsp; 2/3) of
options with a strike price of CHF&nbsp;170.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Had the Group determined compensation cost for
its stock-based compensation plans based on fair value at the
award grant dates, the net income and earnings per share for
2000, 1999 and 1998 would approximate the amounts in the
following table.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 120</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 35&nbsp;&nbsp;&nbsp;Equity Participation Plans
(continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except per share data</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">As reported</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Pro forma</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,614</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,027</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic EPS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">As reported</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Pro forma</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18.89</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.89</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted EPS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">As reported</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Pro forma</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18.61</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.01</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The pro forma amounts in the table above reflect
the vesting periods of all options granted. The effects of
recognizing compensation expense and providing pro forma
disclosures are not likely to be representative of the effects
on reported Net profit for future years.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The weighted-average fair-value of options
granted in 2000, 1999 and 1998 was CHF&nbsp;48, CHF&nbsp;59 and
CHF&nbsp;54 per share, respectively. The fair value of options
granted was determined as of the date of issuance using a
proprietary option pricing model, substantially similar to the
Black-Scholes model, with the following assumptions:</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected volatility</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">30%</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk free interest rate (CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3.27%</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.07%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.56%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk free interest rate (USD)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5.66%</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected dividend rate</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2.44%</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.44%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.64%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expected life</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4 years</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6 years</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6 years</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">Stock bonus and stock purchase plans</FONT></B>

<P align="left">
<FONT size="2">The following table shows the shares awarded and
the weighted-average fair value per share for the Group&#146;s
equity-based compensation plans. The fair values for the stock
purchase awards reflect the purchase price paid. The stock bonus
awards for 2000 include approximately 6,622,000 shares granted
under the retention agreements with key employees of PaineWebber
and the bonus awards for 1999, in addition to the 1998 plan-year
awards, include 1,405,000 shares issued in exchange for
previously issued non-share awards and for special bonuses. The
stock purchase awards for 1999 include 666,000 shares issued for
the 1999 plan-year.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Stock bonus plans</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shares awarded</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,780,000</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,469,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,524,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Weighted-average fair market value per share (in CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">228</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">220</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Stock purchase plans</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Shares awarded</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">322,000</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,802,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,338,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Weighted-average fair market value per share (in CHF)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">104</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">148</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;
<FONT size="2">Shares awarded in 1998 under both types of plans
included Swiss Bank Corporation shares issued to employees prior
to the merger. For the above table, the number of these shares
and their fair market value have been adjusted for the 1&nbsp;
1/13 Swiss Bank Corporation to UBS AG share conversion rate of
the merger.</FONT>

<DIV align="right">
<FONT size="2"> 121</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 36&nbsp;&nbsp;&nbsp;Related Parties</B>

<P align="left">
<FONT size="2">Related parties include the Board of Directors,
the Group Executive Board, the Group Managing Board, close
family members and enterprises which are controlled by these
individuals as well as certain persons performing similar
functions.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Total remuneration of related parties recognized
in the income statement amounted to CHF&nbsp;272.3 million in
2000 and CHF&nbsp;193.1 million in 1999, including accrued
pension benefits of approximately CHF&nbsp;30.0 million in 2000
and CHF&nbsp;21.2 million in 1999.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The number of long-term stock options outstanding
from equity plans was 1,564,486 at 31&nbsp;December&nbsp;2000
and 274,616 at 31&nbsp;December 1999. This scheme is further
explained in Note&nbsp;35 Equity Participation Plans.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The external members of the Board of Directors do
not have employment or service contracts with UBS, and thus are
not entitled to benefits upon termination of their service on
the Board of Directors. The full-time Chairman and Vice-Chairman
have top-management employment contracts and receive pension
benefits upon retirement.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The total amounts of shares and warrants held by
members of the Board of Directors, Group Executive Board and
Group Managing Board were 2,527,728 and 69,504,577 as of
31&nbsp;December 2000 and 2,456,092 and 11,424,514 as of
31&nbsp;December 1999.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Total loans and advances receivable (mortgages
only) from related parties were as follows:</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="71%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgages at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Additions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reductions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Mortgages at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Members of the Board of Directors, Group
Executive Board and Group Managing Board are granted mortgages
at the same terms and conditions as other employees. Terms and
conditions are based on third party conditions excluding credit
margin.</FONT>

<P align="left"><B><FONT size="2">Loans and advances to significant associated
companies were as follows:</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="71%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans and advances at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">62</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">165</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Additions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reductions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(62</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(145</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Loans and advances at the end of the year</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Note&nbsp;38 provides a list of significant
associates.</FONT>

<P align="left"><B>Note 37&nbsp;&nbsp;&nbsp;Post-Balance Sheet Events</B>

<P align="left">
<FONT size="2">There have been no material post-balance sheet
events which would require disclosure or adjustment to the
December 2000 financial statements.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Long-term debt, excluding medium-term notes, has
decreased by CHF&nbsp;582 million since the balance sheet date
to 5&nbsp;March 2001.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">On 14&nbsp;February 2001, the Board of Directors
reviewed the financial statements and authorised them for issue.
These financial statements will be submitted to the Annual
General Meeting of Shareholders to be held on 26&nbsp;April 2001
for approval.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 122</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2">Footnotes</FONT></B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">CH: UBS Switzerland</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">2</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">AM: UBS Asset Management</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">3</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">WA: UBS Warburg</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">4</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">CC: Corporate Center</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">5</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Share Capital and Share Premium</FONT></TD>
</TR>

<TR valign="top">
	<TD><SUP><FONT size="2">6</FONT></SUP><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Joined UBS Asset Management on 20 February 2001
	and was renamed Brinson Advisors Inc</FONT></TD>
</TR>

</TABLE>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 38&nbsp;&nbsp;&nbsp;Significant Subsidiaries and
Associates</B>

<P align="left">
<FONT size="2">The legal entity group structure of UBS is
designed to support the Group&#146;s businesses within an
efficient legal, tax, regulatory and funding framework. Neither
the Business Groups of UBS (namely UBS Warburg, UBS Switzerland
and UBS Asset Management) nor Corporate Center are replicated in
their own individual legal entities but rather they generally
operate out of the parent bank, UBS AG, through its Swiss and
foreign branches.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The goal of the focus on the parent bank is to
capitalize on the synergies offered by the use of a single legal
platform, enable the flexible use of capital in an efficient
manner and to provide a structure where the activities of the
Business Groups may be carried on without the need to set up
separate subsidiaries beforehand.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Where, usually due to local legal, tax or
regulatory rules or due to additional legal entities joining the
UBS Group via acquisition, it is either not possible or not
efficient to operate out of the parent bank then local
subsidiary companies host the appropriate businesses. The
significant operating subsidiary companies in the Group are
listed below:</FONT>
</DIV>

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Equity</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">interest</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Registered</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Business</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">capital</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">accumul-</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Company</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">office</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Group</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">ated in %</FONT></TD>
</TR>

<TR>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Armand von Ernst &#38; Cie AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Bern</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Aventic AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Bank Ehinger &#38; Cie AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Basel</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	BDL Banco di Lugano</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Lugano</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Brinson Partners Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Chicago</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM<SUP>2</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Brunswick UBS Warburg Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	George Town</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA<SUP>3</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25.0</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cantrade Privatbank AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cantrade Private Bank Switzerland (CI)&nbsp;Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	St. Helier</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Correspondent Services Corporation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26.8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cr&#233;dit Industriel SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	EIBA &#147;Eidgen&#246;ssische Bank&#148;</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Beteiligungs- und Finanzgesellschaft</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Factors AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ferrier Lullin &#38; Cie SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Geneva</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fondvest AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Global Asset Management Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Hamilton</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	HYPOSWISS, Schweizerische Hypotheken- und Handelsbank</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IL Immobilien-Leasing AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Opfikon</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Klinik Hirslanden AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CC<SUP>4</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mitchell Hutchins Asset Management Inc<SUP>6</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35.1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	NYRE Holding Corporation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	PaineWebber Capital Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25.5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	PaineWebber Incorporated</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,625.6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	PaineWebber Incorporated of Puerto Rico</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Puerto Rico</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	PaineWebber Life Insurance Company</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	California</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	PT UBS Warburg Indonesia</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Jakarta</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	IDR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,000.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	PW Trust Company</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	New Jersey</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Schr&#246;der M&#252;nchmeyer Hengst AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Hamburg</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	DEM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SG Warburg &#38; Co International BV</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Amsterdam</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SG Warburg Securities SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Geneva</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Thesaurus Continentale Effekten-Gesellschaft Z&#252;rich</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Bahamas) Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Nassau</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Cayman Islands) Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	George Town</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (France) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Paris</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Italia) SpA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Milan</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	ITL</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43,000.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Luxembourg) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Luxembourg</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Monaco) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Monte Carlo</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 123</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 38&nbsp;&nbsp;&nbsp;Significant Subsidiaries and
Associates (continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2">Significant subsidiaries (continued)</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Equity</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">interest</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Registered</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Business</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">capital</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">accumul-</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Company</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">office</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Group</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">ated in %</FONT></TD>
</TR>

<TR>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Panama) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Panama</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Sydney) Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Sydney</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	AUD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (Trust and Banking) Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Tokyo</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	JPY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,500.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS (USA)&nbsp;Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	New York</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">315.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Americas Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Stamford</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,562.9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management (Australia) Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Sydney</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	AUD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management (France) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Paris</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management (Japan) Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Tokyo</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	JPY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,200.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management (New York) Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	New York</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72.7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management (Singapore) Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Singapore</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	SGD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management (Taiwan) Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Taipei</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	TWD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">340.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Asset Management Holding Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.0</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Australia Holdings Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Sydney</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	AUD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Australia Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Sydney</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	AUD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Bank (Canada)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Toronto</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CAD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Beteiligungs-GmbH &#38; Co KG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Frankfurt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">398.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital Asia Pacific Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	George Town</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital BV</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	The Hague</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104.1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital GmbH</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Munich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital II LLC</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital LLC</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	New York</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital Partners Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Capital SpA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Milan</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	ITL</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,000.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Card Center AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Glattbrugg</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Espa&#241;a SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Madrid</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Finance (Cayman Islands) Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	George Town</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CC</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Finance (Cura&#231;&#227;o) NV</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Willemstad</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CC</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Finance (Delaware) LLC</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37.3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Finanzholding AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CC</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Fund Holding (Luxembourg) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Luxembourg</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Fund Holding (Switzerland) AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Basel</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Fund Management (Switzerland) AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Basel</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Fund Services (Luxembourg) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Luxembourg</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Futures &#38; Options Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Global Trust Corporation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	St. John</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CAD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Immoleasing AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	New York</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">375.3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS International Holdings BV</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Amsterdam</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CC</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Invest Kapitalanlagegesellschaft mbH</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Frankfurt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	DEM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Investment Management Pte Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Singapore</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	SGD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Lease Finance LLC</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Leasing AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Brugg</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Life AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Zurich</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CHF</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS O&#146;Connor Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	AM</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Overseas Holding BV</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Amsterdam</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Preferred Funding Company LLC I</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Securities Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Services Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Trust (Canada)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Toronto</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	CAD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Trustees (Singapore) Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Singapore</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	CH</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	SGD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS UK Holding Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS UK Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">609.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Asia Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Hong Kong</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	HKD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg (France) SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Paris</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg (Italia) SIM SpA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Milan</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 124</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 38&nbsp;&nbsp;&nbsp;Significant Subsidiaries and
Associates (continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2">Significant subsidiaries (continued)</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Equity</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">Share</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">interest</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Registered</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Business</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">capital</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">accumul-</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Company</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">office</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Group</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">in millions</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">ated in %</FONT></TD>
</TR>

<TR>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg (Japan) Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	George&nbsp;Town</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	JPY</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,000.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg (Malaysia) Sdn Bhd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Kuala&nbsp;Lumpur</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	MYR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg (Nederland) BV</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Amsterdam</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg AG</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Frankfurt</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Australia Corporation Pty Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Sydney</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	AUD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50.4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Australia Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Sydney</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	AUD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">571.5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Derivatives Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Hong Kong</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	HKD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Futures Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Hong Kong Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Hong Kong</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	HKD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg International Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg LLC</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">450.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Pte Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Singapore</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	SGD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Real Estate Securities Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Delaware</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	USD</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Securities (Espa&#241;a) SV SA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Madrid</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	EUR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Securities (South Africa) (Pty) Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Sandton</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	ZAR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Securities Co Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Bangkok</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	THB</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">400.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Securities India Private Limited</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Mumbai</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	INR</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Securities Ltd</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	London</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	GBP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	UBS Warburg Securities Philippines Inc</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Makati City</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	WA</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	PHP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="15" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

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

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Equity interest</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">Share capital</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">Company</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">in %</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">in millions</FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FSG Swiss Financial Services Group AG, Zurich</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	33.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF &nbsp;26</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Giubergia UBS Warburg SIM SpA, Milan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	50.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	EUR &nbsp;15</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Motor Columbus AG, Baden</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	35.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF 253</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Telekurs Holding AG, Zurich</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	33.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	CHF &nbsp;45</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Volbroker.com Limited, London</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	GBP &nbsp;16</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">None of the above investments carry voting rights
that are significantly different from the proportion of shares
held.</FONT>

<P align="left"><B><FONT size="2">Consolidated companies: changes in
2000</FONT></B>

<P align="left">
<B><FONT size="2">Significant new companies</FONT></B>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
<FONT size="2">Correspondent Services Corporation,
Delaware</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fondvest AG, Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mitchell Hutchins Asset Management Inc,
Delaware<SUP>6</SUP></FONT>
</DIV>

<DIV align="left">
<FONT size="2">PaineWebber Capital Inc, Delaware</FONT>
</DIV>

<DIV align="left">
<FONT size="2">PaineWebber Incorporated of Puerto Rico, Puerto
Rico</FONT>
</DIV>

<DIV align="left">
<FONT size="2">PaineWebber Incorporated, Delaware</FONT>
</DIV>

<DIV align="left">
<FONT size="2">PaineWebber Life Insurance Company,
California</FONT>
</DIV>

<DIV align="left">
<FONT size="2">PW Trust Company, New Jersey</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Americas Inc, Stamford</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Asset Management (Taiwan) Ltd, Taipei
(formerly Fortune Securities Investment &#38; Trust Co
Ltd)</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Global Trust Corporation, St. John</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Life AG, Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Preferred Funding Company LLC I,
Delaware</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Trustees (Singapore) Ltd, Singapore</FONT>
</DIV>

<DIV align="left">
<FONT size="2">UBS Warburg Real Estate Securities Inc,
Delaware</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="right">
<FONT size="2"> 125</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<DIV align="left">
<B>Note 38&nbsp;&nbsp;&nbsp;Significant Subsidiaries and
Associates (continued)</B>
</DIV>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

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

<P align="left">
<B><FONT size="2">Significant deconsolidated companies</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Reason for deconsolidation</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IMPRIS AG, Zurich</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	Sold</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Solothurner Bank, Solothurn</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	Sold</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note 39&nbsp;&nbsp;&nbsp;Significant Currency Translation
Rates</B>

<P align="left">
<FONT size="2">The following table shows the significant rates
used to translate the financial statements of foreign entities
into Swiss francs.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Spot rate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>Average rate</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>At</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><FONT size="2"><B>Year-to-date</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1 USD</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.64</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.59</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.69</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.45</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1 EUR</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.52</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.61</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.56</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.60</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1 GBP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.44</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2.57</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.41</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	100 JPY</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.43</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1.57</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.11</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	100 DEM</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	82.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	81.88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	82.38</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Note 40&nbsp;&nbsp;&nbsp;Swiss Banking Law Requirements</B>

<P align="left">
<FONT size="2">The significant differences between International
Accounting Standards (IAS), which are the principles followed by
the Group, and the accounting requirements for banks under Swiss
laws and regulations, are as follows:</FONT>

<P align="left"><B><FONT size="2">Securities borrowing and lending</FONT></B>

<DIV align="left">
<FONT size="2">Under IAS only the cash collateral delivered or
received is recognized in the balance sheet. There is no
recognition or derecognition for the securities received or
delivered. Up to 31&nbsp;December 1999, the Swiss requirement
was to recognize the securities received or delivered in the
balance sheet along with any collateral in respect of those
securities for which control is transferred.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For the year ended 31&nbsp;December 2000 the
Swiss regulators accepted the same treatment as for IAS and
therefore there is no difference in the balance sheet.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Treasury shares is the term used to describe the
holding by an enterprise of its own equity instruments. In
accordance with IAS treasury shares are presented in the balance
sheet as a deduction from equity. No gain or loss is recognized
in the income statement on the sale, issuance, or cancellation
of those shares. Consideration received is presented in the
financial statement as a change in equity.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under Swiss requirements, treasury shares would
be carried in the balance sheet (trading portfolio assets,
financial investments or other liabilities) with gains and
losses on the sale, issuance, or cancellation of treasury shares
reflected in the income statement.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Extraordinary income and expense</FONT></B>

<DIV align="left">
<FONT size="2">Under IAS most items of income and expense arise
in the course of ordinary business, and extraordinary items are
expected to be rare. Under the Swiss requirements, income and
expense items not directly related with the core business
activities of the enterprise (e.g. sale of fixed assets or bank
premises) are recorded as extraordinary income or expense.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 126</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2"> </FONT><B>Note 40&nbsp;&nbsp;&nbsp;Swiss Banking
Law Requirements (continued)</B>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Differences in the balance sheet</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities borrowing and lending</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio / Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,401</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks / customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">273,093</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks / customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">375,080</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54,586</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,561</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,007</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,516</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Differences in the income statement</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">201</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(182</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Reclassification of extraordinary income and expense</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income, including income from associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(211</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,726</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Differences in the shareholders&#146; equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share premium</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,509</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Treasury shares<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,000</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,023</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note&nbsp;1: Summary of Significant Accounting Policies).</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 127</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 41&nbsp;&nbsp;&nbsp;Reconciliation of International
Accounting Standards to&nbsp;United States Generally Accepted
Accounting Principles</B>

<P align="left"><B><FONT color="#0038A8">Note 41.1 Valuation and income
recognition differences between International Accounting
Standards and United States Generally Accepted Accounting
Principles</FONT></B>

<P align="left">
<FONT size="2">The consolidated financial statements of the
Group have been prepared in accordance with IAS. The principles
of IAS differ in certain respects from United States Generally
Accepted Accounting Principles
(&#147;U.S.&nbsp;GAAP&#148;).</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The following is a summary of the relevant
significant accounting and valuation differences between IAS and
U.S.&nbsp;GAAP.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">a.&nbsp; Purchase
accounting (merger of Union Bank of Switzerland and Swiss Bank
Corporation)</FONT></U></B>

<P align="left">
<FONT size="2">Under IAS, the Group accounted for the 1998
merger of Union Bank of Switzerland and Swiss Bank Corporation
under the pooling of interests method. The balance sheets and
income statements of the banks were combined and no adjustments
to the carrying values of the assets and liabilities were
made.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, the business combination
creating UBS&nbsp;AG is accounted for under the purchase method
with Union Bank of Switzerland being considered the acquirer.
Under the purchase method, the cost of acquisition is measured
at fair value and the acquirer&#146;s interests in identifiable
tangible assets and liabilities of the acquiree are restated to
fair values at the date of acquisition. Any excess consideration
paid over the fair value of net tangible assets acquired is
allocated, first to identifiable intangible assets based on
their fair values, if determinable, with the remainder allocated
to goodwill.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Under U.S. GAAP, goodwill and other intangible
assets acquired are capitalized and amortized over the expected
periods to be benefited with adjustments for any
impairment.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For purposes of the U.S.&nbsp;GAAP
reconciliation, the excess of the consideration paid for Swiss
Bank Corporation over the fair value of the net tangible assets
received has been recorded as goodwill and is being amortized on
a straight line basis over a weighted average life of
13&nbsp;years beginning 29&nbsp;June&nbsp;1998.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In 2000 and 1999, goodwill was reduced by CHF 211
million and CHF 118 million respectively, due to recognition of
deferred tax assets of Swiss Bank Corporation which had
previously been subject to valuation reserves.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Other purchase accounting
adjustments</FONT></B>

<DIV align="left">
<FONT size="2">Under U.S.&nbsp;GAAP, the results of operations
of Swiss Bank Corporation would have been included in the
Group&#146;s consolidated financial statements beginning
29&nbsp;June&nbsp;1998. For purposes of the U.S.&nbsp;GAAP
reconciliation, Swiss Bank Corporation&#146;s Net profit for the
six-month period ended 29&nbsp;June 1998 has been excluded from
the Group&#146;s Net profit. For purposes of the U.S.&nbsp;GAAP
reconciliation, the restatement of Swiss Bank Corporation&#146;s
net assets to fair value resulted in decreasing net tangible
assets by CHF&nbsp;1,077 million. This amount will be amortized
over a period ranging from two years to 20&nbsp;years.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">b.&nbsp; Harmonization of
accounting policies</FONT></U></B>

<P align="left">
<FONT size="2">The business combination noted above was
accounted for under the pooling of interests method under IAS.
Under the pooling interest method of accounting, a single
uniform set of accounting policies was adopted and applied to
all periods presented. This resulted in a restatement of 1997
Shareholders&#146; equity and Net loss.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">U.S. GAAP requires that accounting changes be
accounted for in the income statement in the period the change
is made. For purposes of the U.S. GAAP reconciliation the
accounting policy harmonization recorded in 1997 was reversed
because the business combination noted above is being accounted
for under the purchase method and the impact of the accounting
changes was recorded in&nbsp;1998.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 128</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="2">Harmonization of accounting policies</FONT></B>

<P align="left">
<FONT size="2">The income statement effect of this conforming
adjustment was as follows:</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="67%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation policies</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(338</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit risk adjustments on derivatives</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(193</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Policies for other real estate</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(140</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retirement benefit and equity participation plans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(47</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Settlement-risk adjustments on derivatives</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(33</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(751</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2">There was no income statement effect after year
1999.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2">c.&nbsp; Restructuring
provision</FONT></U></B>

<P align="left">
<FONT size="2">Under IAS, restructuring provisions are
recognized when a legal or constructive obligation has been
incurred. In 1997, the Group recognized a CHF 7,000 million
restructuring provision to cover personnel, IT, premises and
other costs associated with combining and restructuring the
merged Group. A further CHF 300 million provision was recognized
in 1999, reflecting the impact of increased precision in the
estimation of certain leased and owned property costs.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, the criteria for establishing
restructuring provisions were more stringent than under IAS
prior to 2000. For purposes of the U.S. GAAP reconciliation, the
aggregate CHF 7,300 million restructuring provision was
reversed. As a result of the business combination with Swiss
Bank Corporation and the decision to combine and streamline
certain activities of the banks for the purpose of reducing
costs and improving efficiencies, Union Bank of Switzerland
recognized a restructuring provision of CHF 1,575 million during
1998 for purposes of the U.S. GAAP reconciliation. CHF 759
million of this provision related to estimated costs for
restructuring the operations and activities of Swiss Bank
Corporation and that amount was recorded as a liability of the
acquired business. The remaining CHF 816 million of estimated
costs were charged to restructuring expense during 1998. The
reserve is expected to be substantially utilized by 2001.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The U.S. GAAP restructuring provision was
adjusted in 1999 (increase of CHF 600 million) and 2000
(increase of CHF 130 million) as shown in the table below.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">During 2000, the IAS requirements for
restructuring provisions were changed such that they became
substantially identical to the U.S. GAAP requirements. As of
31&nbsp;December 2000, the remaining IAS provision was higher
than the remaining U.S. GAAP provision by approximately CHF 114
million. This amount represents an accrual permitted under IAS
for lease costs on properties to be vacated. Under U.S. GAAP,
such costs may not be recognized until the premises are actually
vacated.</FONT>
</DIV>

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

<P align="left">
<FONT size="2">The usage of the U.S. GAAP restructuring
provision was as follows:</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Revision</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Usage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Revision</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Usage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Usage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Provision</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="37"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="37"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Personnel</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">422</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(71</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(188</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">681</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">553</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(254</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">382</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(374</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">756</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Premises</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">143</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">194</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(291</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">240</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">179</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(244</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">305</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(27</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">332</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IT</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">67</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(63</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(68</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(60</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(49</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">129</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(139</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(45</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(81</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">394</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="37" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">616</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(591</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,077</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(548</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,025</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(550</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,575</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="37" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Additionally, for purposes of the U.S. GAAP
reconciliation, CHF 138 million, CHF 150 million and CHF 273
million of restructuring costs were expensed as incurred in
2000, 1999 and 1998, respectively.</FONT>

<DIV align="right">
<FONT size="2"> 129</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT size="2" color="#0038A8">d.&nbsp; Derivatives
instruments held or issued for non-trading
purposes</FONT></U></B>

<P align="left">
<FONT size="2">Under IAS, the Group recognizes transactions in
derivative instruments hedging non-trading positions in the
income statement using the accrual or deferral method, which is
generally the same accounting as the underlying item being
hedged.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">U.S. GAAP requires that derivatives be reported
at fair value with changes in fair value recorded in income
unless specified criteria are met to obtain hedge accounting
treatment (accrual or deferral method).</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">The Group does not comply with all of the
criteria necessary to obtain hedge accounting treatment under
U.S. GAAP. Accordingly, for purposes of the U.S. GAAP
reconciliation, derivative instruments held or issued for
non-trading purposes that did not meet U.S. GAAP hedging
criteria have been carried at fair value with changes in fair
value recognized as adjustments to Net trading income.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">e.&nbsp; Financial
investments</FONT></U></B>

<P align="left">
<FONT size="2">Under IAS, financial investments are classified
as either current investments or long-term investments. The
Group considers current financial investments to be held for
sale and carried at lower of cost or market value
(&#147;LOCOM&#148;). The Group accounts for long-term financial
investments at cost, less any permanent impairments.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, investments are classified as
either held to maturity (essentially debt securities) which are
carried at amortized cost or available for sale (debt and
marketable equity securities), which are carried at fair value
with changes in fair value recorded as a separate component of
Shareholders&#146; equity. Realized gains and losses are
recognized in net profit in the period sold.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For purposes of the U.S. GAAP reconciliation,
marketable equity securities are adjusted from LOCOM to fair
value and classified as available for sale investments. Held to
maturity investments that do not meet U.S. GAAP criteria are
also reclassified to the available for sale category. Unrealized
gains or unrealized losses relating to these investments are
recorded as a component of Shareholders&#146; equity.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">f.&nbsp; Retirement benefit
plans</FONT></U></B>

<P align="left">
<FONT size="2">Under IAS, the Group has recorded pension expense
based on a specific method of actuarial valuation of projected
plan liabilities for accrued service including future expected
salary increases and expected return on plan assets. Plan assets
are held in a separate trust to satisfy plan liabilities. Plan
assets are recorded at fair value. The recognition of a prepaid
asset on the books of the Group is subject to certain
limitations. These limitations generally cause amounts
recognized as expense to equal amounts funded in the same
period. Any amount not recognized as a prepaid asset and the
corresponding impact on pension expense has been disclosed in
the financial statements.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Generally, under U.S. GAAP, pension expense is
based on the same method of valuation of liabilities and assets
as under IAS. Differences in the levels of expense and
liabilities (or prepaid assets) exist due to the different
transition date rules and the stricter provisions for
recognition of a prepaid asset.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">As a result of the merger of the benefit plans of
Union Bank of Switzerland and Swiss Bank Corporation, there was
a one time increase of the vested plan benefits for the
beneficiaries of such plans. This had the effect of increasing
the defined benefit obligation by CHF&nbsp;3,525 million. Under
IAS this resulted in a one time charge to income which was
offset by the recognition of assets (previously unrecognized due
to certain limitations under IAS).</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, in a business combination that
is accounted for under the purchase method, the assignment of
the purchase price to individual assets acquired and liabilities
assumed must include a liability for the projected plan
liabilities in excess of plan assets or an asset for plan assets
in excess of the projected plan liabilities, thereby recognizing
any previously existing unrecognized net gains or losses,
unrecognized prior service cost, or unrecognized net liabilities
or assets.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For purposes of the U.S. GAAP reconciliation, the
Group recorded a prepaid asset for the Union Bank of Switzerland
plans as of 1&nbsp;January 1998. Swiss Bank Corporation recorded
a purchase accounting adjustment to recognize its prepaid asset
at 29&nbsp;June 1998. The recognition of these assets impacts
the pension expense recorded under U.S. GAAP versus IAS. The
assets recognized under IAS</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 130</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">(which had been previously unrecognized due to
certain limitations under IAS) were already recognized under
U.S. GAAP due to the absence of such limitations under
U.S.&nbsp;GAAP.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">g.&nbsp; Other employee
benefits</FONT></U></B>

<P align="left">
<FONT size="2">Under IAS, the Group has recorded expenses and
liabilities for post-retirement benefits determined under a
methodology similar to that described above under retirement
benefit plans.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, expenses and liabilities for
post-retirement benefits would be determined under a similar
methodology as under IAS. Differences in the levels of expenses
and liabilities have occurred due to different transition date
rules and the treatment of the merger of Union Bank of
Switzerland and Swiss Bank Corporation under the purchase
method.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">h.&nbsp; Equity
participation plans</FONT></U></B>

<P align="left">
<FONT size="2">IAS does not specifically address the recognition
and measurement requirements for equity participation
plans.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">U.S. GAAP permits the recognition of compensation
cost on the grant date for the estimated fair value of equity
instruments issued (Statement of Financial Accounting Standard
&#147;SFAS&#148; No.&nbsp;123) or based on the intrinsic value
of equity instruments issued (Accounting Principles Board
&#147;APB&#148; No.&nbsp;25), with the disclosure of the pro
forma effects of equity participation plans on net profit and
earnings per share, as if the fair value had been recorded on
the grant date. The Group recognizes only intrinsic values at
the grant date with subsequent changes in value not
recognized.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For purposes of the U.S. GAAP reconciliation,
certain of the Group&#146;s option awards have been determined
to be variable pursuant to APB No.&nbsp;25, primarily because
they may be settled in cash or the Group has offered to hedge
their value. Additional compensation expense from these options
awards for the years ended 31&nbsp;December 2000, 1999 and 1998,
is CHF&nbsp;85 million, CHF&nbsp;41 million and CHF 1 million,
respectively. In addition, certain of the Group&#146;s equity
participation plans provide for deferral and diversification of
the awards, and the instruments are held in trusts for the
participants. Certain of these trusts are recorded on the
Group&#146;s balance sheet for U.S. GAAP presentation. The net
effect on income of recording these assets and liabilities is a
debit to expense of CHF&nbsp;82 million, CHF&nbsp;8 million and
nil for the years ended 31&nbsp;December 2000, 1999 and 1998,
respectively.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">i.&nbsp; Software
capitalization</FONT></U></B>

<P align="left">
<FONT size="2">Under IAS, effective 1&nbsp;January 2000, certain
costs associated with the acquisitions or development of
internal use software are required to be capitalized. Once the
software is ready for its intended use, the costs capitalized
are amortized to the Income statement over estimated lives.
Under U.S. GAAP, the same principle applies, however this
standard was effective 1&nbsp;January 1999. For purposes of the
U.S. GAAP reconciliation, the costs associated with the
acquisition or development of internal use software that met the
U.S. GAAP software capitalization criteria in 1999 have been
reversed from Operating expenses and amortized over a life of
two years once it is ready for its intended use. From
1&nbsp;January 2000, the only remaining reconciliation item is
the amortization of software capitalized in 1999 for U.S. GAAP
purposes.</FONT>

<P align="left"><B><U><FONT size="2" color="#0038A8">j.&nbsp; Trading in own
shares and derivatives on own shares</FONT></U></B>

<P align="left">
<FONT size="2">As of 1&nbsp;January 2000, upon adoption of the
Standing Interpretations Committee&#146;s (&#147;SIC&#148;)
interpretation&nbsp;16 &#147;Share Capital&nbsp;&#150;
Reacquired Own Equity Instruments (Treasury Shares)&#148; for
IAS, all own shares are treated as treasury shares and reduce
total shareholders&#146; equity. This applies also to the number
of shares outstanding. Derivatives on own shares are classified
as assets, liabilities or in shareholders&#146; equity depending
upon the manner of settlement. As a result of this adoption,
there is no difference between IAS and U.S. GAAP. For 1999 and
1998, figures have been retroactively restated (see Note&nbsp;1,
Summary of Significant Accounting Policies).</FONT>

<DIV align="right">
<FONT size="2"> 131</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><U><FONT size="2" color="#0038A8">k.&nbsp; Recently issued US
accounting&nbsp;standards</FONT></U></B>

<P align="left"><B><FONT size="2">Accounting for derivative instruments and
hedging activities</FONT></B>

<DIV align="left">
<FONT size="2">In June 1998, the US Financial Accounting
Standards board (&#147;FASB&#148;) issued SFAS No.&nbsp;133,
Accounting for Derivative Instruments and Hedging Activities,
which, as amended, is required to be adopted for financial
statements as of 1&nbsp;January 2001. The standard establishes
accounting and reporting standards for derivative instruments,
including certain derivative instrument embedded in other
contracts, and for hedging activities. Under International
Accounting Standards, the Group is not required to comply with
all the criteria necessary to obtain hedge accounting under U.S.
GAAP. Accordingly, for future U.S. GAAP reconciliation,
derivative instruments held or issued for non-trading purposes
that do not meet U.S. GAAP hedging criteria under SFAS
No.&nbsp;133 will be carried at fair value with changes in fair
value recognized as adjustments to trading income. The specific
impact on earnings and financial position as a result of SFAS
No.&nbsp;133 is not possible to quantify as the Group will be
complying with hedge accounting criteria necessary to obtain
hedge accounting for certain activity, but not all.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Accounting for Transfers and Servicing of
Financial Assets and Extinguishment of Liabilities</FONT></B>

<DIV align="left">
<FONT size="2">In 1996 the FASB issued SFAS No.&nbsp;125,
&#147;Accounting for Transfers and Servicing of Financial Assets
and Extinguishment of Liabilities&#148;. That statement provided
standards for distinguishing transfers of financial assets that
are sales from those that are financing transactions. In
September 2000, the FASB issued SFAS No.&nbsp;140,
&#147;Accounting for Transfers and Servicing of Financial Assets
and Extinguishment of Liabilities&nbsp;&#150; a replacement of
SFAS No.&nbsp;125&#148;. SFAS No.&nbsp;140 revises the standards
for accounting for securitizations and other transfers of
financial assets and collateral and requires certain new
disclosures, but it carries over most of SFAS
No.&nbsp;125&#146;s provisions without reconsideration.
Generally, the new provisions of this standard are to be applied
prospectively and become effective 31&nbsp;March 2001. However,
certain recognition and classification requirements for
collateral and disclosures for collateral and securitization
transactions have been adopted by the Group as of
31&nbsp;December 2000. Adoption of the remaining provisions of
this revised accounting standard is not expected to have a
material impact on the Group.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 132</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT color="#0038A8">Note
41.2&nbsp;&nbsp;&nbsp;Reconciliation of IAS Shareholders&#146;
equity and&nbsp;Net profit/loss to U.S. GAAP</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Shareholders&#146; equity</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Net profit/(loss)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
</TR>

<TR>
	<TD colspan="26"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="26"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Amounts determined in accordance with IAS</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44,833</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,608</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,794</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Adjustments in respect of</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	a.&nbsp;SBC purchase accounting:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,835</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,765</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,612</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,719</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,729</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(864</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other purchase accounting adjustments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(808</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(858</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(895</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">50</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,415</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	b.&nbsp;Harmonization of accounting policies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(751</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	c.&nbsp;Restructuring provision</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">112</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1948</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(238</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,598</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,982</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	d.&nbsp;Derivative instruments held or issued for non-trading
	purposes</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(857</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">507</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,052</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,353</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(545</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(405</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	e.&nbsp;Financial investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">379</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	f.&nbsp;Retirement benefit plans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,898</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,839</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">59</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(19</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	g.&nbsp;Other employee benefits</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(16</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(24</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	h.&nbsp;Equity participation plans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(311</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(113</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(40</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(167</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(47</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	i.&nbsp;Software capitalization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">229</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">389</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(160</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">389</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax adjustments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(334</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(682</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">330</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">137</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="26" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total adjustments</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,127</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>21,225</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>25,967</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(3,355</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(3,316</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(6,637</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="26" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="26"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Amounts determined in accordance with U.S.&nbsp; GAAP</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">62,960</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>51,833</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>54,761</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,437</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,837</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(3,665</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="26" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 133</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT color="#0038A8">Note 41.3&nbsp;&nbsp;&nbsp;Earnings per
share</FONT></B>

<P align="left">
<FONT size="2">Under IAS and U.S. GAAP, basic earnings per share
(&#147;EPS&#148;) is computed by dividing income available to
common shareholders by the weighted average common shares
outstanding. Diluted EPS includes the determinants of basic EPS
and, in addition, gives effect to dilutive potential common
shares that were outstanding during the period.</FONT>

<P align="left">
<FONT size="2">The computations of basic and diluted EPS for the
years ended 31&nbsp;December&nbsp;2000, 31 December&nbsp;1999
and 31 December&nbsp;1998 are presented in the following table.
The adjustment in 1998 is due to the difference in weighted
average shares calculated under purchase accounting for
U.S.&nbsp;GAAP versus the pooling method under IAS for the Union
Bank of Switzerland merger with Swiss Bank Corporation on 29
June&nbsp;1998. There is otherwise no difference between IAS and
U.S. GAAP for the calculation of weighted average shares
for&nbsp;EPS.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit / (loss)&nbsp;available<BR>
	for Basic earnings per share (CHF million)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	U.S. GAAP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,437</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,837</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,665</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Basic weighted average shares outstanding</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404,742,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">405,222,295</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	U.S. GAAP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404,742,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">414,609,886</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Basic earnings / (loss)&nbsp;per share (CHF)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	U.S. GAAP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11.01</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.01</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8.84</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit / (loss)&nbsp;available<BR>
	 for Diluted earnings per share (CHF million)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,778</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	U.S. GAAP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,423</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,837</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,665</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Diluted weighted average shares outstanding</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">408,525,900</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">408,375,152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">412,881,04</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	U.S. GAAP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">408,525,900</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">408,375,152</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">414,609,886</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Diluted earnings / (loss) per share (CHF)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	IAS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	U.S. GAAP</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10.83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.95</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8.84</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)<SUP>1</SUP></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The following are adjustments to the calculation
of weighted average outstanding common shares which result from
valuation and presentation differences between IAS and
U.S.&nbsp;GAAP:</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Weighted average shares outstanding</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Basic weighted-average ordinary shares (IAS)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404,742,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">405,222,295</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	add: Treasury shares adjustments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,387,591</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Basic weighted-average ordinary shares (U.S.&nbsp;GAAP)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">404,742,482</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">414,609,886</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;No
potential ordinary shares may be included in the computation of
any diluted per-share amount when a loss from continuing
operations exists.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 134</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT color="#0038A8">Note 41.4&nbsp;&nbsp;&nbsp;Presentation
differences between IAS and U.S. GAAP</FONT></B>

<P align="left">
<FONT size="2">In addition to the differences in valuation and
income recognition, other differences, essentially related to
presentation, exist between IAS and U.S. GAAP. Although these
differences do not cause differences between IAS and U.S. GAAP
reported shareholders&#146; equity and net profit, it may be
useful to understand them to interpret the financial statements
presented in accordance with U.S. GAAP. The following is a
summary of presentation differences that relate to the basic IAS
financial statements.</FONT>

<P align="left"><B><FONT size="2">1.&nbsp; Purchase accounting</FONT></B>

<DIV align="left">
<FONT size="2">As described in Note&nbsp;42.1, under U.S. GAAP
the business combination creating UBS AG was accounted for under
the purchase method with Union Bank of Switzerland being
considered the acquirer. In the U.S. GAAP Condensed Consolidated
Balance Sheet, the assets and liabilities of Swiss Bank
Corporation have been restated to fair value at the date of
acquisition (29&nbsp;June 1998). In addition, the following
table presents summarized financial results of SBC for the
period from 1&nbsp;January to 29&nbsp;June 1998 which, under
U.S. GAAP, would be excluded from the U.S. GAAP condensed
consolidated Income statement for the year ended
31&nbsp;December 1998.</FONT>
</DIV>

<P align="left"><B><FONT size="2">2.&nbsp; Settlement date vs. trade date
accounting</FONT></B>

<DIV align="left">
<FONT size="2">The Group&#146;s transactions from securities
activities are recorded on the settlement date for balance sheet
and on the trade date for income statement purposes. This
results in recording an off-balance sheet forward transaction
during the period between the trade date and the settlement
date. Forward positions relating to trading activities are
revalued to fair value and any unrealized profits and losses are
recognized in Net profit.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, trade date accounting is
required for purchases and sales of securities. For purposes of
U.S. GAAP presentation, all purchases and sales of securities
previously recorded on settlement date have been recorded as of
trade date for balance sheet purposes. Trade date accounting has
resulted in receivables and payables to broker-dealers and
clearing organizations recorded in Other assets and Other
liabilities.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 135</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>SBC&#146;s summarized Income statement</B>

<DIV align="left">
<B>for the period 1&nbsp;January&nbsp;1998 to
29&nbsp;June&nbsp;1998</B>
</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,205</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Less: Interest expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,630</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,575</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Less: Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">164</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,411</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,701</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net trading income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,135</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income from disposal of associates and subsidiaries</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,035</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">364</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,646</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,128</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,842</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation and amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">511</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,481</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating profit before taxes and minority interests</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,165</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Profit</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,613</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Less: Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,614</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B><FONT size="2">3.&nbsp; Securities lending, Securities
borrowing, Repurchase, Reverse repurchase and Other
collateralized transactions</FONT></B>

<DIV align="left">
<FONT size="2">Under IAS, the Group&#146;s repurchase agreements
and securities lending are accounted for as collateralized
borrowings. Reverse repurchase agreements and securities
borrowing are accounted for as collateralized lending
transactions. Cash collateral is reported on the balance sheet
at amounts equal to the collateral advanced or received.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, these transactions are also
generally accounted for as collateralized borrowing and lending
transactions. However, certain such transactions may be deemed
sale or purchase transactions under specific circumstances. U.S.
GAAP (SFAS No.&nbsp;125) required recognition of securities
collateral controlled, and an offsetting obligation to return
such securities collateral on certain financing transactions,
when specific control conditions existed. Pursuant to the
guidance in SFAS No.&nbsp;140, Accounting for Transfers of
Servicing of Financial Assets and Extinguishment of Liabilities
(a replacement of SFAS No.&nbsp;125) issued in 2000, the Group
has restated its 1999 U.S. GAAP Balance sheet to derecognize
securities collateral received that are no longer required to be
recognized.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Additionally, SFAS No.&nbsp;140 requires
segregation of the balance, as of 31 December&nbsp;2000, of the
Group&#146;s Trading portfolio assets which it has pledged under
agreements permitting the transferee to repledge or resell such
collateral. For presentation purposes, such reclassifications
are reflected in the U.S. GAAP Balance Sheet in Trading
portfolio assets, pledged.</FONT>
</DIV>

<P align="left"><B><FONT size="2">4.&nbsp; Financial investments</FONT></B>

<DIV align="left">
<FONT size="2">Under IAS, the Group&#146;s private equity
investments, real estate held for sale and non-marketable equity
financial investments have been included in Financial
investments.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under U.S. GAAP, private equity investments, real
estate held for sale and non-marketable financial investments
generally are</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 136</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<FONT size="2">reported in Other assets or reported as a
separate caption in the Balance sheet.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">For purposes of U.S. GAAP presentation, private
equity investments are reported as a separate caption in the
Balance sheet and real estate held for sale and non-marketable
equity financial investments are reported in Other assets.</FONT>
</DIV>

<P align="left"><B><FONT size="2">5.&nbsp; Equity participation plans</FONT></B>

<DIV align="left">
<FONT size="2">Certain of the Group&#146;s equity participation
plans provide for deferral and diversification of the awards.
The shares and other diversified instruments are held in trusts
for the participants. Certain of these trusts are recorded on
the Group&#146;s balance sheet for U.S. GAAP presentation, the
effect of which is to increase assets by CHF 1,298 million and
CHF 655 million, liabilities by CHF 1,377 million and CHF 717
million, and decrease shareholders&#146; equity by CHF 69
million and CHF 62 million (for UBS AG shares held by the trusts
which are treated as treasury shares) at 31 December&nbsp;2000
and 31 December 1999, respectively.</FONT>
</DIV>

<P align="left"><B><FONT size="2">6.&nbsp; Net trading income</FONT></B>

<DIV align="left">
<FONT size="2">The Group has implemented a change in accounting
policy for interest and dividend income and expenses on trading
related assets and liabilities (see Note&nbsp;1, Summary of
Significant Accounting Policies). For the years ended 31
December 1999 and 31&nbsp;December&nbsp;1998, figures have been
retroactively restated. As a result of this change, there is no
longer a difference between IAS and U.S. GAAP.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 137</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT color="#0038A8">Note 41.5&nbsp;&nbsp;&nbsp;Consolidated
Income Statement</FONT></B>

<P align="left">
<FONT size="2">The following is a Consolidated Income Statement
of the Group, for the years ended 31&nbsp;December 2000,
31&nbsp;December 1999 and 31&nbsp;December 1998, restated to
reflect the impact of valuation and income recognition
differences and presentation differences between IAS and U.S.
GAAP.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Reference</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>U.S. GAAP</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>IAS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>U.S. GAAP</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>IAS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>U.S. GAAP</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>IAS</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="29"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="29"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">a, d, 1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51,565</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51,745</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,404</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,604</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,136</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,442</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Less: Interest expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">a, 1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(43,584</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(43,615</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29,660</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29,695</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,773</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(32,424</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,981</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,744</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,909</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,018</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Less: Credit loss expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">130</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(956</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(956</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(787</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(951</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,111</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,260</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,788</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,953</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,576</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,067</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,703</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,703</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,607</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,607</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,925</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,626</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net trading income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">b, d, 1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,597</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,953</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,174</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,719</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,313</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net gains from disposal of associates and subsidiaries</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">83</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,821</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,821</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">b, e, 1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,431</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,403</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,361</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,325</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">641</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">34,925</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,751</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,425</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,681</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,247</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">b, c, f, g, h, 1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,262</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">17,163</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,483</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,577</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,938</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,816</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">a, c, i, 1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,813</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,765</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,664</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,098</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,259</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,735</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation and amortization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">a, b, i, 1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,952</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,275</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,454</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,857</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,403</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,825</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Restructuring costs</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">c</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">191</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">750</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,089</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,218</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,203</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,351</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,532</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,689</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,376</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Operating profit/(loss) before<BR>
	tax and minority interests</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,707</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,199</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,400</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,893</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,008</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,871</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense/(benefit)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,183</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,320</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,509</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,686</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,339</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">904</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Net profit/(loss) before minority interests</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,524</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,879</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,891</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,207</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,669</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,967</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(87</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(87</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit/(loss)</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,437</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,837</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,665</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="29" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Certain
IAS and U.S. GAAP 1999 and 1998 figures have been restated to
reflect retroactive changes in accounting policy arising from
newly applicable International Accounting Standards and changes
in presentation (see Note&nbsp;1, Summary of Significant
Accounting Policies).</FONT>
</DIV>

<P align="left">
<FONT size="2">Note: References above coincide with the
discussions in Note&nbsp;41.1 and Note&nbsp;41.4. These
references indicate which IAS to U.S. GAAP adjustments affect an
individual financial statement caption.</FONT>

<DIV align="left">
<FONT size="2"> 138</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT color="#0038A8">Note 41.6&nbsp;&nbsp;&nbsp;Consolidated
Balance Sheet</FONT></B>

<P align="left">
<FONT size="2">The following is a Consolidated Balance Sheet of
the Group, as of 31 December&nbsp;2000 and 31 December 1999
restated to reflect the impact of valuation and income
recognition principles and presentation differences between IAS
and U.S. GAAP.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Reference</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>U.S. GAAP</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>IAS</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>U.S. GAAP</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>IAS</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash and balances with central banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,979</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,979</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,073</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,073</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">66,454</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">66,454</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	69,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	69,717</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a, 3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">29,182</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">29,147</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29,954</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	29,907</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities borrowed</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">177,857</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">177,857</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	113,162</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	113,162</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reverse repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">193,801</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">193,801</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	132,391</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	132,391</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	b, 2,3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">197,048</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">253,296</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	184,085</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	211,932</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio assets, pledged</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">59,448</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Positive replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">57,775</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">57,875</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	62,294</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	62,957</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans, net of allowance for credit losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a, 3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">245,214</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">244,842</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	235,401</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	234,858</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	b, e, 4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,807</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">16,405</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,378</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7,039</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued income and prepaid expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,062</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">7,062</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,167</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,167</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investments in associates</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">880</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">880</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,102</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,102</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Property and equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a, b, i</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">9,692</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,910</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	9,655</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,701</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Intangible assets and goodwill</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">35,726</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">19,537</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21,428</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,543</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Private equity investments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">6,658</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3,001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	b, d, f, g, h, 2, 4, 5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">26,971</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">8,507</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18,717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11,007</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,124,554</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>893,525</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>896,556</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="11"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">74,780</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">74,780</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	64,655</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	64,655</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">82,240</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">82,240</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76,363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	76,365</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cash collateral on securities lent</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">23,418</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">23,418</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,832</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,832</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Repurchase agreements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">295,513</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">295,513</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	173,840</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	196,914</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading portfolio liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2, 3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">87,832</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">82,632</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	52,658</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	54,638</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Negative replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">75,423</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">75,923</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	95,004</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	95,786</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a, 3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">310,686</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">310,679</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	279,971</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	279,960</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued expenses and deferred income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">21,038</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">21,038</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,040</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	12,040</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Long-term debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">54,970</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">54,855</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	56,049</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	56,332</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	a, b, c, d, e, h, 2, 3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">32,809</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">18,756</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	17,846</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	15,992</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,058,709</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,039,834</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	841,258</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	865,514</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Minority interests</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,885</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">2,885</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	434</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	434</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total shareholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">62,960</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">44,833</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	51,833</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	30,608</FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Total liabilities, minority interests and shareholders&#146;
	equity</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,124,554</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>893,525</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>896,556</B></FONT></TD>
</TR>

<TR>
	<TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2"> Certain IAS
and U.S. GAAP 1999 and 1998 figures have been restated to
reflect retroactive changes in accounting policy arising from
newly applicable International Accounting Standards and changes
in presentation (see Note&nbsp;1, Summary of Significant
Accounting Policies).</FONT>
</DIV>

<P align="left">
<FONT size="2">Note:&nbsp; References above coincide with the
discussions in Note&nbsp;41.1 and Note&nbsp;41.4. These
references indicate which IAS and U.S. GAAP adjustments affect
an individual financial statement caption.</FONT>

<DIV align="left">
<FONT size="2"> 138</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT color="#0038A8">Note
41.7&nbsp;&nbsp;&nbsp;Comprehensive income</FONT></B>

<P align="left">
<FONT size="2">Comprehensive income is defined as the change in
Shareholders&#146; equity excluding transactions with
shareholders. Comprehensive income has two major components: Net
profit, as reported in the income statement, and Other
comprehensive income. Other comprehensive income includes such
items as foreign currency translation and unrealized gains in
available-for-sale securities. The components and accumulated
other comprehensive income amounts for the years ended
31&nbsp;December 2000, 31&nbsp;December 1999 and
31&nbsp;December 1998 are as follows:</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Accumulated</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Foreign</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gains in</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>other</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>available-for-</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>comprehensive</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Comprehensive</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>translation</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>sale securities</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>income</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>income</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance, 1 January&nbsp;1998</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(111</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>47</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(64</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net loss</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,665</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(345</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(345</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gains, arising during the year, net of CHF 89 million
	tax</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">267</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">267</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reclassification adjustment for gains realized in net profit,
	net of CHF 76 million tax</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(229</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(229</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(307</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Comprehensive loss</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,972</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance, 31 December&nbsp;1998</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(456</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>85</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(371</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>2,837</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gains, arising during the year, net of CHF 18 million
	tax</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reclassification adjustment for gains realized in net profit,
	net of CHF 40 million tax</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(143</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(143</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(55</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Comprehensive income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,782</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance, 31 December&nbsp;1999</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(442</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>16</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(426</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="17"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Net profit</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>4,437</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign currency translation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(245</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(245</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gains, arising during the year, net of CHF 152
	million tax</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">456</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">456</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reclassification adjustment for gains realized in net profit,
	net of CHF 40 million tax</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(121</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(121</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Comprehensive income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,527</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Balance, 31 December&nbsp;2000</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(687</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>351</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(336</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 140</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Note 42&nbsp;&nbsp;&nbsp;Additional Disclosures Required
under U.S. GAAP</B>

<P align="left">
<FONT size="2">In addition to the differences in valuation and
income recognition and presentation, disclosure differences
exist between IAS and U.S. GAAP. The following are additional
U.S. GAAP disclosures that relate to the basic financial
statements.</FONT>

<P align="left"><B><FONT color="#0038A8">Note 42.1&nbsp;&nbsp;&nbsp;Business
combinations</FONT></B>

<P align="left">
<FONT size="2">On 29&nbsp;June 1998, Union Bank of Switzerland
and Swiss Bank Corporation consummated a merger of the banks,
resulting in the formation of UBS AG. New shares totaling
428,746,982 were issued exclusively for the exchange of the
existing shares of Union Bank of Switzerland and Swiss Bank
Corporation. Under the terms of the merger agreement, Union Bank
of Switzerland shareholders received 5 registered shares for
each bearer share held and 1 registered share for each
registered share held, totaling 257,500,000 shares of UBS AG.
Swiss Bank Corporation shareholders received 11/13 registered
shares of the Group for each Swiss Bank Corporation registered
share held, totaling 171,246,982 shares. The combined share
capital amounted to CHF&nbsp;5,754 million. As a result of the
exchange of shares, CHF&nbsp;1,467 million were transferred from
share capital to the share premium account. The merger was
accounted for under the pooling of interests method and,
accordingly, the information included in the financial
statements presents the combined results of Union Bank of
Switzerland and Swiss Bank Corporation as if the merger had been
in effect for all periods presented.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Summarized results of operations of the separate
companies for the period from 1&nbsp;January 1998 through
29&nbsp;June 1998, the date of combination, are as
follows:</FONT>
</DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Union Bank</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Swiss Bank</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>of Switzerland</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Corporation</B></FONT></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total operating income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5,702</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8,646</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net profit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	739</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,614</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">As a result of the merger, the Group harmonized
its accounting policies that have been retrospectively applied
for the restatement of comparative information and opening
retained earnings at 1&nbsp;January 1997. As a result,
adjustments were required for the accounting for treasury
shares, netting of balance sheet items, repurchase agreements,
depreciation, and employee share plans.</FONT>

<P align="left">
<FONT size="2">Summarized results of operations of the separate
companies for the year ended 31&nbsp;December 1997 are as
follows:</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total operating</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>income</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net loss</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Union Bank of Switzerland</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,114</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(129</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Swiss Bank Corporation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,026</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(248</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total as previously reported</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,140</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(377</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Impact of accounting policy harmonization</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,260</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(290</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Consolidated</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>24,880</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>(667</B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Prior to 29&nbsp;June 1998, Union Bank of
Switzerland and Swiss Bank Corporation entered into certain
transactions with each other in the normal course of business.
These intercompany transactions have been eliminated in the
accompanying financial statements.</FONT>

<DIV align="right">
<FONT size="2"> 141</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT color="#0038A8">Note 42.2&nbsp;&nbsp;&nbsp;Financial
investments</FONT></B>

<P align="left">
<FONT size="2">See Note&nbsp;15 for information on financial
investments. The following table summarizes the Group&#146;s
financial investments as of 31&nbsp;December 2000 and
31&nbsp;December 1999:</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Fair</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>gains</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>losses</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>value</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>31 December&nbsp;2000</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity securities<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,147</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	447</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,588</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Debt securities issued by the Swiss national government and
	agencies</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	34</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	36</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Debt securities issued by Swiss local governments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	46</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Debt securities issued by the U.S. Treasury and agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Debt securities issued by foreign governments and official
	institutions</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,852</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4,856</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate debt securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,139</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,143</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgage-backed securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	47</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other debt securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	92</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>7,353</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>466</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>11</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>7,808</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>31 December&nbsp;1999</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equity securities 1</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	388</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	377</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Debt securities issued by the Swiss national government and
	agencies</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	81</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Debt securities issued by Swiss local governments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	83</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Debt securities issued by the U.S. Treasury and agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	410</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	410</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Debt securities issued by foreign governments and official
	institutions</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	321</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	326</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate debt securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	851</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	869</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgage-backed securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	109</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	109</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other debt securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	120</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	123</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>2,358</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>43</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>23</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>2,378</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2"> The LOCOM
value of the equity securities as reported in Note 15 is
adjusted to cost basis for the purpose of fair value
calculation.</FONT>
</DIV>

<P align="left">
<FONT size="2">The following table presents an analysis of the
contractual maturities of the investments in debt securities as
of 31&nbsp;December 2000:</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1&#150;5 years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>5&#150;10 years</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Over 10 years</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Within 1 year</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million, except percentages</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Yield(%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Yield(%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Yield(%)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Yield(%)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Swiss national government and agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Swiss local governments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	U.S. Treasury and agencies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign governments and official institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,451</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,236</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1.80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,165</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0.85</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Corporate debt securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5.20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	917</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.02</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	206</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2.21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgage-backed securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.02</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.54</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	14.46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other debt securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	6.57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	4.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	3.68</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total amortized cost</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,511</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	2,257</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	1,438</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total market value</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>2,514</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>2,272</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>1,434</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>0</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Proceeds from sales and maturities of investment
securities available for sale during the year ended
31&nbsp;December 2000 and the year ended 31&nbsp;December 1999
were CHF 325 million and CHF 1,482 million, respectively. Gross
gains of CHF 162 million and gross losses of CHF 1 million were
realized in 2000 on those sales, and gross gains of CHF 180
million and gross losses of CHF 3 million were realized in
1999.</FONT>

<DIV align="left">
<FONT size="2"> 142</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6">Selected Financial Data</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
</TR>

<TR>
        <TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99<SUP>1</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.98<SUP>1</SUP></B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.97</B></FONT></TD>
</TR>

<TR>
        <TD colspan="17"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Income statement key figures</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interest income</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51,745</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">35,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">37,442</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">23,669</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interest expense</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">43,615</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">29,695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">32,424</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16,733</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Net interest income</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,130</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,909</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,018</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">6,936</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Credit loss recovery&nbsp;/&nbsp;(expense)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">130</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(956</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(951</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(1,278</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Net interest income after credit loss expense</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,260</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">4,067</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,658</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Net fee and commission income</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,703</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12,626</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12,234</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Net trading income</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,953</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,313</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Other income</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,486</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,241</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,497</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Operating income</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,402</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">28,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">22,247</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">24,880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Operating expenses</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,203</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">20,532</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">18,376</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">18,636</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Operating profit before tax</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,199</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7,893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,871</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">6,244</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Restructuring costs</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Tax expense (benefit)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,320</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">904</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(105</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Minority interests</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(87</FONT></B></FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(54</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Net profit</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,792</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(667</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Cost&nbsp;/&nbsp;income ratio (%)<SUP>2</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">72.2</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">69.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">79.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">71.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Cost&nbsp;/&nbsp;income ratio before goodwill amortization (%)
        <SUP>2,3</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">70.4</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">68.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">77.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">70.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Per share data(CHF)</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Basic earnings per share<SUP>4,7</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.33</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15.20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7.33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(1.59</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Basic earnings per share before goodwill<SUP>3,4,7</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.99</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">16.04</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Diluted earnings per share<SUP>4,7</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">19.04</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7.20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(1.59</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Diluted earnings per share before goodwill<SUP>3,4,7</SUP></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20.67</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15.90</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.03</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Dividend payout ratio(%)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31.56</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">36.18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">68.21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="17">&nbsp;</TD>
</TR>


<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        As of</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">31.12.00</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">31.12.99<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">31.12.98<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">31.12.97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Balance sheet key figures</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Total assets</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,087,552</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">896,556</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">861,282</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,086,414</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Shareholders&#146; equity</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">44,833</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">30,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">28,794</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">30,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Market capitalization</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">112,666</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">92,642</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">90,720</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Outstanding shares (weighted average)<SUP>7</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Registered ordinary shares</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">433,486,003</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">430,497,026</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">429,710,128</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">426,994,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Own shares to be delivered</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,058,212</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Treasury shares</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(32,514,906</FONT></B></FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(25,754,544</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(24,487,833</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">(7,724,236</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Shares for basic earnings per share</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403,029,309</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">404,742,482</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">405,222,295</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">419,270,004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>BIS capital ratios</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Tier 1 (%)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11.7</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">10.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">9.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Total BIS (%)</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15.7</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">14.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">13.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">12.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Risk-weighted assets</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">273,290</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">273,107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">303,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">345,904</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Total assets under management (CHF&nbsp;billion)</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,469</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,744</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,573</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Headcount (full time equivalents)<SUP>6</SUP></B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">71,076</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">49,058</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">48,011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Long-term ratings</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Fitch, London</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">AAA</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Moody&#146;s, New York</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">Aa1</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">Aa1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">Aa1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Standard&nbsp;&#38; Poor&#146;s, New York</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">AA+</FONT></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">AA+</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">AA+</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
<SUP>2</SUP>&nbsp;Operating expenses/operating income before
credit loss expense. <SUP>3</SUP>&nbsp;The amortization of
goodwill and other purchased intangible assets are excluded from
the calculation. <SUP>4</SUP>&nbsp;For EPS calculation, see Note
10 to the Financial Statements. <SUP>5</SUP>&nbsp;Net
profit/average shareholders&#146; equity excluding dividends.
<SUP>6</SUP>&nbsp;The Group headcount does not include the
Klinik Hirslanden AG headcount of 1,839 and 1,853 for
31&nbsp;December 2000 and 31&nbsp;December&nbsp;1999,
respectively.&nbsp;<SUP>7</SUP>&nbsp;1999, 1998 and 1997 share
figures are restated for the two-for-one share split, effective
8 May&nbsp;2000.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 143</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS Group Financial Statements</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Report of the Group Auditors</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left">
<IMG src="y46460y46432l3.gif" alt="(Ernst &#38; Young Logo)">

<DIV align="right">
<IMG src="y4646046432a10.gif" alt="(Letter Head)">
</DIV>

<P align="left"><B><FONT size="2">Report of the Group Auditors</FONT></B>

<P align="left">
<FONT size="2">to the General Meeting of</FONT>

<P align="left">
<B><FONT size="2">UBS AG, ZURICH AND BASEL</FONT></B>

<P align="left">
<FONT size="2">Mr. Chairman,</FONT>

<DIV align="left">
<FONT size="2">Ladies and Gentlemen,</FONT>
</DIV>

<P align="left">
<FONT size="2">As auditors of the Group, we have audited the
Group financial statements (income statement, balance sheet,
statement of changes in equity, statement of cash flows and
notes) of UBS AG for the year ended 31&nbsp;December 2000.</FONT>

<P align="left">
<FONT size="2">These Group financial statements are the
responsibility of the Board of Directors. Our responsibility is
to express an opinion on these Group financial statements based
on our audit. We confirm that we meet the legal requirements
concerning professional qualification and independence.</FONT>

<P align="left">
<FONT size="2">Our audit was conducted in accordance with
auditing standards generally accepted in the United States of
America as well as those promulgated by the profession in
Switzerland, which require that an audit be planned and
performed to obtain reasonable assurance about whether the Group
financial statements are free from material misstatement. We
have examined on a test basis evidence supporting the amounts
and disclosures in the Group financial statements. We have also
assessed the accounting principles used, significant estimates
made and the overall Group financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.</FONT>

<P align="left">
<FONT size="2">In our opinion, the Group financial statements
give a true and fair view of the financial position, the results
of operations and the cash flows in accordance with
International Accounting Standards (IAS) and comply with the
Swiss law.</FONT>

<P align="left">
<FONT size="2">We recommend that the Group financial statements
submitted to you be approved.</FONT>

<P align="left">
<B><FONT size="2">Basel, 5 March
2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst
 &#38; Young Ltd.</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<IMG src="y46460y46432s1.gif" alt="(Perkin Signature)"></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<IMG src="y46460y46432s2.gif" alt="(Heckendorn Signature)"></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Roger K. Perkin</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Peter Heckendorn</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Chartered Accountant</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	lic. oec.</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	in charge of the audit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	in charge of the audit</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<P align="left">
<IMG src="y4646046432a11.gif" alt="(Address Line)">

<DIV align="left">
<FONT size="2"> 144</FONT>
</DIV>
<!-- PAGEBREAK -->
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">[INTENTIONALLY LEFT BLANK]</FONT></B>

<DIV>&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<!-- link1 "<FONT size="2">UBS AG (Parent Bank)</FONT>" -->
<DIV align="left"><A NAME="028"></A></DIV>

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

<DIV align="left">
<B><FONT size="6">(Parent Bank)</FONT></B>
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Table of Contents</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">UBS AG (Parent Bank) Table of Contents</FONT>" -->
<DIV align="left"><A NAME="029"></A></DIV>

<P align="left"><B><FONT size="6">UBS AG (Parent Bank)</FONT></B>

<DIV align="left">
<B><FONT size="6">Table of Contents</FONT></B>
</DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Parent Bank Review</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">148</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Financial Statements</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">149</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income Statement</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Balance Sheet</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Statement of Appropriation of Retained Earnings</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">151</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Notes to the Financial
	Statements</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">152</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Additional Income Statement Information</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>153</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net Trading Income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Extraordinary Income and Expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Additional Balance Sheet Information</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>154</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Value Adjustments and Provisions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Statement of Shareholders&#146; Equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share Capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Off-Balance Sheet and other Information</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B>155</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Assets Pledged or Assigned as Security for own Obligations,
	Assets Subject to Reservation of Title</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fiduciary Transactions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to UBS Pension Plans, Loans to Corporate Bodies / Related
	Parties</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B><FONT color="#E8112D">Report of the Statutory
	Auditors</FONT></B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">156</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 147</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Parent Bank Review</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">Parent Bank Review</FONT>" -->
<DIV align="left"><A NAME="030"></A></DIV>

<P align="left"><B><FONT size="6">Parent Bank Review</FONT></B>

<P align="left"><B><U><FONT size="2" color="#0038A8">Income
statement</FONT></U></B>

<P align="left">&nbsp;&nbsp;
<FONT size="2">UBS AG net profit increased CHF 1,118 million
from CHF 6,788 million in 1999 to CHF&nbsp;7,906 million in
2000.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Income from investments in associates decreased
to CHF 896 million in 2000, from CHF 1,669 million in 1999,
mainly due to lower dividends received.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Sundry operating expenses were CHF&nbsp;614
million, up from CHF 21 million in 1999. This was mainly due to
a net write-down of financial investments.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Allowances, provisions and losses were CHF 345
million in 2000, down from CHF&nbsp;1,815 million in 1999,
mainly due to the release of previously established provisions
as credit quality improved as a result of the strong performance
of the Swiss economy in 2000.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Extraordinary income contains CHF 496 million
from the sale of former subsidiaries, down from CHF 2,100
million in 1999, and CHF 15 million from the sale of tangible
fixed assets, down from CHF 417 million in 1999. It also
contains CHF 139 million from the release of provisions.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Extraordinary expenses consist mainly of losses
of CHF 20 million from the sale of tangible fixed assets,
compared to losses of CHF&nbsp;254 million in 1999. There were
no losses from the disposal of investments in associated
companies in 2000, compared to losses of CHF 157 million in
1999.</FONT>
</DIV>

<P align="left"><B><U><FONT size="2" color="#0038A8">Balance sheet</FONT></U></B>

<P align="left">
<FONT size="2">Total assets declined by CHF 164 billion to CHF
935 billion at 31 December&nbsp;2000. This decline is
principally due to changes in the accounting treatment of the
securities lending and borrowing business, bringing it closer
into line with the treatment in UBS Group&#146;s Financial
Statements.</FONT>

<DIV align="left">
<FONT size="2"> 148</FONT>
</DIV>
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">Financial Statements</FONT>" -->
<DIV align="left"><A NAME="031"></A></DIV>

<P align="left"><B><FONT size="6">Financial Statements</FONT></B>

<P align="left"><B>Income Statement</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest and discount income<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">40,375</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,172</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest and dividend income from financial assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">93</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">127</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest expense<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(32,161</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,148</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net interest income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,307</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,065</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Credit-related fees and commissions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">292</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">361</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(19</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fee and commission income from securities and investment business</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,574</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,758</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">492</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">534</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fee and commission expense</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,229</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(763</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net fee and commission income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,129</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,890</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net trading income<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,378</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,593</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income from disposal of financial assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">785</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">440</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income from investments in associated companies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">896</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,669</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(46</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income from real estate holdings</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">41</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Sundry income from ordinary activities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">380</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">894</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(57</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Sundry ordinary expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(614</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other income from ordinary activities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,488</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,012</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(51</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating income</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">26,302</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,560</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Personnel expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,292</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,178</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General and administrative expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,405</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating expenses</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">15,697</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,332</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Operating profit</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,605</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,228</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation and write-offs on fixed assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,623</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">423</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">284</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowances, provisions and losses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">345</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,815</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(81</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Profit before extraordinary items and taxes</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,637</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,990</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Extraordinary income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">650</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,518</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(74</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Extraordinary expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">20</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">411</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(95</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tax expense / (benefit)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,361</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,309</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Profit for the period</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,906</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,788</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;The
figures for 2000 are not comparable to 1999. See Notes to the
Financial Statements for further details.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 149</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Balance Sheet</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="13"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="13"><HR size="1"></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Liquid assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,242</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,975</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(44</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">61,152</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,154</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">243,911</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">356,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(32</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due from customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">175,255</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">195,464</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgage loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">117,830</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123,151</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Trading balances in securities and precious metals</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">155,342</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196,782</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">12,133</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,067</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">139</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Investments in associated companies</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,587</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,727</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Tangible fixed assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,949</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,709</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accrued income and prepaid expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,239</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,555</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Positive replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">141,516</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">131,730</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,242</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,923</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total assets</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">935,398</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,099,095</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total subordinated assets</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I><FONT color="#E8112D">805</FONT></I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>939</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(14</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total amounts receivable from Group companies</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I><FONT color="#E8112D">187,724</FONT></I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>197,211</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(5</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="13"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper issued</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">36,340</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,931</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(24</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">228,928</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">352,775</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(35</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Due to customers on savings and deposit accounts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">68,069</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,414</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(11</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other amounts due to customers</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">263,459</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">341,509</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Medium-term note issues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">5,408</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,918</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Bond issues and loans from central mortgage institutions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">42,731</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,254</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accruals and deferred income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">11,230</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,746</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Negative replacement values</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">155,059</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159,713</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other liabilities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">73,585</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,835</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">839</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Value adjustments and provisions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,817</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,554</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(58</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,444</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,309</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General statutory reserve</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,047</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,528</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reserve for own shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,007</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,462</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other reserves</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,361</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,356</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Profit brought forward</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Profit for the period</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,906</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,788</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total liabilities</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">935,398</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,099,095</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total subordinated liabilities</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I><FONT color="#E8112D">15,302</FONT></I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>13,362</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>15</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>Total liabilities to Group companies</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I><FONT color="#E8112D">142,263</FONT></I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>160,055</I></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><I>(11</I></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>

<TR>
	<TD colspan="13" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 150</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B>Statement of Appropriation of Retained Earnings</B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="87%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="5"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	The Board of Directors proposes to the Annual General Meeting
	the following appropriation:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Profit for the financial year 2000 as per the Parent Bank&#146;s
	Income Statement</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,906</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retained earnings from prior years</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Release of other reserves</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,764</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Available for appropriation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,677</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Appropriation to General statutory reserve</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">165</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Distributed partial dividend (1.1.00&#150;30.9.00)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,764</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Appropriation to other reserve</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,748</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total appropriation</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,677</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The Extraordinary General Meeting on
7&nbsp;September 2000 accepted a proposal to pay a partial
dividend of CHF 4.50 gross per CHF 10.00 share in respect of the
first three quarters of the reporting year. This payment, after
deduction of 35% Swiss withholding tax, was made on
5&nbsp;October 2000, to all UBS shareholders on record on
2&nbsp;October 2000.</FONT>

<P align="left">
<FONT size="2">The Board of Directors proposes to repay CHF 1.60
of the par value of each CHF 10.00 share, instead of
distributing a final dividend for the remaining months of the
reporting year: October, November and December. This repayment
would reduce the share capital by CHF 682 million and reduce the
par amount per share to CHF 8.40. This proposal would be
approved on the explicit condition that the revised
article&nbsp;622 paragraph&nbsp;4 of the Swiss Code of
Obligations comes into force. If the proposal is approved and
the condition met, the repayment of CHF 1.60 of the par value
would be made on 18&nbsp;July 2001 to those shareholders who
hold UBS shares on 13&nbsp;July 2001, through their depository
banks.</FONT>

<DIV align="right">
<FONT size="2"> 151</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<P align="left"><B><FONT size="6">Notes to the</FONT></B>

<DIV align="left">
<B><FONT size="6">Financial Statements</FONT></B>
</DIV>

<P align="left"><B>Accounting and Valuation Principles</B>

<P align="left">
<FONT size="2">The Parent Bank&#146;s accounting and valuation
policies are in compliance with Swiss federal banking law. The
accounting and valuation policies are principally the same as
outlined for the Group in Note&nbsp;1 to the Group Financial
Statements. Major differences between the Swiss federal banking
law requirements and International Accounting Standards are
described in Note&nbsp;40 to the Group Financial
Statements.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">In addition, the following principles are applied
for the Parent Bank:</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Treasury shares is the term used to describe a
company&#146;s holdings in its own equity instruments. In
accordance with IAS, treasury shares are presented in the
balance sheet as a deduction from equity. No gain or loss is
recognised in the income statement on the sale, issuance, or
cancellation of those shares. Consideration received is
presented in the financial statement as a change in
equity.</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Under Swiss federal banking requirements,
treasury shares are carried in the balance sheet as trading
balances, financial assets or other liabilities with gains and
losses on the sale, issuance or cancellation, unrealised losses
on treasury shares, and unrealised gains on treasury shares
included in trading balances and other liabilities reflected in
the income statement.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Securities borrowing and lending</FONT></B>

<DIV align="left">
<FONT size="2">At 31&nbsp;December 1999, securities received or
delivered were recognised in the balance sheet together with any
collateral in respect of those securities for which control was
transferred. At 31&nbsp;December 2000, securities borrowed and
lent that are collateralized by cash are included in the balance
sheet at amounts equal to the collateral advanced or received.
Non-cash collateral is not reflected in the balance sheet.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Investments in associated companies</FONT></B>

<DIV align="left">
<FONT size="2">Investments in associated companies are equity
interests which are held on a long-term basis for the purpose of
the Parent Bank&#146;s business activities. They are carried at
a value no higher than their cost price.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Property and equipment</FONT></B>

<DIV align="left">
<FONT size="2">Bank buildings and other real estate are carried
at cost less depreciation at a rate which takes account of the
economic and business situation and which is permissible for tax
purposes. Depreciation of computer and telecommunication
equipment, as well as other equipment, fixtures and fittings is
recognised on a straight-line basis over the estimated useful
lives of the related assets. The useful lives of Property and
Equipment are summarised in Note 1 to the Group Financial
Statements.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Interest and dividend income on trading
assets</FONT></B>

<DIV align="left">
<FONT size="2">In 1999, interest and dividend income and expense
on trading assets and liabilities were included in Net trading
income. In order to improve comparability with the main
competitors, interest and dividend income and expense on trading
assets and liabilities are now included in Interest income and
interest expense respectively.</FONT>
</DIV>

<P align="left"><B><FONT size="2">Extraordinary Income and Expenses</FONT></B>

<DIV align="left">
<FONT size="2">Certain items of income and expense appear as
extraordinary within the Parent Bank Financial Statements,
whereas in the Group Financial Statements they are considered to
be operating income or expenses and appear within the
appropriate income or expense category. These are separately
identified below.</FONT>
</DIV>

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

<DIV align="left">
<FONT size="2">Deferred Tax Assets, except those relating to
Restructuring Provisions, and Deferred Tax Liabilities, except
for a few immaterial exceptions, are not recognised in the
Parent Bank Financial Statements as it is not required by Swiss
federal banking law to do so.</FONT>
</DIV>

<DIV align="left">
<FONT size="2"> 152</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">Additional Income Statement
Information</FONT></B>
</DIV>

<P align="left"><B>Net Trading Income</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>

<TR>
	<TD colspan="9"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="9"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Foreign exchange and bank notes</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,151</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">717</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Bonds and other interest rate instruments</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">88</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,816</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,117</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,089</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Precious metals and commodities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">22</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,378</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,593</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="9" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Extraordinary Income and Expenses</B>

<P align="left">
<FONT size="2">Extraordinary income contains CHF&nbsp;496
million (1999: CHF&nbsp;2,100 million) from the sale of
subsidiaries, CHF&nbsp;15 million (1999: CHF&nbsp;417 million)
from the sale of tangible fixed assets and CHF 139 million from
the release of provisions no longer operationally
necessary.</FONT>

<DIV align="left">&nbsp;&nbsp;
<FONT size="2">Extraordinary expenses consist mainly of losses
of CHF&nbsp;20 million (1999: CHF&nbsp;254 million) from the
sale of tangible fixed assets. There were no losses from the
disposal of investments in associated companies in 2000 (1999:
CHF&nbsp;157 million).</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 153</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">Additional Balance Sheet
Information</FONT></B>
</DIV>

<P align="left"><B><FONT color="#0038A8">Value Adjustments and
Provisions</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Provisions</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Recoveries,</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>applied in</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>doubtful</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>accordance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>interest,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>New</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Provisions</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>with their</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>provisions</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>released and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance at</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>specified</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>translation</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>charged</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>credited</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Balance at</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>purpose</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>differences</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to income</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to income</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Default risks (credit and country&nbsp;risk)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,929</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(2,890</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">489</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">0</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(139</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">10,389</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other business risks<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,267</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(1,211</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">404</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">473</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">0</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,933</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Capital and income taxes</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,153</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(421</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(8</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">1,330</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">0</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">2,054</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other provisions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,380</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(659</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(344</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">196</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">0</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,573</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total allowance for general credit losses and other
	provisions</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,729</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(5,181</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">541</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">1,999</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">(139</FONT></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><FONT color="#E8112D">)</FONT></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">16,949</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Allowances deducted from assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,175</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">9,132</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Total provisions as per balance sheet</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,554</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,817</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP>
<FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Provisions for
litigation, settlement and other business risks.</FONT>
</DIV>

<P align="left"><B>Statement of Shareholders&#146; Equity</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>%</B></FONT></TD>
</TR>

<TR>
	<TD colspan="18"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="18"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Shareholders&#146; equity</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share capital at the beginning of the year</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,309</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,300</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General statutory reserve</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">14,528</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,295</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">233</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reserves for own shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,462</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">490</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">607</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other reserves</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,356</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,806</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,450</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retained earnings</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">6,791</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">653</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,138</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">940</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="18" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total shareholders&#146; equity at the beginning of the period
	(before distribution of profit)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">35,446</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,544</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,902</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="18" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Capital increase</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">135</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">126</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Increase in General statutory reserve</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">215</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">190</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Premium</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">3,304</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,259</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other allocations&nbsp;<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(1,979</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(38</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,941</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Prior-year dividend</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">(2,255</FONT></B></FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">)</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,092</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(163</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Profit for the period</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,906</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,788</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,118</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="18" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Total shareholders&#146; equity at the end of the year
	(before distribution of profit)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">42,772</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,446</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,326</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Share capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,444</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,309</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	General statutory reserve</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">18,047</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,528</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,519</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Reserves for own shares</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,007</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,462</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">545</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other reserves</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">8,361</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,356</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,005</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Retained earnings</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">7,913</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,791</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,122</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="18" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Includes
distributed partial dividend (1.1.&#150;30.9.2000).</FONT>
</DIV>

<P align="left"><B>Share Capital</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Par value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Ranking for dividends</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>No. of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Capital in CHF</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>No. of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Capital in CHF</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Issued and paid up</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,379,729</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,443,797,290</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,379,729</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,443,797,290</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Conditional share capital</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,571,341</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">165,713,410</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<FONT size="2"> 154</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Notes to the Financial Statements</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<DIV align="left">
<B><FONT size="6" color="#0038A8">Off-Balance Sheet and other
Information</FONT></B>
</DIV>

<P align="left"><B>Assets Pledged or Assigned as Security for own Obligations,
Assets Subject to Reservation of Title</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Change in %</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Book</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Effective</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Book</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Effective</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Book</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Effective</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>liability</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>liability</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>liability</B></FONT></TD>
</TR>

<TR>
	<TD colspan="25"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="25"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Money market paper</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">28,355</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">0</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,475</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">702</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Mortgage loans</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,565</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">1,066</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,869</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,325</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">40,649</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">24,721</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,722</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">188</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">992</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">70,569</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">25,787</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,066</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,215</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="25" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Assets are pledged as collateral for securities
borrowing and repo transactions, for collateralized credit lines
with central banks, loans from mortgage institutions and
security deposits relating to stock exchange membership.</FONT>

<P align="left"><B>Fiduciary Transactions</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>%</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Deposits<BR>
	with other banks</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">50,274</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,802</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,472</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	with Group banks</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">682</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">759</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(77</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans and other financial transactions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">403</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">415</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Total</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">51,359</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,976</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,383</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>Due to UBS Pension Plans, Loans to Corporate Bodies/ Related
Parties</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>CHF million</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Change</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>%</B></FONT></TD>
</TR>

<TR>
	<TD colspan="17"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="17"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due to UBS pension plans (including securities borrowed) and UBS
	securities held by pension plans</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2"><B><FONT color="#E8112D">4,644</FONT></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,785</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,141</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(32</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Loans to directors, senior executives and auditing bodies
	<SUP>1</SUP></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(61</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="17" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<SUP><FONT size="2">1</FONT></SUP><FONT size="2">&nbsp;Loans to
directors, senior executives and auditing bodies are loans to
members of the Board of Directors, the Group Executive Board,
the Group Managing Board and the Group&#146;s official auditors
under Swiss company law. This also includes loans to companies
which are controlled by these natural or legal persons.</FONT>
</DIV>

<DIV align="right">
<FONT size="2"> 155</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="right">
<B><FONT size="2"> UBS AG (Parent Bank)</FONT></B>

<DIV align="right">
<B><FONT size="2">Report of the Statutory Auditors</FONT></B>
</DIV>

<P align="left">
<IMG src="y46460y46432l3.gif" alt="(Ernst &#38; Young Logo)">

<DIV align="right">
<IMG src="y4646046432a10.gif" alt="(Letter Head)">
</DIV>

<P align="left"><B><FONT size="2">Report of the statutory auditors</FONT></B>

<P align="left">
<FONT size="2">to the General Meeting of</FONT>

<P align="left">
<B><FONT size="2">UBS AG, ZURICH AND BASEL</FONT></B>

<P align="left">
<FONT size="2">Mr. Chairman,</FONT>

<DIV align="left">
<FONT size="2">Ladies and Gentlemen,</FONT>
</DIV>

<P align="left">
<FONT size="2">As statutory auditors, we have audited the
accounting records and the financial statements (income
statement, balance sheet and notes) of UBS AG for the year ended
31&nbsp;December 2000.</FONT>

<P align="left">
<FONT size="2">These financial statements are the responsibility
of the Board of Directors. Our responsibility is to express an
opinion on these financial statements based on our audit. We
confirm that we meet the legal requirements concerning
professional qualification and independence.</FONT>

<P align="left">
<FONT size="2">Our audit was conducted in accordance with
auditing standards promulgated by the Swiss profession, which
require that an audit be planned and performed to obtain
reasonable assurance about whether the financial statements are
free from material misstatement. We have examined on a test
basis evidence supporting the amounts and disclosures in the
financial statements. We have also assessed the accounting
principles used, significant estimates made and the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.</FONT>

<P align="left">
<FONT size="2">In our opinion, the accounting records and
financial statements and the proposed appropriation of available
earnings comply with the Swiss law and the company&#146;s
articles of incorporation.</FONT>

<P align="left">
<FONT size="2">We recommend that the financial statements
submitted to you be approved.</FONT>

<P align="left">
<B><FONT size="2">Basel, 5 March
2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst
 &#38; Young Ltd.</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<IMG src="y46460y46432s1.gif" alt="(Perkin Signature)"></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<IMG src="y46460y46432s2.gif" alt="(Heckendorn Signature)"></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Roger K. Perkin</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Peter Heckendorn</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Chartered Accountant</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	lic. oec.</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	in charge of the audit</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	in charge of the audit</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<P align="left">
<IMG src="y4646046432a11.gif" alt="(Address Line)">

<DIV align="left">
<FONT size="2"> 156</FONT>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P><HR size="5" noshade><P>

<DIV align="right">
<B><FONT size="2"> Information for</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Shareholders</FONT></B>
</DIV>

<P><HR size="5" noshade><P>

<!-- link2 "<FONT size="2">Information for Shareholders</FONT>" -->
<DIV align="left"><A NAME="032"></A></DIV>

<P align="left"><B><FONT size="6">Information for</FONT></B>

<DIV align="left">
<B><FONT size="6">Shareholders</FONT></B>
</DIV>

<P align="left"><B>UBS Registered Shares (Par Value CHF 10),</B>

<DIV align="left">
<B>ISIN Number CH0010740741, CUSIP Number H8920G155</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Stock exchange listings</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>Bloomberg</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>Reuters</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	<B>Telekurs</B></FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	SWX (Swiss exchange)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	UBSN SW</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	UBSZn.S</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	UBSN, 004</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	NYSE (New York Stock Exchange)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	UBS US</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	UBS.N</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	UBS, 65</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Tokyo</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	8657 JP</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	UBS.T</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	N16631, 106</FONT></TD>
</TR>

<TR>
	<TD colspan="7" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Annual General Meeting</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	Thursday, 26 April&nbsp;2001</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Publication of first quarter 2001 results</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	Tuesday, 15 May&nbsp;2001</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Publication of second quarter 2001 results</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	Tuesday, 14 August&nbsp;2001</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Publication of third quarter 2001 results</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top"><FONT size="2">
	Tuesday, 13 November&nbsp; 2001</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>For information contact</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B>Change of address</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	UBS AG<BR>
	Investor Relations G41B<BR>
	P.O. Box<BR>
	CH-8098 Zurich<BR>
	Phone +41-1-234 41 00<BR>
	Fax +41-1-234 34 15<BR>
	E-Mail SH-investorrelations@ubs.com<BR>
	www.ubs.com/investor-relations</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	UBS AG<BR>
	Shareholder Services GUMV<BR>
	P.O. Box<BR>
	CH-8098 Zurich<BR>
	Phone +41-1-235 62 02<BR>
	Fax +41-1-235 31 54<BR>
	E-Mail SH-shareholder-services@ubs.com</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<FONT size="2"> 157</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Cautionary statement regarding forward-looking
statements</FONT></B>

<DIV align="left">
<FONT size="2">This communication contains statements that
constitute &#147;forward-looking statements&#148;, including,
without limitation, statements relating to the implementation of
strategic initiatives, including the implementation of the new
European wealth management strategy and the implementation of a
new business model for UBS Capital, and other statements
relating to our future business development and economic
performance.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">While these forward-looking statements represent
our judgments and future expectations concerning the development
of our business, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from our expectations.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">These factors include, but are not limited to,
(1)&nbsp;general market, macro-economic, governmental and
regulatory trends, (2)&nbsp;movements in local and international
securities markets, currency exchange rates and interest rates,
(3)&nbsp;competitive pressures, (4)&nbsp;technological
developments, (5)&nbsp;changes in the financial position or
credit-worthiness of our customers, obligors and counterparties,
(6)&nbsp;legislative developments and (7)&nbsp;other key factors
that we have indicated could adversely affect our business and
financial performance which are contained in our past and future
filings and reports, including those with the SEC.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">More detailed information about those factors is
set forth in documents furnished by UBS and filings made by UBS
with the SEC. UBS is not under any obligation to (and expressly
disclaims any such obligations to) update or alter its
forward-looking statements whether as a result of new
information, future events, or otherwise.</FONT>
</DIV>

<P align="left">
<B><FONT size="2">For information contact:</FONT></B>

<DIV align="left">
<FONT size="2">UBS AG, Investor Relations G41B, P.O. Box,
CH-8098 Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Phone: +41-1-234 41 00, Fax: +41-1-234 34
15</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E-mail: SH-investorrelations@ubs.com, Internet:
www.ubs.com/investor-relations</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Change of address</FONT></B>

<DIV align="left">
<FONT size="2">UBS AG, Shareholder Services GUMV, P.O. Box,
CH-8098 Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Phone: +41-1-235 6202, Fax: +41-1-235 31 54</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E-mail: SH-shareholder-services@ubs.com</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Published by UBS AG</FONT></B>

<DIV align="left">
<FONT size="2">Content: UBS AG, Investor Relations and Corporate
Control and Accounting.</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Languages: English, German. Copyright: UBS
AG.</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<IMG src="y46460y46432l1.gif" alt="(UBS LOGO)">

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

<DIV align="left">
<FONT size="2">P.O. Box, CH-8098 Zurich</FONT>
</DIV>

<DIV align="left">
<FONT size="2">P.O. Box, CH-4002 Basel</FONT>
</DIV>

<P align="left">
<FONT size="2">www.ubs.com</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><B>Index to Exhibits</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Exhibit</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Description</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1.2.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Bylaws of UBS AG(1)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">8.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Significant Subsidiaries of UBS AG.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">10.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consent of Ernst &#38; Young Ltd.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="15%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><I><FONT size="2">(1)</FONT></I></TD>
	<TD align="left">
	<I><FONT size="2">Incorporated by reference to Exhibit 3.2 to
	the registration statement (File No.&nbsp;333-52832) filed on
	Form&nbsp;F-1 on 27&nbsp; December 2000.</FONT></I></TD>
</TR>

</TABLE>

</BODY>
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UBS AG
Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR
	(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31,
2000
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934
For the transition period from
             to

             .
Commission file number: 1-15026
UBS AG
(Exact Name of Registrant as Specified in Its
Charter)
Switzerland
(Jurisdiction of Incorporation or
Organization)
Bahnhofstrasse 45, Zurich, Switzerland, and Aeschenvorstadt
1, Basel, Switzerland
(Address of Principal Executive
Offices)
Securities registered or to be registered pursuant to
Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
Ordinary Shares (par value of CHF 10 each)
New York Stock Exchange
$75,000,000 18.5% GOALs due May 28, 2002
American Stock Exchange
$50,000,000 18.25% GOALs due June 27, 2002
American Stock Exchange
$60,000,000 19.5% GOALs due July 23, 2002
American Stock Exchange
$45,000,000 18.25% GOALs due July 31, 2002
American Stock Exchange
$30,000,000 14.125% GOALs due August 15, 2002
American Stock Exchange
$51,000,000 26% GOALs due September 12, 2002
American Stock Exchange
Securities registered or to be registered pursuant to
Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act:
8.622% Noncumulative Trust Preferred Securities
8.622% Noncumulative Company Preferred Securities
Subordinated Guarantee of UBS AG with respect to Company
Preferred Securities
Guarantees with respect to certain securities of UBS Americas
Inc.,
PWG Capital Trust I and PWG Capital Trust II.
Indicate the number of outstanding
shares of each of the issuer's classes of capital or common
stock as of 31 December 2000:
Ordinary shares, par value CHF 10
per share: 444,379,729 ordinary shares (including 18,421,783
treasury shares)
Indicate by check mark whether the
Registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter
period that the Registrant was required to file such reports)
and (2) has been subject to such filing requirements for
the past 90 days.
Yes
No
Indicate by check mark which
financial statement item the registrant has elected to follow.
Item 17
Item 18
Table of Contents
Cautionary Statement Regarding Forward-Looking
Statements
This annual report contains statements that constitute
"forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934. The
Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking information to
encourage companies to provide prospective information about
themselves without fear of litigation so long as the information
is identified as forward looking and is accompanied by
meaningful cautionary statements identifying important factors
that could cause actual results to differ materially from those
projected in the information. The words "anticipate",
"believe", "expect", "estimate",
"intend", "plan", "should",
"could", "may" and other similar expressions
are used in connection with forward-looking statements. In this
annual report, forward-looking statements may, without
limitation, relate to:
•
The implementation of strategic initiatives, such as the
	implementation of the European wealth management strategy and a
	new business model for the UBS Capital business unit
•
The development of revenues overall and within specific business
	areas
•
The development of operating expenses
•
The anticipated level of capital expenditures and associated
	depreciation expense
•
The expected impact of the risks that affect UBS's
	business, including the risk of loss resulting from the default
	of an obligor or counterparty
•
Expected credit losses based upon UBS's credit review
•
Other statements relating to UBS's future business
	development and economic performance
There can be no assurance that forward-looking statements will
approximate actual experience. Several important factors exist
that could cause UBS's actual results to differ materially
from expected results as described in the forward-looking
statements. Such factors include:
•
General economic conditions, including prevailing interest rates
	and performance of financial markets, which may affect demand
	for products and services and the value of our assets
•
Changes in UBS's expenses associated with acquisitions and
	dispositions
•
UBS's and PaineWebber's ability to achieve anticipated
	cost savings and efficiencies from their merger, to fully
	integrate their sales and distribution channels in a timely
	manner and to retain their key employees
•
General competitive factors, locally, nationally, regionally and
	globally
•
Industry consolidation and competition
•
Changes affecting the banking industry generally and UBS's
	banking operations specifically, including asset quality
•
Developments in technology
•
Credit ratings and the financial position of obligors and
	counterparties
•
UBS's ability to control risk in its businesses
•
Changes in federal tax laws, which could adversely affect the
	tax advantages of certain of UBS's products and subject it
	to increased taxation
•
Changes in currency exchange rates, including the exchange rate
	for the Swiss franc into U.S. dollars
UBS is not under any obligation to (and expressly disclaims any
such obligations to) update or alter its forward-looking
statements, whether as a result of new information, future
events, or otherwise.
1
Table of Contents
Part I
Item 1.  Identity of Directors, Senior Management
and Advisors.
Not required because this Form 20-F is filed as an annual
report.
Item 2.  Offer Statistics and Expected
Timetable.
Not required because this Form 20-F is filed as an annual
report.
Item 3.  Key Information.
A—Selected Financial Data.
UBS's financial statements have been prepared in accordance
with International Accounting Standards ("IAS") and
are denominated in Swiss francs, or "CHF", the legal
tender of Switzerland. Certain financial information has also
been presented in accordance with U.S. GAAP.
The tables below set forth, for the periods and dates indicated,
information concerning the noon buying rate for the Swiss franc,
expressed in United States dollars or "USD", per one
Swiss franc. The "noon buying rate" is the rate in New
York City for cable transfers in foreign currencies as certified
for customs purposes by the Federal Reserve Bank of New York.
High
Low
Average Rate(1)
At Period End
Year Ended 31 December
(USD per 1 CHF)
1996
0.8641
0.7399
0.8090
0.7468
1997
0.7446
0.6510
0.6890
0.6845
1998
0.7731
0.6485
0.6894
0.7281
1999
0.7361
0.6244
0.6605
0.6277
2000
0.6441
0.5479
0.5912
0.6172
Month
High
Low
September 2000
0.5804
0.5596
October 2000
0.5773
0.5479
November 2000
0.5759
0.5529
December 2000
0.6172
0.5785
January 2001
0.6240
0.6031
February 2001
0.6124
0.5910
(1)
The average of the noon buying rates on the
	last business day of each full month during the relevant
	period.
2
Table of Contents
CHF million, except where indicated
For the year ended
31.12.00
31.12.99(1)
31.12.98(1)
31.12.97
Income statement data
Interest income
51 745
35 604
37 442
23 669
Interest expense
43 615
29 695
32 424
16 733
Net interest income
8 130
5 909
5 018
6 936
Credit loss recovery/(expense)
130
(956
)
(951
)
(1 278
)
Net interest income after credit loss recovery/(expense)
8 260
4 953
4 067
5 658
Net fee and commission income
16 703
12 607
12 626
12 234
Net trading income
9 953
7 719
3 313
5 491
Other income
1 486
3 146
2 241
1 497
Operating income
36 402
28 425
22 247
24 880
Operating expenses
26 203
20 532
18 376
18 636
Operating profit before tax
10 199
7 893
3 871
6 244
Restructuring costs
0
0
0
7 000
Tax expense/(benefit)
2 320
1 686
904
(105
)
Minority interests
(87
)
(54
)
5
(16
)
Net profit
7 792
6 153
2 972
(667
)
Cost/income ratio (%)
(2
)
72.2
69.9
79.2
71.2
Cost/income ratio before goodwill amortization (%)
(2,3
)
70.4
68.7
77.7
70.7
Per share data (CHF)
Basic earnings per share
(4,7
)
19.33
15.20
7.33
(1.59
)
Basic earnings per share before goodwill
(3,4,7
)
20.99
16.04
8.18
Diluted earnings per share
(4,7
)
19.04
15.07
7.20
(1.59
)
Diluted earnings per share before goodwill
(3,4,7
)
20.67
15.90
8.03
Cash dividends declared per share (CHF)
4.50
(9)
5.50
5.00
Cash dividends declared per share (USD)
(8
)
2.57
3.31
3.31
Dividend payout ratio (%)
23.28
36.18
68.21
Rates of return (%)
Return on shareholders' equity
(5
)
21.5
22.4
10.7
Return on shareholders' equity before goodwill
(3,5
)
23.4
23.6
12.0
Return on average equity
22.0
18.6
9.0
(2.0
)
Return on average assets
0.70
0.65
0.28
(0.07
)
3
Table of Contents
CHF million, except where indicated
As of
31.12.00
31.12.99(1)
31.12.98(1)
31.12.97
Balance sheet data
Total assets
1 087 552
896 556
861 282
1 086 414
Shareholders' equity
44 833
30 608
28 794
30 927
Market capitalization
112 666
92 642
90 720
Average equity to average assets (%)
3.17
3.52
3.06
3.40
Weighted average shares outstanding
(7
)
Registered ordinary shares
433 486 003
430 497 026
429 710 128
426 994 240
Own shares to be delivered
2 058 212
Treasury shares
(32 514 906
)
(25 754 544
)
(24 487 833
)
(7 724 236
)
Weighted average shares for basic earnings per share
403 029 309
404 742 482
405 222 295
419 270 004
BIS capital ratios
Tier 1 (%)
11.7
10.6
9.3
8.3
Total BIS (%)
15.7
14.5
13.2
12.6
Risk-weighted assets
273 290
273 107
303 719
345 904
Total assets under management (CHF billion)
2 469
1 744
1 573
Headcount (full time equivalents)
(6
)
71 076
49 058
48 011
Long-term ratings
(10
)
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa1
Aa1
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
Earnings adjusted for significant financial
events(11)
CHF million, except where indicated
For the year ended
31.12.00
31.12.99
Operating income
36 402
26 587
Operating expenses
25 763
20 534
Operating profit before tax
10 639
6 053
Net profit
8 132
4 665
Cost/income ratio before goodwill (%)
(2,3
)
69.2
73.3
Basic earnings per share before goodwill (CHF)
(3,4,7
)
21.83
12.37
Diluted earnings per share before goodwill (CHF)
(3,4,7
)
21.50
12.26
Return on shareholders' equity before goodwill (%)
(3,5
)
24.3
18.2
(1)
The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Note 1 to the Financial
	Statements).
(2)
Operating expenses/ operating income before
	credit loss expense.
(3)
The amortization of goodwill and other
	intangible assets is excluded from the calculation.
(4)
For EPS calculation, see Note 10 to the
	Financial Statements.
(5)
Net profit/average shareholders' equity
	excluding dividends.
(6)
The Group headcount does not include the
	Klinik Hirslanden AG headcount.
(7)
The 1999, 1998 and 1997 share figures are
	restated for the two-for-one share split, effective 8 May
	2000.
(8)
Dividends are normally declared and paid in
	the year subsequent to the reporting period. In 2000, as part of
	the arrangements for the merger with PaineWebber, a dividend was
	paid on 5  October 2000 in respect of the nine months ended
	30 September 2000. Prior to the merger between Union Bank
	of Switzerland and Swiss Bank Corporation, each paid dividends
	in accordance with their own dividend policies. Union Bank of
	Switzerland's dividends for 1997 were CHF 50.00
	(USD 33.65) for its bearer shares and CHF 10.00
	(USD 6.73) for its registered shares. Swiss Bank
	Corporation paid a dividend of CHF  12.00 (USD 8.01)
	in 1997. Dividend payments are reflected at actual historical
	amounts and have been translated to US dollars at an
	exchange rate equal to the noon buying rate in New York City on
	the date of payment.
4
Table of Contents
(9)
Excludes a proposed distribution of
	CHF 1.60 per share (USD 0.976 per share at year end
	2000 spot rate) in the form of a par value reduction.
(10)
See Item 5B on page 24 of this Form 20-F
	for information about the nature of these ratings.
(11)
Please see pages 4 to 5 of the attached
	Financial Report 2000 for a definition of significant financial
	events. UBS introduced the concept of significant financial
	events for the first time in its 1999 reporting and did not
	define significant financial events until 1999. Adjusted figures
	are therefore not shown for 1998 or 1997.
Balance Sheet Data
CHF million
As of
31.12.00
31.12.99(1)
31.12.98(1)
31.12.97
Assets
Total assets
1 087 552
896 556
861 282
1 086 414
Due from banks
29 147
29 907
68 495
66 582
Cash collateral on securities borrowed
177 857
113 162
91 695
82 656
Reverse repurchase agreements
193 801
132 391
141 285
216 355
Trading portfolio assets
253 296
211 932
159 179
210 738
Positive replacement values
57 875
62 957
90 511
149 538
Loans, net of allowances for credit losses
244 842
234 858
247 926
270 917
Liabilities
Due to banks
82 240
76 365
85 716
159 634
Cash collateral on securities lent
23 418
12 832
19 171
14 140
Repurchase agreements
295 513
196 914
137 617
191 793
Trading portfolio liabilities
82 632
54 638
47 033
68 215
Negative replacement values
75 923
95 786
125 847
170 162
Due to customers
310 679
279 960
274 850
302 516
Long-term debt
54 855
56 332
50 783
54 284
Shareholders' equity
44 833
30 608
28 794
30 927
(1)
The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Note 1 to the Financial
	Statements).
5
Table of Contents
U.S. GAAP Income Statement Data
CHF million
For the year ended
31.12.00
31.12.99(1)
31.12.98(1)
Operating income
Interest income
51 565
35 404
29 136
Interest expense
(43 584
)
(29 660
)
(25 773
)
Net interest income
7 981
5 744
3 363
Credit loss recovery/(expense)
130
(956
)
(787
)
Net interest income after credit loss recovery/(expense)
8 111
4 788
2 576
Net fee and commission income
16 703
12 607
8 925
Net trading income
8 597
7 174
455
Net gains from disposal of associates and subsidiaries
83
1 821
84
Other income
1 431
1 361
641
Total operating income
34 925
27 751
12 681
Operating expenses
Personnel
17 262
12 483
7 938
General and administrative
6 813
6 664
6 259
Depreciation and amortization
3 952
3 454
2 403
Restructuring costs
191
750
1 089
Total operating expenses
28 218
23 351
17 689
Operating profit/(loss) before tax and minority interests
6 707
4 400
(5 008
)
Tax expense/(benefit)
2 183
1 509
(1 339
)
Net profit/(loss) before minority interests
4 524
2 891
(3 669
)
Minority interests
(87
)
(54
)
4
Net profit/(loss)
4 437
2 837
(3 665
)
(1)
The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Notes 1 and 41 to the Financial
	Statements).
6
Table of Contents
U.S. GAAP Balance Sheet Data
CHF million
As of
31.12.00
31.12.99(1)
31.12.98(1)
Assets:
Total assets
1 124 554
893 525
899 589
Due from banks
29 182
29 954
68 554
Cash collateral on securities borrowed
177 857
113 162
91 695
Reverse repurchase agreements
193 801
132 391
141 285
Trading portfolio assets
197 048
184 085
161 440
Trading portfolio assets, pledged
(2)
59 448
Positive replacement values
(3)
57 775
62 294
90 520
Loans, net of allowance for credit losses
245 214
235 401
248 657
Intangible assets and goodwill
35 726
21 428
21 707
Other assets
26 971
18 717
29 398
Liabilities
Due to banks
82 240
76 363
85 716
Cash collateral on securities lent
23 418
12 832
19 127
Repurchase agreements
295 513
173 840
136 824
Trading portfolio liabilities
87 832
52 658
47 772
Negative replacement values
(3)
75 423
95 004
125 857
Due to customers
310 686
279 971
274 861
Accrued expenses and deferred income
21 038
12 040
11 232
Long-term debt
54 970
56 049
50 445
Shareholders' equity
62 960
51 833
54 761
(1)
The 1999 and 1998 figures have been restated
	to reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Notes 1 and 41 to the Financial
	Statements).
(2)
Adjusted for the adoption of FAS 140
	required disclosures as of 31 December 2000.
(3)
Positive and negative replacement values
	represent the fair value of derivative contracts.
Ratio of Earnings to Fixed Charges
The following table sets forth UBS AG's ratio of earnings
to fixed charges, for the periods indicated. Ratios of earnings
to combined fixed charges and preferred stock dividends
requirements are not presented as there were no preferred share
dividends in any of the periods indicated.
For the year ended
31.12.00
31.12.99
31.12.98
31.12.97
IAS(1),(2)
1.23
1.25
1.11
0.95
U.S. GAAP(1),(3)
1.15
1.14
0.80
1.
The ratio is provided using both IAS and U.S.
	GAAP values, as the ratio is materially different between the
	two accounting standards. No U.S. GAAP information is provided
	for 31 December 1997 as a U.S. GAAP reconciliation was not
	required for that period.
2.
The deficiency in the coverage of fixed
	charges by earnings before fixed charges at 31 December
	1997 was CHF 851 million.
3.
The deficiency in the coverage of fixed
	charges by earnings before fixed charges at 31 December
	1998 was CHF 5,319 million.
7
Table of Contents
B—Capitalization and
Indebtedness.
Not required because this Form 20-F is filed as an annual
report.
C—Reasons for the Offer and Use of
Proceeds.
Not required because this Form 20-F is filed as an annual
report.
D—Risk Factors.
Please see pages 5 to 6 of the attached Financial Report 2000.
Item 4.  Information on the Company.
A—History and Development of the
Company.
1.  The legal name of the company is UBS AG.
2.  On 29 June 1998, Union Bank of Switzerland
(founded 1860) and Swiss Bank Corporation (founded 1854) merged
to form UBS.
3.  UBS AG is incorporated and domiciled in
Switzerland and operates under Swiss Company Law and Swiss
Federal Banking Law as an Aktiengesellschaft, which means that
it is a corporation that has issued shares of common stock to
investors. The address and telephone number of our principal
places of business are Bahnhofstrasse 45, Zurich,
Switzerland, telephone 011 41-1-234 11 11; and
Aeschenvorstadt 1, Basel, Switzerland, telephone 011
41-61-288 20 20.
4.  Please see page 10 of the attached UBS Handbook
2000-2001.
5., 6.  Please see pages 9 to 54 of the attached
Financial Report 2000.
7.  Not applicable.
B—Business Overview.
1.-3., 5., 7.  Please see pages 5 to 36 of the
attached UBS Handbook 2000-2001.
4., 6.  Not applicable.
8.  Please see pages 86 to 90 of the attached UBS
Handbook 2000-2001.
C—Organizational Structure.
Please see Note 38 to the UBS Group Financial Statements on
pages 123 to 126 of the attached Financial Report 2000.
D—Property, Plant and
Equipment.
At 31 December 2000, UBS operated about 1,560 offices and
branches worldwide, of which about 57% were in Switzerland, 7%
in the rest of Europe, 34% in the Americas and 2% in Asia.
43% of the offices and branches in Switzerland were owned
directly by UBS with the remainder, along with most of
UBS's offices outside Switzerland, being held under
commercial leases.
These premises are subject to continuous maintenance and
upgrading and are considered suitable and adequate for our
current and anticipated operations.
8
Table of Contents
Information Required by Industry Guide
3
Selected Statistical Information
The tables below set forth selected statistical information
extracted from the financial statements regarding the
Group's banking operations. Unless otherwise indicated,
average balances for the year ended 31 December 2000 and
1999 are calculated from monthly data, and averages for the year
ended 31 December 1998 are calculated from quarterly data.
Certain prior year balances and figures have been reclassified
to conform to current year presentation. The distinction between
domestic and foreign generally is based on the domicile of the
booking location. For loans, this method is not significantly
different from an analysis based on domicile of the borrower.
Disclosures for the year ended 31 December 1996, where
applicable, are presented for Union Bank of Switzerland and
Swiss Bank Corporation individually. Combined data is not
presented for this period because differences between accounting
policies of the predecessor banks were significant or could not
be quantified, or because significant inter-company balances
could not be identified and eliminated. For purposes of this
selected statistical information, "UBS" refers to
Union Bank of Switzerland and "SBC" refers to Swiss
Bank Corporation.
Average Balances and Interest Rates
The following table sets forth average interest-earning assets
and average interest-bearing liabilities, along with the average
rates, for the years ended 31 December 2000, 1999 and 1998.
31.12.00
31.12.99
31.12.98
Average
Average
Average
Average
Average
CHF million, except where indicated
Balance
Interest
Rate (%)
Balance
Interest
Rate (%)
Balance
Assets
Money market paper
Domestic
1,175
46
3.9
2,798
27
1.0
4,002
Foreign
63,752
2,924
4.6
48,179
1,144
2.4
20,679
Due from banks
Domestic
13,366
1,273
9.5
19,451
1,757
9.0
22,703
Foreign
16,994
2,280
13.4
28,999
2,739
9.4
43,705
Securities borrowed and reverse repurchase agreements
Domestic
8,383
558
6.7
3,265
117
3.6
7,751
Foreign
348,395
18,530
5.3
223,962
11,305
5.0
275,549
Trading portfolio
Domestic
20,407
243
1.2
36,269
72
0.2
78,211
Foreign
208,076
8,829
4.2
124,564
4,439
3.6
119,629
Loans
Domestic
181,646
10,985
6.0
200,111
8,750
4.4
207,937
Foreign
67,528
3,813
5.6
58,634
3,485
5.9
72,445
Financial Investments
Domestic
2,658
60
2.3
2,066
74
3.6
2,363
Foreign
7,306
142
1.9
3,737
86
2.3
7,070
Net interest on swaps
2,062
1,609
Total interest-earning assets
939,686
51,745
5.5
752,035
35,604
4.7
862,044
Non-interest-earning assets
Positive replacement values
135,762
146,036
164,708
Fixed assets
9,660
8,824
11,316
Other
32,925
34,957
35,050
Total average assets
1,118,033
941,852
1,073,118
[Additional columns below]
[Continued from above table, first column(s) repeated]
31.12.98
Average
CHF million, except where indicated
Interest
Rate (%)
Assets
Money market paper
Domestic
70
1.7
Foreign
741
3.6
Due from banks
Domestic
1,600
7.0
Foreign
4,724
10.8
Securities borrowed and reverse repurchase agreements
Domestic
89
1.1
Foreign
10,291
3.7
Trading portfolio
Domestic
78
0.1
Foreign
3,823
3.2
Loans
Domestic
8,839
4.3
Foreign
5,440
7.5
Financial Investments
Domestic
104
4.4
Foreign
268
3.8
Net interest on swaps
1,375
Total interest-earning assets
37,442
4.3
Non-interest-earning assets
Positive replacement values
Fixed assets
Other
Total average assets
9
Table of Contents
31.12.00
31.12.99
31.12.98
Average
Average
Average
Average
Average
CHF million, except where indicated
Balance
Interest
Rate (%)
Balance
Interest
Rate (%)
Balance
Liabilities and equity
Money market paper issued
Domestic
79
0
0
146
1
0.7
255
Foreign
78,075
4,338
5.6
57,956
2,246
3.9
51,435
Due to banks
Domestic
31,133
2,397
7.7
37,581
3,254
8.7
69,140
Foreign
57,258
3,758
6.6
41,583
2,261
5.4
51,209
Securities lent and repurchase agreements
Domestic
12,700
478
3.8
12,830
106
0.8
12,261
Foreign
284,220
14,437
5.1
144,837
8,340
5.8
186,819
Trading portfolio
Domestic
1,078
4
0.4
Foreign
66,597
5,305
8.0
48,560
2,070
4.3
65,677
Due to customers
Domestic
143,809
2,202
1.5
155,887
1,931
1.2
161,688
Foreign
143,432
7,303
5.1
122,411
6,399
5.2
132,338
Long-term debt
Domestic
15,490
778
5.0
16,241
951
5.9
21,267
Foreign
38,020
2,615
6.9
37,963
2,136
5.6
31,024
Total interest-bearing liabilities
871,891
43,615
5.0
675,995
29,695
4.4
783,113
Non-interest-bearing liabilities
Negative replacement values
157,668
171,800
187,934
Other
53,049
60,946
69,184
Total liabilities
1,082,608
908,741
1,040,231
Shareholders' equity
35,425
33,111
32,887
Total average liabilities and shareholders' equity
1,118,033
941,852
1,073,118
Net interest income
8,130
5,909
Net yield on interest-earning assets
0.9
0.8
[Additional columns below]
[Continued from above table, first column(s) repeated]
31.12.98
Average
CHF million, except where indicated
Interest
Rate (%)
Liabilities and equity
Money market paper issued
Domestic
2
0.8
Foreign
2,557
5.0
Due to banks
Domestic
2,422
3.5
Foreign
5,783
11.3
Securities lent and repurchase agreements
Domestic
71
0.6
Foreign
7,472
4.0
Trading portfolio
Domestic
Foreign
1,741
2.7
Due to customers
Domestic
2,613
1.6
Foreign
7,277
5.5
Long-term debt
Domestic
1,138
5.4
Foreign
1,348
4.3
Total interest-bearing liabilities
32,424
4.1
Non-interest-bearing liabilities
Negative replacement values
Other
Total liabilities
Shareholders' equity
Total average liabilities and shareholders' equity
Net interest income
5,018
Net yield on interest-earning assets
0.6
All assets and liabilities are translated into Swiss francs at
uniform month-end rates. Income and expenses are translated at
monthly average rates.
Average rates earned and paid on assets and liabilities can
change from period to period based on the changes in interest
rates in general, but are also affected by changes in the
currency mix included in the assets and liabilities. This is
especially true for foreign assets and liabilities. Tax exempt
income is not recorded on a tax-equivalent basis. For all three
years presented, tax exempt income is considered to be
insignificant and therefore the impact from such income is
negligible.
10
Table of Contents
Analysis of Changes in Interest Income and
Expense
The following tables allocate, by categories of interest-earning
assets and interest-bearing liabilities, the changes in interest
income and expense due to changes in volume and interest rates
for the year ended 31 December 2000 compared to the year
ended 31 December 1999, and for the year ended
31 December 1999 compared to the year ended
31 December 1998. Volume and rate variances have been
calculated on movements in average balances and changes in
interest rates. Changes due to a combination of volume and rate
have been allocated proportionally.
2000 compared to 1999
1999 compared to 1998
Increase (decrease)
Increase (decrease)
due to changes in
due to changes in
Average
Average
Net
Average
Average
Net
CHF million
Volume
Rate
Change
Volume
Rate
Change
Interest income from interest-earning assets:
Money market paper
Domestic
(16
)
35
19
(21
)
(22
)
(43
)
Foreign
370
1,410
1,780
985
(582
)
403
Due from banks
Domestic
(550
)
66
(484
)
(229
)
386
157
Foreign
(1,134
)
675
(459
)
(1,590
)
(395
)
(1,985
)
Securities borrowed and reverse repurchase agreements
Domestic
183
258
441
(52
)
80
28
Foreign
6,281
944
7,225
(1,926
)
2,941
1,015
Trading portfolio
Domestic
(31
)
202
171
(42
)
36
(6
)
Foreign
2,976
1,414
4,390
158
458
616
Loans
Domestic
(807
)
3,042
2,235
(333
)
244
(89
)
Foreign
529
(201
)
328
(1,037
)
(918
)
(1,955
)
Financial Investments
Domestic
21
(35
)
(14
)
(13
)
(17
)
(30
)
Foreign
82
(26
)
56
(126
)
(57
)
(183
)
Interest Income
Domestic
(1,200
)
3,568
2,368
(690
)
707
17
Foreign
9,104
4,216
13,320
(3,536
)
1,447
(2,089
)
Total interest income from interest- earning assets:
7,904
7,784
15,688
(4,226
)
2,154
(2,072
)
Net interest on swaps
453
234
Total interest income
16,141
(1,838
)
11
Table of Contents
2000 compared to 1999
1999 compared to 1998
Increase (decrease)
Increase (decrease)
due to changes in
due to changes in
Average
Average
Net
Average
Average
Net
CHF million
Volume
Rate
Change
Volume
Rate
Change
Interest expense on interest-bearing liabilities:
Money market paper issued
Domestic
(1
)
0
(1
)
(1
)
(0
)
(1
)
Foreign
780
1,312
2,092
324
(635
)
(311
)
Due to banks
Domestic
(558
)
(299
)
(857
)
(1,106
)
1,938
832
Foreign
852
645
1,497
(1,087
)
(2,435
)
(3,522
)
Securities lent and repurchase agreements
Domestic
(1
)
373
372
3
32
35
Foreign
8,026
(1,929
)
6,097
(1,679
)
2,547
868
Trading portfolio
Domestic
4
4
Foreign
769
2,466
3,235
(454
)
783
329
Due to customers
Domestic
(150
)
421
271
(94
)
(588
)
(682
)
Foreign
1,099
(195
)
904
(546
)
(332
)
(878
)
Long-term debt
Domestic
(44
)
(129
)
(173
)
(269
)
82
(187
)
Foreign
3
476
479
302
486
788
Interest expense
Domestic
(750
)
366
(384
)
(1,467
)
1,464
(3
)
Foreign
11,529
2,775
14,304
(3,140
)
414
(2,726
)
Total interest expense
10,779
3,141
13,920
(4,607
)
1,878
(2,729
)
12
Table of Contents
Deposits
The following table analyzes average deposits and the average
rates on each deposit category listed below at and for the years
ended 31 December 2000, 1999 and 1998. The geographic
allocation is based on the location of the office or branch
where the deposit is made.
31.12.00
31.12.99
31.12.98
Average
Average
Average
Average
Average
Average
CHF million, except where indicated
Deposit
Rate (%)
Deposit
Rate (%)
Deposit
Rate (%)
Banks
Domestic offices:
Demand deposits
4,649
1.9
12,736
0.9
11,890
0.6
Time deposits
8,717
8.7
6,715
12.6
10,813
4.1
Total domestic offices
13,366
6.3
19,451
5.0
22,703
2.3
Foreign offices:
Interest-bearing deposits(1)
16,994
6.6
28,999
5.4
43,705
11.3
Total due to banks
30,360
6.5
48,450
5.2
66,408
8.2
Customer accounts
Domestic offices:
Demand deposits
44,403
1.3
49,261
0.6
44,569
0.7
Savings deposits
72,207
1.1
80,543
1.1
82,561
1.6
Time deposits
27,199
3.0
26,083
2.8
34,558
2.9
Total domestic offices
143,809
1.5
155,887
1.2
161,688
1.6
Foreign offices:
Demand deposits
143,432
5.1
122,411
5.2
132,338
5.5
Total due to customers
287,241
3.3
278,298
3.0
294,026
3.4
(1)
Mainly time deposits.
As of 31 December 2000, the maturity of time deposits
exceeding CHF 150,000, or an equivalent amount in other
currencies, was as follows:
31.12.00
CHF million
Domestic
Foreign
Within 3 months
33,439
74,277
3 to 12 months
5,371
4,703
1 to 5 years
1,018
6,128
Over 5 years
231
497
Total time deposits
40,059
85,605
13
Table of Contents
Short-term Borrowings
The following table presents period-end, average and maximum
month-end outstanding amounts for short-term borrowings, along
with the average rate and period-end rates at and for the years
ended 31 December 2000, 1999 and 1998.
Money Market Paper Issued
Due to Banks
CHF million, except where indicated
31.12.00
31.12.99
31.12.98
31.12.00
31.12.99
31.12.98
Period-end balance
74,780
64,655
51,527
51,245
40,580
10,361
Average balance
78,154
58,102
51,690
58,031
30,714
53,941
Maximum month-end balance
89,821
76,368
53,710
73,355
64,562
89,072
Average interest rate during the period (%)
5.6
3.9
5.0
7.0
9.7
5.1
Average interest rate at period-end (%)
6.0
4.6
4.6
4.1
4.8
4.4
[Additional columns below]
[Continued from above table, first column(s) repeated]
Repurchase Agreements
CHF million, except where indicated
31.12.00
31.12.99
31.12.98
Period-end balance
330,857
217,736
137,617
Average balance
278,601
149,071
177,298
Maximum month-end balance
342,427
217,736
202,062
Average interest rate during the period (%)
4.8
4.8
3.6
Average interest rate at period-end (%)
4.8
3.9
4.9
14
Table of Contents
Loans
Loans are widely dispersed over customer categories both within
and outside of Switzerland. With the exceptions of private
households (foreign and domestic) and banks and financial
institutions outside Switzerland, there is no material
concentration of loans. For further discussion of the loan
portfolio, see "—Risk Analysis—Credit Risk"
in the attached Handbook 2000-2001. The following table
illustrates the diversification of the loan portfolio among
customer categories at 31 December 2000, 1999, 1998, 1997
and 1996. The industry categories presented are consistent with
the classification of loans for reporting to the Swiss Federal
Banking Commission and Swiss National Bank.
31.12.96
CHF million
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Domestic:
Banks
2,896
5,802
4,543
17,751
15,039
2,532
Construction
4,870
6,577
7,897
9,627
6,022
4,556
Financial institutions
5,725
9,387
10,240
11,371
14,465
6,752
Hotels and restaurants
3,526
4,259
4,129
4,668
4,815
2,200
Manufacturing(1)
9,577
11,377
13,505
16,440
9,650
9,019
Private households
91,667
93,846
97,664
109,044
55,088
59,098
Public authorities
5,658
5,277
5,858
6,354
3,271
4,972
Real estate and rentals
16,673
19,835
21,231
22,915
Retail and wholesale
9,635
10,904
8,912
10,512
7,220
6,602
Services(2)
11,767
14,862
11,582
13,083
7,841
6,383
Other(3)
2,651
1,818
1,662
1,862
1,156
694
Total domestic
164,645
183,944
187,223
223,627
124,567
102,808
Foreign:
Banks
27,168
24,983
65,000
49,559
25,048
70,758
Chemicals
1,423
Construction
773
Electricity, gas and water supply
1,584
Financial institutions
20,348
Manufacturing
4,596
Mining
2,070
Private households
29,470
Public authorities
11,754
Real estate and rentals
5,077
Retail and wholesale
1,862
Services
1,585
Transport, storage and communication
993
Other
11,168
69,087
78,741
80,054
33,412
34,758
Total foreign
119,871
94,070
143,741
129,613
58,460
105,516
Total gross
284,516
278,014
330,964
353,240
183,027
208,324
(1)  Includes chemicals.
(2)
Includes transportation, communication, health
	and social work, education and other social and personal service
	activities.
(3)
Includes mining and electricity, gas and water
	supply.
15
Table of Contents
The following table analyzes the Group's mortgage portfolio
by geographic origin of customer and type of mortgage at
31 December 2000, 1999, 1998, 1997 and 1996. Mortgages are
included in the aforementioned industry categories.
31.12.96
CHF million
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Mortgages:
Domestic
116,348
126,677
138,306
142,919
68,534
70,966
Foreign
4,206
1,310
2,479
3,883
1,657
2,266
Total gross mortgages
120,554
127,987
140,785
146,802
70,191
73,232
Mortgages:
Residential
96,181
91,408
106,093
105,926
48,508
49,794
Commercial
24,373
36,579
34,692
40,876
21,683
23,438
Total gross mortgages
120,554
127,987
140,785
146,802
70,191
73,232
Loan Maturities
The following table discloses loans by maturities at
31 December 2000. The determination of maturities is based
on contract terms. Information on interest rate sensitivities
can be found in Note 32 to the Financial Statements.
CHF million
Within 1 Year
1 to 5 Years
Over 5 Years
Total
Domestic:
Banks
2,073
794
29
2,896
Mortgages
68,619
43,664
4,065
116,348
Other loans
33,444
9,461
2,496
45,401
Total domestic
104,136
53,919
6,590
164,645
Foreign:
Banks
26,616
353
199
27,168
Mortgages
3,107
869
230
4,206
Other loans
82,827
4,313
1,357
88,497
Total foreign
112,550
5,535
1,786
119,871
Total gross loans
216,686
59,454
8,376
284,516
Impaired, Non-performing and Restructured
Loans
The Group classifies a loan as impaired when it is determined
that there is a high probability that it will suffer a partial
or full loss. A provision is then made with respect to the
probable loss to be incurred for the loan in question. Within
the category are non-performing loans, for which the contractual
payments of principal, interest or commission are in arrears for
90 days or more. After the 90-day period, interest income
is no longer recognized on the loan and a charge is taken for
the unpaid and accrued interest or commission receivable.
Unrecognized interest related to non-performing loans amounted
to CHF 182 million, CHF 409 million, CHF 423
million and CHF 450 million for the years ended
31 December 2000, 1999, 1998 and 1997, respectively.
16
Table of Contents
The table below provides an analysis of the Group's
non-performing and restructured loans. For further discussion of
impaired and non-performing loans, see "—Risk
Analysis—Credit Risk" in the attached UBS Handbook
2000-2001.
31.12.96
CHF million
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Non-performing loans:
Domestic
7,588
11,435
14,023
15,238
7,171
9,587
Foreign
2,864
1,638
2,091
1,426
414
1,446
Total non-performing loans
10,452
13,073
16,114
16,664
7,585
11,033
Foreign restructured loans
(1)
179
287
449
638
473
289
(1)
Amounts presented for 2000, 1999 and 1998
	include only performing foreign restructured loans. Amounts
	presented for prior years include both performing and
	non-performing foreign restructured loans. UBS does not, as a
	matter of policy, typically restructure loans to accrue interest
	at rates different from the original contractual terms or reduce
	the principal amount of loans. Instead, specific loan allowances
	are established as necessary. Unrecognized interest related to
	foreign restructured loans was not material to the results of
	operations during these periods.
In addition to the data above analyzing non-performing loans,
the Group had CHF 8,042 million, CHF 9,383 million and
CHF 10,333 million in "other impaired loans" for
the years ended 31 December 2000, 1999 and 1998,
respectively. These are loans that are current, or less than
90 days in arrears, with respect to payment of principal or
interest; however, the Group's credit officers have
expressed doubts as to the ability of the borrowers to repay the
loans. As of 31 December 2000 specific allowances of
CHF 2,835 million have been established against these
loans, which are primarily domestic.
Cross-Border Outstandings
Cross-border outstandings consist of general banking products
such as loans and deposits with third parties, credit
equivalents of over-the-counter derivatives and repurchase
agreements, and the market value of the inventory of securities.
The outstandings are monitored and reported on an ongoing basis
by the credit risk management and control organization, with a
dedicated country risk information system. With the exception of
the 27 most developed economies, the exposures are rigorously
limited.
Claims that are secured by third party guarantees are recorded
against the guarantor's country of domicile. Outstandings
that are secured by collateral are recorded against the country
where the asset could be liquidated. This follows the
"Guidelines for the Management of Country Risk", which
are applicable to all banks that are supervised by the Swiss
Federal Banking Commission.
The following tables list those countries for which the
cross-border outstandings exceeded 0.75% of total assets at 31
December 2000, 1999 and 1998. At 31 December 2000,
there were no outstandings that exceeded 0.75% of total assets
in any country currently facing liquidity problems that the
Group expects would materially impact the country's ability
to service its obligations.
For more information on cross-border outstandings, see
"—Risk Analysis—Credit Risk" in the attached
UBS Handbook 2000-2001.
17
Table of Contents
31 December 2000
Banking Products
Traded
Tradeable
% of Total
CHF million, except where indicated
Banks
Non-Banks
Products(1)
Assets(2)
Total
Assets
United States
1,826
958
21,796
64,077
88,657
8.2
Japan
123
895
6,378
58,779
66,175
6.1
United Kingdom
1,795
1,224
9,037
22,440
34,496
3.2
Germany
2,686
3,720
13,198
5,085
24,689
2.3
Italy
1,293
931
3,629
9,700
15,553
1.4
France
1,085
1,900
3,956
5,987
12,928
1.2
Netherlands
910
1,480
6,092
3,803
12,285
1.1
Australia
27
370
3,113
7,508
11,018
1.0
31 December 1999
Banking Products
Traded
Tradeable
% of Total
CHF million, except where indicated
Banks
Non-Banks
Products(1)
Assets(2)
Total
Assets
United States
3,202
2,508
41,970
48,012
95,692
10.7
Japan
1,117
965
7,153
69,194
78,429
8.8
United Kingdom
3,417
3,193
11,273
58,300
76,183
8.5
Germany
4,455
3,174
41,422
8,181
57,232
6.4
Italy
2,462
762
6,803
8,708
18,735
2.1
Netherlands
1,932
1,149
6,648
4,993
14,722
1.6
France
1,200
1,395
7,324
4,379
14,298
1.6
Australia
2,688
409
6,342
3,735
13,174
1.5
Canada
866
492
5,233
807
7,398
0.8
31 December 1998
Banking Products
Traded
Tradeable
% of Total
CHF million, except where indicated
Banks
Non-Banks
Products(1)
Assets(2)
Total
Assets
United States
13,882
2,292
27,922
65,543
109,639
12.7
United Kingdom
4,006
2,583
10,912
32,348
49,849
5.8
Japan
1,633
768
7,879
38,133
48,413
5.6
Germany
7,850
2,500
20,666
15,903
46,919
5.5
France
2,490
1,420
10,037
8,521
22,468
2.6
Italy
2,174
1,201
8,236
9,394
21,005
2.4
Australia
6,749
543
3,097
4,760
15,149
1.8
Netherlands
1,221
1,086
6,134
6,363
14,804
1.7
Sweden
449
812
3,710
8,091
13,062
1.5
Canada
755
549
5,162
3,479
9,945
1.2
Austria
769
82
1,513
5,436
7,800
0.9
Spain
913
350
2,495
3,701
7,459
0.9
Belgium
1,248
162
2,393
3,599
7,402
0.9
Luxembourg
1,212
2,130
1,723
2,195
7,260
0.9
(1)
Traded products consist of derivative
	instruments and repurchase agreements. In 2000 unsecured OTC
	derivatives exposure is reported based on the Potential Credit
	Exposure measurement methodology and is therefore not directly
	comparable to the exposure in the prior years, which were
	measured based on Gross Replacement Values plus
	Add-On.
(2)
Tradeable assets consist of equity and fixed
	income financial instruments held for trading purposes, which
	are marked to market on a daily basis.
18
Table of Contents
Summary of Movements in Allowances and
Provisions for Credit Losses
The following table provides an analysis of movements in
allowances and provisions for credit losses.
As a result of the Swiss bankruptcy laws, banks will write off
loans against allowances only upon final settlement of
bankruptcy proceedings, the sale of the underlying asset and/or
in case of the forgiveness of debt. Under Swiss law, a creditor
can continue to collect from a debtor who has emerged from
bankruptcy, unless the debt has been forgiven through a formal
agreement.
31.12.96
CHF million
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Balance at beginning of year
13,398
14,978
16,213
18,135
6,413
6,700
Write-offs:
Domestic:
Banks
(4
)
(2
)
(5
)
Construction
(261
)
(296
)
(228
)
(408
)
(103
)
(140
)
Financial institutions
(178
)
(92
)
(66
)
(226
)
(32
)
(284
)
Hotels and restaurants
(193
)
(137
)
(98
)
(138
)
(28
)
(37
)
Manufacturing(1)
(264
)
(242
)
(214
)
(514
)
(179
)
(111
)
Private households
(640
)
(598
)
(534
)
(1,214
)
(306
)
(389
)
Public authorities
( 2
)
(19
)
(3
)
Real estate and rentals
(729
)
(823
)
(610
)
(871
)
(561
)
(263
)
Retail and wholesale
(160
)
(210
)
(178
)
(227
)
(108
)
(46
)
Services(2)
(227
)
(315
)
(116
)
(229
)
(220
)
(54
)
Other(3)
(30
)
(41
)
(15
)
(29
)
(85
)
(35
)
Total domestic write-offs
(2,682
)
(2,758
)
(2,063
)
(3,880
)
(1,622
)
(1,362
)
Foreign(4):
Banks
(15
)
Chemicals
Construction
(13
)
Electricity, gas and water supply
(3
)
Financial institutions
(33
)
Manufacturing
(11
)
Mining
Private households
Public authorities
(4
)
Real estate and rentals
Retail and wholesale
(160
)
Services
(8
)
Transport, storage and communication
(11
)
Other
(55
)
Total foreign write-offs
(313
)
(517
)
(261
)
(240
)
(49
)
(350
)
Total write-offs
(2,995
)
(3,275
)
(2,324
)
(4,120
)
(1,671
)
(1,712
)
Recoveries:
Domestic
124
54
59
406
438
71
Foreign
39
11
36
25
20
Total recoveries
163
65
59
442
463
91
Net write-offs
(2,832
)
(3,210
)
(2,265
)
(3,678
)
(1,208
)
(1,621
)
19
Table of Contents
31.12.96
CHF million
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Increase (decrease) in credit loss allowances
(130
)
956
951
1,432
1,272
1,018
Special provisions(5)
2,289
2,480
Other adjustments(6)
145
674
79
324
140
652
Balance at end of year
10,581
13,398
14,978
16,213
8,906
9,229
(1)
Includes chemicals.
(2)
Includes transportation, communication, health
	and social work, education and other social and personal service
	activities.
(3)
Includes mining and electricity, gas and water
	supply.
(4)
For years prior to 2000, no detailed industry
	classifications are available.
(5)
The 1996 UBS amount includes a special
	provision of CHF 3,000 million for credit risks, and the release
	of a CHF 711 million provision for general banking risks from
	the prior year.
(6)
Includes the following for 2000, 1999, 1998
	and 1997:
CHF million
31.12.00
31.12.99
31.12.98
31.12.97
Doubtful interest
182
409
423
450
Net foreign exchange
23
351
(98
)
91
Subsidiaries sold and other
(60
)
(86
)
(246
)
(217
)
Total adjustments
145
674
79
324
20
Table of Contents
Allocation of the Allowances and
Provisions for Credit Losses
The following tables provide an analysis of the allocation of
the allowances and provisions for credit losses by customer
categories and geographic location at 31 December 2000,
1999, 1998, 1997 and 1996. For a description of procedures with
respect to allowances and provisions for credit losses, see
"—Risk Analysis—Credit Risk" in the attached
UBS Handbook 2000–2001.
31.12.96
CHF million
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Domestic:
Banks
41
49
34
9
39
Construction
843
1,247
1,671
1,449
716
539
Financial institutions
328
342
668
510
152
403
Hotels and restaurants
454
690
657
512
172
135
Manufacturing(1)
863
1,223
1,331
1,036
603
438
Private households
1,570
2,350
2,741
2,264
970
1,459
Public authorities
40
107
59
1
66
Real estate and rentals
1,635
2,696
3,333
2,591
1,286
1,335
Retail and wholesale
629
779
825
723
371
263
Services(2)
419
934
766
661
429
160
Other(3)
413
141
71
52
40
19
Total domestic
7,154
10,483
12,219
9,891
4,749
4,856
Foreign(8):
Banks(4)
32
Chemicals
Construction
11
Electricity, gas and water supply
107
Financial institutions
262
Manufacturing
547
Mining
586
Private households
72
Public authorities
Real estate and rentals
82
Retail and wholesale
41
Services
126
Transport, storage and communication
2
Other(5)
267
Total foreign, net of country provisions
2,135
1,539
1,309
1,399
353
1,286
Country provisions
1,292
1,376
1,450
1,175
804
404
Total foreign
(6)
3,427
2,915
2,759
2,574
1,157
1,690
Unallocated allowances(7)
3,748
3,000
2,683
Total allowances and provisions for credit losses
10,581
13,398
14,978
16,213
8,906
9,229
(1)
Includes chemicals.
(2)
Includes transportation, communication, health
	and social work, education and other social and personal service
	activities.
(3)
Includes mining and electricity, gas and water
	supply.
(4)
Counterparty allowances and provisions only.
	Country provisions with banking counterparties amounting to CHF
	885 million are disclosed under country provisions.
21
Table of Contents
(5)
Includes hotels and restaurants.
(6)
The 2000, 1999 and 1998 amounts include CHF 54
	million, CHF 149 million and CHF 435 million of provisions and
	commitments for contingent liabilities, respectively.
(7)
The 1997 amount includes a provision for
	commitments and contingent liabilities of CHF 472 million. In
	addition, the 1996 SBC amount includes CHF 603 million of
	provisions for commitments and contingent liabilities.
(8)
For years prior to 2000, no detailed industry
	classifications are available.
The following table presents the percentage of loans in each
category to total loans. This table can be read in conjunction
with the preceding table showing the breakdown of the allowances
and provisions for credit losses by loan categories to evaluate
the credit risks in each of the categories.
31.12.96
in %
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Domestic:
Banks
1.0
2.1
1.4
5.0
8.2
1.2
Construction
1.7
2.4
2.4
2.7
3.3
2.2
Financial institutions
2.0
3.4
3.1
3.2
7.9
3.2
Hotels and restaurants
1.2
1.5
1.2
1.3
2.6
1.0
Manufacturing
3.4
4.1
4.1
4.7
5.3
4.3
Private households
32.2
33.8
29.5
30.9
30.1
28.4
Public authorities
2.0
1.9
1.8
1.8
1.8
2.4
Real estate and rentals
5.9
7.1
6.4
6.5
0.0
0.0
Retail and wholesale
3.4
3.9
2.7
3.0
3.9
3.2
Services
4.1
5.3
3.5
3.7
4.3
3.1
Other
1.0
0.7
0.5
0.5
0.6
0.3
Total domestic
57.9
66.2
56.6
63.3
68.0
49.3
Foreign:
Banks
9.5
9.0
19.6
14.0
13.7
34.0
Chemicals
0.5
Construction
0.3
Electricity, gas and water supply
0.6
Financial institutions
7.2
Manufacturing
1.6
Mining
0.7
Private households
10.4
Public authorities
4.1
Real estate and rentals
1.8
Retail and wholesale
0.7
Services
0.6
Transport, storage and communication
0.3
Other
3.8
24.8
23.8
22.7
18.3
16.7
Total foreign
42.1
33.8
43.4
36.7
32.0
50.7
Total gross loans
100.0
100.0
100.0
100.0
100.0
100.0
22
Table of Contents
Loss History Statistics
The following is a summary of the Group's loan loss history.
31.12.96
CHF million, except where indicated
31.12.00
31.12.99
31.12.98
31.12.97
UBS
SBC
Gross loans
284,516
278,014
330,964
353,240
183,027
208,324
Impaired loans
18,494
22,456
26,447
Non-performing loans
10,452
13,073
16,114
16,664
7,585
11,033
Allowances and provisions for credit losses
10,581
13,398
14,978
16,213
8,906
9,229
Net write-offs
2,832
3,210
2,265
3,678
1,208
1,621
Credit loss (recovery)/expense
(130
)
956
951
1,432
1,272
1,018
Ratios:
Impaired loans as a percentage of gross loans
6.5
8.1
8.0
Non-performing loans as a percentage of gross loans
3.7
4.7
4.9
4.7
4.1
5.3
Allowance and provisions for credit losses as a percentage of:
Gross loans
3.7
4.8
4.5
4.6
4.9
4.4
Impaired loans
57.2
59.7
56.6
Non-performing loans
101.2
102.5
93.0
97.3
117.4
83.6
Allocated allowances (1) as a percentage of impaired loans
52.4
55.5
51.4
Allocated allowances (2) as a percentage of non-performing
	loans
65.5
66.3
62.1
Net write-offs as a percentage of:
Gross loans
1.0
1.2
0.7
1.0
0.7
0.8
Allowance and provisions for credit losses
26.8
24.0
15.1
22.7
13.6
17.6
Allowance and provisions for credit losses as a multiple of net
	write-offs
3.74
4.17
6.61
4.41
7.37
5.69
(1)
Allowances relating to impaired loans
	only
(2)
Allowances relating to non-performing loans
	only
23
Table of Contents
Item 5.  Operating and Financial Review and
Prospects.
A—Operating Results.
Please see pages 3 to 54 of the attached Financial Report
2000.
B—Liquidity and Capital
Resources.
Group liquidity and capital management is undertaken at UBS by
Group Treasury as an integral asset and liability management
function. For a detailed discussion of our asset and liability
management and capital management, including our capital
resources, please see pages 66 to 75 of the attached UBS
Handbook 2000-2001.
For comments on UBS Group's balance sheet and consolidated
cash flows, please see pages 18 to 19 of the attached
Financial Report 2000.
UBS's financial stability stems from the fact that it is
one of the most well capitalized banks in the world. UBS
believes that this financial strength is a key part of the value
proposition offered to both clients and investors. For details
of UBS Group's long term credit ratings, please see the
Selected Financial Data on page 4 above. These ratings are
also shown in the Group Financial Highlights on page 7 of
the attached Financial Report 2000 and on page 4 of the
attached UBS Handbook 2000-2001.
Each of these ratings reflects only the view of the applicable
rating agency at the time the rating was issued, and any
explanation of the significance of such rating may be obtained
only from such rating agency. There is no assurance that any
such credit rating will remain in effect for any given period of
time or that such rating will not be lowered, suspended or
withdrawn entirely by the applicable rating agency, if in such
rating agency's judgment, circumstances so warrant.
Moody's announced on 28 April 2000 that it had changed
its outlook for its long-term rating of UBS AG from stable to
negative.
C—Research and Development, Patents and
Licenses, etc.
Not applicable.
D—Trend Information.
Please see pages 3 to 54 of the attached Financial Report 2000.
Item 6.  Directors, Senior Management and
Employees.
A—Directors and Senior
Management.
1.-3.:  Please see pages 81 to 85 of the attached
UBS Handbook 2000-2001.
4. and 5.:  None.
B—Compensation.
Please see Notes 35 and 36 to the UBS Group Financial
Statements on pages 119 to 122 of the attached Financial
Report 2000.
C—Board Practices.
Please see pages 78 to 85 of the attached UBS Handbook
2000-2001 and Note 36 to the UBS Group Financial Statements
on page 122 of the attached Financial Report 2000. Alex
Krauer and Alberto Togni, the Chairman and Vice Chairman of the
Board of Directors, have entered into contracts with UBS AG
in connection with their service in those capacities. The
compensation payable to them under those contracts is included
in the compensation arrangements described in Notes 35 and
36 to the UBS Group Financial Statements on pages 119 to 122 of
the attached Financial Report 2000. There are no service
contracts with any of the other members of the Board of
Directors.
24
Table of Contents
D—Employees.
Please see page 16 of the attached Financial Report 2000
and the chart on page 8 of the attached UBS Handbook
2000-2001.
E—Share Ownership.
No member of the Board of Directors or the Group Executive Board
is the beneficial owner of more than 1% of the company's
shares.
Please see Notes 35 and 36 to the UBS Group Financial
Statements on pages 119 to 122 of the attached Financial
Report 2000.
Item 7.  Major Shareholders and Related Party
Transactions.
A—Major Shareholders.
As far as UBS is aware, UBS is neither directly nor indirectly
owned nor controlled by another corporation or any government,
there are no arrangements in place the operation of which may
result in a change in control and UBS has no shareholders whose
beneficial ownership exceeds 5% of the total shares issued. At
31 December 2000, Chase Nominees Ltd., London was entered
in UBS's shareholder register as a trustee/ nominee holding
6.3% of all shares issued.
B—Related Party Transactions.
Related parties include the Board of Directors, the Group
Executive Board, the Group Managing Board, close family members
and enterprises which are controlled by these individuals.
For 2000 and 1999, please see Note 36 to the UBS Group
Financial Statements on page 122 of the attached Financial
Report 2000.
Total remuneration of related parties during 1998 amounted to
CHF 102.8 million. Total loans and advances receivable were
CHF 27.1 million at 31 December 1998. The number
of long-term stock options outstanding from equity plans was
127,500 at 31 December 1998.
The total number of shares held by members of the Board of
Directors, Group Executive Board and Group Managing Board was
4,635,804 as of 31 December 1998.
C—Interests of Experts and
Counsel.
Not applicable because this Form 20-F is filed as an annual
report.
Item 8.  Financial Information.
A—Consolidated Statements and Other
Financial Information.
Please see Item 18 of this Form 20-F.
B—Significant Changes.
UBS is not aware of any significant change that has occurred
since the date of the annual financial statements included in
this Form 20-F.
Item 9.  The Offer and Listing.
A—Offer and Listing Details.
1.-3., 5.-7. are not required because this Form 20-F is
filed as an annual report.
4.  Information regarding the stock exchange price
history of UBS AG's ordinary shares is shown in the table
below.
25
Table of Contents
Stock exchange prices(1)
SWX Swiss Exchange
New York Stock Exchange (NYSE)(2)
High CHF
Low CHF
Period end
High USD
Low USD
Period end
2000
264.50
190.75
264.50
153.00
129.85
163.40
Fourth quarter
264.50
213.50
264.50
163.40
141.80
163.40
December
264.50
244.25
264.50
163.40
141.80
163.40
November
259.50
240.00
240.00
144.25
135.55
137.25
October
249.00
213.50
249.00
140.00
121.35
140.00
Third quarter
264.00
224.00
230.00
153.25
135.19
135.45
September
257.00
230.00
230.00
147.56
135.45
135.45
August
264.00
240.50
253.50
153.25
141.75
146.19
July
242.50
224.00
240.50
149.25
135.19
144.00
Second quarter
250.00
209.50
239.00
153.00
129.85
147.00
June
250.00
227.75
239.00
153.00
135.56
147.00
May(2)
236.00
211.00
227.75
136.25
129.85
135.25
April
224.50
209.50
211.00
First quarter
218.50
190.75
218.50
March
218.50
199.75
218.50
February
212.25
198.00
202.75
January
217.00
190.75
192.50
1999
264.00
202.50
215.00
Fourth quarter
239.75
202.50
215.00
Third quarter
246.75
202.50
211.50
Second quarter
264.00
221.00
232.00
First quarter
246.00
207.25
232.50
1998(3)
326.50
135.00
211.00
1997(3)
1996(3)
(1)
Restated for the 2:1 stock split effective
	8 May 2000.
(2)
UBS was listed on the NYSE on 16 May
	2000. NYSE figures for May 2000 are therefore for the
	period 16 May 2000 to 31 May 2000 only, NYSE figures
	for second quarter are for 16 May 2000 to 30 June 2000
	only, and NYSE figures for 2000 are for 16 May 2000 to
	31  December 2000 only. There are no NYSE figures for
	periods prior to May 2000.
(3)
UBS was created by the merger of Union Bank of
	Switzerland and Swiss Bank Corporation, on 29 June 1998.
	1998 figures are therefore for the period 29 June 1998 to
	31  December 1998 only. There are no figures for 1997 and
	1996.
B—Plan of Distribution
Not required because this Form 20-F is filed as an annual
report.
C—Markets.
UBS's shares are traded on the SWX Swiss Exchange, the New
York Stock Exchange and the Tokyo Stock Exchange. The symbols
are shown on page 157 of the attached Financial Report 2000.
Trading on the SWX Swiss Exchange
The SWX Swiss Exchange was founded in 1993 as the successor to
the local stock exchanges of Zurich, Basel and Geneva. Trading
in foreign equities and derivatives began in December 1995.
In August 1996, the SWX Swiss Exchange introduced full
electronic trading in Swiss equities, derivatives and bonds. The
aggregate turnover of the SWX Swiss Exchange, for both equity
and debt instruments, was in excess of CHF 1.3 trillion in 2000.
As of 31 December 2000, the equity securities of more than
26
Table of Contents
450 corporations, including over 170 foreign corporations, were
listed and traded on the SWX Swiss Exchange.
Trading on the SWX Swiss Exchange occurs through a fully
integrated trading system covering the entire process from trade
order through settlement. Trading begins each business day at
9:00 a.m. and continues until 5:00 p.m. After close of
exchange trading, new orders can be entered or deleted until
10:00 p.m., the system is not available between
10:00 p.m. and 6:00 a.m. From 6:00 a.m., new
entries and inquires can be made until 9:00 a.m. For the
opening phase, starting at 9:00 a.m., the system closes the
order book and starts opening procedures; it establishes the
opening prices and determines orders to be executed according to
established rules that match bid and asked prices.
Transactions take place through the automatic matching of
orders. Each valid order is entered and listed according to the
price limit. In general, market orders (orders placed at best
price), are executed first, followed by limit orders (orders
placed at a price limit), provided that if several orders are
listed at the same price, they are executed according to the
time of entry. Transactions in shares elected by or through
members of the SWX Swiss Exchange are subject to a stock
exchange levy of up to 0.02%, calculated on the settlement price.
Banks and broker-dealers doing business in Switzerland are
required to report all transactions in listed securities traded
on the SWX Swiss Exchange. For transactions effected via the
exchange system, reporting occurs automatically. Off-exchange
transactions must be reported to the SWX Swiss Exchange within
30 minutes. Transaction information is collected, processed and
immediately distributed by the SWX Swiss Exchange. Transactions
outside trading hours must be reported no later than the next
opening. The SWX Swiss Exchange distributes a comprehensive
range of information through various publications, including in
particular the Swiss Market Feed ("SMF"). The SMF
supplies SWX Swiss Exchange data in real time to all
subscribers, as well as to other information providers such as
Reuters.
Exchange transactions are usually settled on a "T+3"
basis, meaning that delivery and payment of exchange
transactions occur three days after the trade date. The SWX
Swiss Exchange promotes efficient processing by automatically
transmitting transactions to SIS SEGAINTERSETTLE AG via the SE
OM electronic settlement system.
A listed security may be suspended by the SWX Swiss Exchange if
large price fluctuations are observed, if important,
price-sensitive information is about to be disclosed, or in
other situations that might endanger fair and orderly trading.
Surveillance and monitoring is the responsibility of the SWX
Swiss Exchange, as the organizer of the market. The aim of
supervision is to ensure fair trading and an orderly market.
Trading on the New York Stock Exchange
UBS listed its shares on the New York Stock Exchange
("NYSE") on 16 May 2000.
As of 31 December 2000, the equity securities of more than 2,800
corporations were listed on the NYSE. The NYSE is open Monday
through Friday, 9:30 A.M. – 4:00 P.M.
The NYSE is an agency auction market. The essential point is
that trading at the NYSE takes place by open bids and offers by
Exchange members, acting as agents for institutions or
individual investors. Buy and sell orders meet directly on the
trading floor, and prices are determined by the interplay of
supply and demand. In contrast, in the over-the-counter market,
the price is determined by a dealer who buys and sells out of
inventory.
At the NYSE, each listed stock is assigned to a single post
where the specialist manages the auction process. NYSE members
bring all orders for NYSE-listed stocks to the Exchange floor
either electronically or by a floor broker. As a result, the
flow of buy and sell orders for each stock is funneled to a
single location.
27
Table of Contents
This heavy stream of diverse orders is one of the great
strengths of the Exchange. It provides liquidity—the ease
with which securities can be bought and sold without wide price
fluctuations.
When an investor's transaction is completed, the best price
will have been exposed to a wide range of would-be buyers and
sellers.
Every transaction made at the NYSE is under continuous
surveillance during the trading day. Stock Watch, a computer
system that searches for unusual trading patterns, alerts NYSE
regulatory personnel to possible insider trading abuses or other
prohibited trading practices. The Exchange's other
regulatory activities include the supervision of member firms to
enforce compliance with financial and operational requirements,
periodic checks on broker's sales practices, and the
continuous monitoring of specialist operations.
D—Selling Shareholders.
Not required because this Form 20-F is filed as an annual
report.
E—Dilution.
Not required because this Form 20-F is filed as an annual
report.
F—Expenses of the Issue.
Not required because this Form 20-F is filed as an annual
report.
Item 10.  Additional Information.
A—Share Capital.
Not required because this Form 20-F is filed as an annual
report.
B—Memorandum and Articles of
Association.
Please see Item 14 of our registration statement on
Form 20-F filed 9 May 2000.
C—Material Contracts.
None.
D—Exchange Controls.
Exchange Controls and Other Limitations Affecting Holders of
UBS Shares
There are no restrictions under UBS's Articles of
Association or Swiss law, presently in force, that limit the
right of non-resident or foreign owners to hold UBS's
securities freely or to vote UBS's securities freely in
matters put to a vote of UBS security holders generally. There
are currently no Swiss foreign exchange controls or laws
restricting the import or export of capital. In addition, there
are currently no restrictions under Swiss law affecting the
remittance of dividends, interest or other payments to
non-resident holders of UBS securities.
E—Taxation.
This section outlines the material United States federal income
tax and Swiss tax consequences of the ownership of UBS ordinary
shares by a U.S. holder (as defined below) who holds UBS
ordinary shares as capital assets. It is designed to explain the
major interactions between Swiss and US taxation for US persons
who hold UBS shares.
The discussion does not address the tax consequences to persons
who hold UBS ordinary shares in particular circumstances, such
as tax-exempt entities, banks, financial institutions, insurance
companies, broker-dealers, traders in securities that elect to
mark to market, holders liable for alternative minimum tax,
holders that actually or constructively own 10% or more of the
voting stock of UBS, holders that hold UBS ordinary shares as
part of a straddle or a hedging or conversion transaction or
holders whose functional currency for US tax purposes is not the
U.S. dollar. This discussion also does not apply to holders who
acquired their UBS ordinary shares pursuant to the
28
Table of Contents
exercise of employee stock options or otherwise as compensation
or through a tax-qualified retirement plan.
The discussion is based on the tax laws of Switzerland and the
United States, including the Internal Revenue Code of 1986, as
amended, its legislative history, existing and proposed
regulations under the Internal Revenue Code, published rulings
and court decisions, as in effect on the date of this document,
as well as the convention between the United States of America
and Switzerland, which we call the "Treaty," all of
which may be subject to change or change in interpretation,
possibly with retroactive effect.
For purposes of this discussion, a "U.S. holder" is
any beneficial owner of UBS ordinary shares that is
•
a citizen or resident of the United States,
•
a corporation or other entity taxable as a corporation organized
	under the laws of the United States or any political subdivision
	of the United States,
•
an estate the income of which is subject to United States
	federal income tax without regard to its source, or
•
a trust if a court within the United States is able to exercise
	primary supervision over the administration of the trust and one
	or more United States persons have the authority to control all
	substantial decisions of the trust.
The discussion does not generally address any aspects of United
States taxation other than federal income taxation or any
aspects of Swiss taxation other than income and capital
taxation. Holders of UBS shares are urged to consult their tax
advisors regarding the United States federal, state and local
and the Swiss and other tax consequences of owning and disposing
of these shares.
Ownership of UBS Ordinary Shares—Swiss Taxation
Dividends and Distributions
Dividends paid and similar cash or in-kind distributions made by
UBS to a holder of UBS ordinary shares (including dividends on
liquidation proceeds and stock dividends) are subject to a Swiss
federal withholding tax at a rate of 35%. The withholding tax
must be withheld from the gross distribution, and be paid to the
Swiss Federal Tax Administration.
A U.S. holder that qualifies for Treaty benefits may apply for a
refund of the withholding tax withheld in excess of the 15%
Treaty rate. The claim for refund must be filed with the Swiss
Federal Tax Administration, Eigerstrasse 65, 3003 Berne,
Switzerland. The form used for obtaining a refund is Swiss Tax
Form 82 (82C for companies; 82E for other entities; 82I for
individuals), which may be obtained from any Swiss Consulate
General in the United States or from the Swiss Federal Tax
Administration at the address above. The form must be filled out
in triplicate with each copy duly completed and signed before a
notary public in the United States. The form must be accompanied
by evidence of the deduction of withholding tax withheld at the
source.
Repayment of capital in the form of a par value reduction is not
subject to Swiss withholding tax.
Transfers of UBS Ordinary Shares
The sale of UBS ordinary shares, whether by Swiss resident or
non-resident holders (including U.S. holders), may be subject to
a Swiss securities transfer stamp duty of up to 0.15% calculated
on the sale proceeds if it occurs through or with a Swiss bank
or other Swiss securities dealer as defined in the Swiss Federal
Stamp Tax Act. In addition to the stamp duty, the sale of UBS
ordinary shares by or through a member of the SWX Swiss Exchange
may be subject to a stock exchange levy. Capital gains realized
by a U.S. holder upon the sale of UBS ordinary shares are not
subject to Swiss income or gains taxes, unless such U.S. holder
holds such shares as business assets of a Swiss business
operation qualifying as a permanent establishment for the
purposes of the Treaty. In the latter case, gains are
29
Table of Contents
taxed at ordinary Swiss individual or corporate income tax
rates, as the case may be, and losses are deductible for
purposes of Swiss income taxes.
Ownership of UBS Ordinary Shares—United States Federal
Income Taxation
Dividends and Distribution
Subject to the passive foreign investment company rules
discussed below, U.S. holders will include in gross income the
gross amount of any dividend paid, before reduction for Swiss
withholding taxes, by UBS out of its current or accumulated
earnings and profits, as determined for United States federal
income tax purposes, as ordinary income when the dividend is
actually or constructively received by the U.S. holder.
Dividends will be income from sources outside the United States
for foreign tax credit limitation purposes, but generally will
be "passive income" or "financial services
income," which are treated separately from other types of
income for foreign tax credit limitation purposes. The dividend
will not be eligible for the dividends-received deduction
generally allowed to United States corporations in respect of
dividends received from other United States corporations. The
amount of the dividend distribution included in income of a U.S.
holder will be the U.S. dollar value of the Swiss franc payments
made, determined at the spot Swiss franc/ U.S. dollar rate on
the date such dividend distribution is included in the income of
the U.S. holder, regardless of whether the payment is in fact
converted into U.S. dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period
from the date the dividend distribution is included in income to
the date such dividend distribution is converted into U.S.
dollars will be treated as ordinary income or loss. Such gain or
loss will generally be income or loss from sources within the
United States for foreign tax credit limitation purposes.
Distributions in excess of current and accumulated earnings and
profits, as determined for United States federal income tax
purposes, will be treated as a return of capital to the extent
of the U.S. holder's basis in its UBS ordinary shares and
thereafter as capital gain.
Subject to certain limitations, the Swiss tax withheld in
accordance with the Treaty and paid over to Switzerland will be
creditable against the U.S. holder's United States federal
income tax liability. To the extent a refund of the tax withheld
is available to a U.S. holder under the laws of Switzerland or
under the Treaty, the amount of tax withheld that is refundable
will not be eligible for credit against the U.S. holder's
United States federal income tax liability, whether or not the
refund is actually obtained.
Stock dividends to U.S. holders that are made as part of a pro
rata distribution to all shareholders of UBS generally will not
be subject to United States federal income tax. U.S. holders
that received a stock dividend that is subject to Swiss tax but
not U.S. tax, may not have enough foreign income for U.S. tax
purposes to receive the benefit of the foreign tax credit
associated with such tax, unless the holder has foreign income
from other sources.
Transfers of UBS Ordinary Shares
Subject to the passive foreign investment company rules
discussed below, a U.S. holder that sells or otherwise disposes
of UBS ordinary shares generally will recognize capital gain or
loss for United States federal income tax purposes equal to the
difference between the U.S. dollar value of the amount realized
and the tax basis, determined in U.S. dollars, in the UBS
ordinary shares. Capital gain of a non-corporate U.S. holder is
generally taxed at a maximum rate of 20% if the UBS ordinary
shares were held for more than one year. The gain or loss will
generally be income or loss from sources within the United
States for foreign tax credit limitation purposes.
Passive Foreign Investment Company Rules
UBS believes that UBS ordinary shares should not be treated as
stock of a passive foreign investment company for United States
federal income tax purposes, but this conclusion is a factual
determination made annually and thus may be subject to change.
In general, UBS will be a passive foreign investment
30
Table of Contents
company with respect to a U.S. holder if, for any taxable year
in which the U.S. holder held UBS ordinary shares, either at
least 75% of the gross income of UBS for the taxable year is
passive income or at least 50% of the value, determined on the
basis of a quarterly average, of UBS's assets is
attributable to assets that produce or are held for the
production of passive income. If UBS were to be treated as a
passive foreign investment company, then unless a U.S. holder
makes a mark-to-market election, gain realized on the sale or
other disposition of UBS ordinary shares would in general not be
treated as capital gain. Instead, a U.S. holder would be treated
as if the holder had realized such gain and certain "excess
distributions" ratably over the holder's holding
period for the shares and would be taxed at the highest tax rate
in effect for each such year to which the gain was allocated,
together with an interest charge in respect of the tax
attributable to each such year.
F—Dividends and Paying Agents.
Not required because this Form 20-F is filed as an annual
report.
G—Statement by Experts.
Not required because this Form 20-F is filed as an annual
report.
H—Documents on Display.
UBS files periodic reports and other information with the
Securities and Exchange Commission. You may read and copy any
document that UBS files with the SEC at the SEC's public
reference room at 450 Fifth Street, N.W.,
Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of its
public reference room. You may also inspect UBS's SEC
reports and other information at the New York Stock Exchange,
Inc., 20 Broad Street, New York, New York 10005 and the
American Stock Exchange LLC, 86 Trinity Place, New York, NY
10006. Some of this information may also be found on the UBS
website at www.ubs.com/investor-relations.
I—Subsidiary Information.
Not applicable.
Item 11.  Quantitative and Qualitative
Disclosures About Market Risk.
A—Quantitative Information About Market
Risk.
Please see pages 48 to 75 of the attached UBS Handbook
2000-2001.
B—Qualitative Information About Market
Risk.
Please see pages 48 to 75 of the attached UBS Handbook
2000-2001.
C—Interim Periods.
Not applicable.
D—Safe Harbor.
The safe harbor provided in Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act
of 1934 ("statutory safe harbors") applies to
information provided pursuant to paragraphs (a), (b) and
(c) of this Item 11.
E—Small Business Issuers.
Not applicable.
Item 12.  Description of Securities Other than
Equity Securities.
Not required because this Form 20-F is filed as an annual
report.
31
Table of Contents
Part II
Item 13.  Defaults, Dividend Arrearages and
Delinquencies.
There has been no material default in respect of any
indebtedness of UBS AG or any of its significant subsidiaries or
any arrearages of dividends or any other material delinquency
not cured within 30 days relating to any preferred stock of
UBS AG or any of its subsidiaries.
Item 14.  Material Modifications to the Rights
of Security Holders and Use of Proceeds.
Not applicable.
Item 15.  [Reserved].
Item 16.  [Reserved].
32
Table of Contents
Part II
Part III
Item 17.  Financial Statements.
Not applicable.
Item 18.  Financial Statements.
The UBS Group financial statements included on pages 58 to
142 in the attached Financial Report 2000 are incorporated by
reference herein. Notes 43 and 44 presented below include
additional information required by U.S. GAAP or SEC rules
and are a part of the UBS Group Financial Statements for
purposes of this Item 18 and the Report of Independent
Auditors that appears on page 37 of this Form 20-F.
Note 43  Acquisition of Paine Webber
Group, Inc.—Pro Forma Results
The following table presents pro forma consolidated financial
information about the combined company as if the acquisition had
occurred on 1 January 2000 and 1999, respectively:
CHF million, except per share data
For the year ended
31.12.00
31.12.99
Operating income
43,373
35,020
Net profit
7,045
5,286
Earnings per share (EPS)
16.82
12.50
For purposes of calculating earnings per share, the effects of a
share repurchase program associated with the acquisition funding
have been reflected in the determination of weighted average
outstanding shares as if the program had been executed at the
pro forma acquisition dates. In addition, CHF 290 million of
non-recurring charges recognized by the Group in 2000 which
resulted directly from the acquisition and CHF 68 million of
direct charges relating to the acquisition, incurred and
expensed by Paine Webber Group, Inc. ("PaineWebber")
prior to 3 November 2000, have been excluded from the pro
forma Net Profit.
Note 44  Supplemental Guarantor
Information
Guarantee of PaineWebber securities
Following the acquisition of PaineWebber, UBS AG made a full and
unconditional guarantee of the publicly traded debt and trust
preferred securities of PaineWebber. Prior to the acquisition,
PaineWebber was an SEC registrant. Upon the acquisition,
PaineWebber was merged into UBS Americas Inc., a wholly owned
subsidiary of UBS AG. The following is summarized
consolidating financial information segregating UBS AG
Parent Bank, UBS Americas Inc. and UBS AG's other
non-guarantor subsidiaries.
The UBS AG Parent Bank financial statements use the cost method
for investments in associates. In this note, investments in
associates are presented on the equity method.
The information presented in this note is prepared in accordance
with International Accounting Standards and should be read in
conjunction with the consolidated financial statements of the
Group of which this information is a part. Below each column,
Net profit and Shareholders' equity has been reconciled to
U.S. GAAP. See Note 41 for a more detailed reconciliation
of the IAS financial statements to U.S. GAAP for the Group on a
consolidated basis.
33
Table of Contents
Consolidating Income Statement
UBS AG
UBS
UBS Group
CHF million
Parent
Americas
Other
Consolidating
Income
For the year ended 31 December 2000
Bank(1)
Inc.
Subsidiaries
Entries
Statement
Operating income
Interest income
40,362
1,268
22,701
(12,586
)
51,745
Interest expense
32,161
1,282
22,758
(12,586
)
43,615
Net interest income
8,201
(14
)
(57
)
8,130
Credit loss recovery
119
2
9
130
Net interest income after credit loss recovery
8,320
(12
)
(48
)
8,260
Net fee and commission income
9,145
949
6,609
16,703
Net trading income
7,344
195
2,414
9,953
Net gains from disposal of associates and subsidiaries
6
77
83
Income from subsidiaries
1,804
(1,804
)
Other income
276
1,127
1,403
Total operating income
26,895
1,132
10,179
(1,804
)
36,402
Operating expenses
Personnel
10,501
1,141
5,521
17,163
General and administrative
5,296
350
1,119
6,765
Depreciation and amortization
1,410
183
682
2,275
Total operating expenses
17,207
1,674
7,322
26,203
Operating profit/(loss) before tax and minority interests
9,688
(542
)
2,857
(1,804
)
10,199
Tax expense/(benefit)
1,896
(128
)
552
2,320
Net profit/(loss) before minority interests
7,792
(414
)
2,305
(1,804
)
7,879
Minority interests
(87
)
(87
)
Net profit/(loss)
7,792
(414
)
2,218
(1,804
)
7,792
Net profit/(loss) — U.S. GAAP(2)
4,342
(414
)
2,313
(1,804
)
4,437
(1)
UBS AG prepares its financial statements in
	accordance with Swiss Banking Law requirements as presented on
	pages 146 to 156 of the attached Financial Statements. For
	the purpose of this disclosure the accounts have been adjusted
	to IAS.
(2)
See Note 41.1 and 41.4 to the Financial
	Statements for a description of the differences between IAS and
	U.S. GAAP. U.S. GAAP adjustments are principally related to UBS
	AG Parent Bank.
34
Table of Contents
Consolidating Balance Sheet
UBS AG
CHF million
Parent
UBS Americas
Other
Consolidating
UBS Group
As of 31 December 2000
Bank(1)
Inc.
Subsidiaries
Entries
Balance Sheet
Assets
Cash and balances with central banks
2 242
0
737
0
2 979
Money market paper
61 153
3 348
1 953
0
66 454
Due from banks
75 473
13 007
86 125
(145 458
)
29 147
Cash collateral on securities borrowed
40 791
33 992
144 778
(41 704
)
177 857
Reverse repurchase agreements
157 417
32 589
102 209
(98 414
)
193 801
Trading portfolio assets
151 326
7 425
94 545
0
253 296
Positive replacement values
59 246
232
6 029
(7 632
)
57 875
Loans, net of allowance for credit losses
261 946
18 283
15 153
(50 540
)
244 842
Financial investments
7 751
2 289
6 365
0
16 405
Accrued income and prepaid expenses
3 239
1 771
3 702
(1 650
)
7 062
Investments in associates
14 010
0
4 800
(17 930
)
880
Property and equipment
6 348
975
1 587
0
8 910
Goodwill and other intangible assets
262
16 163
3 112
0
19 537
Other assets
5 556
1 488
3 533
(2 070
)
8 507
Total assets
846 760
131 562
474 628
(365 398
)
1 087 552
Liabilities
Money market paper issued
36 341
123
38 316
0
74 780
Due to banks
105 074
31 040
91 584
(145 458
)
82 240
Cash collateral on securities lent
22 792
6 151
36 179
(41 704
)
23 418
Repurchase agreements
127 433
49 940
216 554
(98 414
)
295 513
Trading portfolio liabilities
62 242
1 360
19 030
0
82 632
Negative replacement values
74 675
231
8 649
(7 632
)
75 923
Due to customers
304 389
21 760
35 070
(50 540
)
310 679
Accrued expenses and deferred income
11 057
5 224
6 407
(1 650
)
21 038
Long term debt
44 334
8 790
1 731
0
54 855
Other liabilities
13 590
1 482
5 754
(2 070
)
18 756
Total liabilities
801 927
126 101
459 274
(347 468
)
1 039 834
Minority interests
0
0
2 885
0
2 885
Shareholders' equity
Share capital
4 444
0
3 808
(3 808
)
4 444
Share premium account
20 885
5 868
2 813
(8 681
)
20 885
Foreign currency translation
(687
)
7
(40
)
33
(687
)
Retained earnings
24 191
(414
)
5 888
(5 474
)
24 191
Treasury shares
(4 000
)
0
0
0
(4 000
)
Total shareholders' equity
44 833
5 461
12 469
(17 930
)
44 833
Total liabilities, minority interests and shareholders'
	equity
846 760
131 562
474 628
(365 398
)
1 087 552
Total shareholders' equity —
	U.S. GAAP(2)
62 868
5 389
12 633
(17 930
)
62 960
(1)
UBS AG prepares its financial statements in
	accordance with Swiss Banking Law requirements as presented on
	pages 146 to 156 of the attached Financial Statements. For
	the purpose of this disclosure the accounts have been adjusted
	to IAS.
(2)
See Note 41.1 and 41.4 to the Financial
	Statements for a description of the differences between IAS and
	U.S. GAAP. U.S.  GAAP adjustments are principally
	related to UBS AG Parent Bank. Total assets under U.S. GAAP do
	not differ materially from total assets presented on an IAS
	basis.
35
Table of Contents
Consolidating Cash Flow Statement
UBS
UBS Group
CHF million
UBS AG
Americas
Other
Balance
For the year ended 31 December 2000
Parent Bank(1)
Inc.
Subsidiaries
Sheet
Net cash flow from operating activities
38,788
6,358
(33,449
)
11,697
Cash flow from investing activities
Investments in subsidiaries and associates, net
(379
)
(9,350
)
(9,729
)
Disposal of subsidiaries and associates
669
669
Purchase of property and equipment
(937
)
(139
)
(564
)
(1,640
)
Disposal of property and equipment
269
66
335
Net (investment)/divestment in financial investments
(5,656
)
(2,340
)
(774
)
(8,770
)
Net cash flow from investing activities
(6,034
)
(11,829
)
(1,272
)
(19,135
)
Cash flow from financing activities
Money market paper issued
(11,589
)
123
21,591
10,125
Net movements in treasury shares and treasury share contract
	activity
(647
)
(647
)
Capital issuance
15
15
Dividends paid
(3,928
)
(3,928
)
Issuance of long term debt
14,391
144
349
14,884
Repayment of long term debt
(19,089
)
(782
)
(4,769
)
(24,640
)
Issuances of minority interests
2,683
2,683
Repayment of minority interests
(73
)
(73
)
Net activity in investments in subsidiaries
(10,039
)
10,609
(570
)
Net cash flow from financing activities
(30,886
)
10,094
19,211
(1,581
)
Effects of exchange rate differences
(538
)
782
(132
)
112
Net increase/(decrease) in cash equivalents
1,330
5,405
(15,642
)
(8,907
)
Cash and cash equivalents, beginning of period
76,918
25,359
102,277
Cash and cash equivalents, end of period
78,248
5,405
9,717
93,370
Cash and cash equivalents comprise:
Cash and balances with central banks
2,242
737
2,979
Money market papers
61,153
3,348
1,953
66,454
Due from banks maturing in less than three months
14,853
2,057
7,027
23,937
Total
78,248
5,405
9,717
93,370
(1)
UBS AG prepares its financial statements in
	accordance with Swiss Banking Law requirements as presented on
	pages 146 to 156 of the Financial Report. For the purpose
	of this disclosure the accounts have been adjusted to
	IAS.
Guarantee of other securities.
On 10 October 2000, UBS AG, acting through a wholly-owned
subsidiary, issued USD 1.5 billion (CHF 2.6 billion at issuance)
8.622% UBS Trust Preferred securities. UBS AG has fully and
unconditionally guaranteed these securities.
36
Table of Contents
Report of Independent Auditors
The Board of Directors and Group Executive Board UBS AG:
We have audited the accompanying consolidated balance sheets of
UBS AG and subsidiaries as of 31 December 2000 and
1999, and the related consolidated statements of income, cash
flows and changes in shareholders' equity for each of the
three years in the period ended 31 December 2000 referred
to in Item 18 of Form 20-F. These financial statements
are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. These
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, based on our audits, the consolidated financial
statements referred to above present fairly, in all material
respects, the consolidated financial position of UBS AG as
of 31 December 2000 and 1999, and the consolidated results
of their operations and their cash flows for each of the three
years in the period ended 31 December 2000, in conformity
with International Accounting Standards ("IAS") and
comply with Swiss Law.
IAS vary in certain significant respects from accounting
principles generally accepted in the United States of America.
Application of accounting principles generally accepted in the
United States of America would have affected shareholders'
equity as of 31 December 2000, 1999 and 1998 and the
results of operations for the three years then ended to the
extent summarized in Note 41 of the Notes to the Financial
Statements.
Basel, 5 March
2001                              Ernst
 & Young Ltd
/s/ ROGER K. PERKIN
Roger K. Perkin
Chartered Accountant
in charge of the audit
/s/ PETER HECKENDORN
Peter Heckendorn
lic. oec.
in charge of the audit
37
Table of Contents
Item 19. Exhibits.
Exhibit
Number
Description
1.1.
Articles of Association of UBS AG
1.2.
Bylaws of UBS AG(1)
7.
Statement regarding ratio of earnings to fixed charges.
8.
Significant Subsidiaries of UBS AG
10.
Consent of Ernst & Young Ltd.
(1)
Incorporated by reference to Exhibit 3.2
	to the registration statement (File  No. 333-52832)
	filed on Form F-1 on 27  December 2000.
38
Table of Contents
SIGNATURES
The registrant hereby certifies that it meets all of the
requirements for filing on Form 20-F and that it has duly
caused and authorized the undersigned to sign this annual report
on its behalf.
UBS AG
/s/ LUQMAN ARNOLD
Name: Luqman Arnold
Title:
Group Chief Financial Officer and Member of the Group Executive
	Board
/s/ HUGO SCHAUB
Name: Hugo Schaub
Title:
Group Controller and Member of the Group Managing Board
Date: March 15, 2001
39
Table of Contents
Table of Contents
Our Information Portfolio
This Handbook is available in English and German
(SAP-80532-0101) and is supplemented by the following
documents:
Annual Review 2000
Our Annual Review provides brief descriptions of
our business groups and a summary review of the year 2000. It is
available in English, German, French, Italian and Spanish
(SAP-80530-0101).
Financial Report 2000
Our Financial Report contains our audited
financial statements for the year 2000 and accompanying detailed
analysis. It is available in English and German
(SAP-80531-0101).
Quarterly Reports
UBS provides detailed quarterly financial
reporting and analysis, including comment on the progress of its
businesses and key strategic initiatives.
Our Commitment 1999/2000
The Report "Our Commitment 1999/2000"
illustrates how we create value for our clients, employees,
shareholders and the community and how we meet our
responsibility to all our stakeholder groups. It is available in
English, German and French (SAP-81011-0001).
Each of these reports is available on the
internet at: www.ubs.com/ investor-relations.
Alternatively, printed copies of these reports
can be ordered, quoting the SAP number and language preference,
from: UBS AG, Information Center, CA50-XMB, P.O. Box, CH-8098
Zurich, Switzerland.
TABLE OF CONTENTS
The UBS Group
UBS Group Financial Highlights
Strategy, Structure and History
The Business Groups
UBS Switzerland
UBS Asset Management
UBS Warburg
Corporate Center
Risk Management and Control
Asset and Liability Management
Corporate Governance
Corporate Organization
Directors and Officers of UBS
Relations with Regulators
Financial Disclosure Principles
The Global Registered Share
UBS Shares 2000
UBS share price performance in 2000
Introduction
Information for Readers
UBS Group Financial Highlights
Principles
UBS Switzerland
UBS Asset Management
UBS Warburg
Financial Statements
Table of Contents
Financial Statements
UBS AG (Parent Bank)
UBS AG (Parent Bank) Table of Contents
Parent Bank Review
Financial Statements
Information for Shareholders
EX-1.1 ARTICLES OF ASSOCIATION OF UBS AG
EX-7 STATEMENT REGARDING RATIO OF EARNINGS
EX-8 SUBSIDIARIES OF UBS AG
EX-10 CONSENT OF ERNST & YOUNG LTD
Table of Contents
Introduction
2
The UBS Group
UBS Group Financial Highlights
4
Strategy, Structure and History
5
The Business Groups
UBS Switzerland
12
UBS Asset Management
22
UBS Warburg
26
Corporate Center
36
Risk
Risk Management and Control
48
Risk Analysis
53
Asset and Liability Management
66
Corporate Governance
Corporate Organization
78
Directors and Officers of UBS
81
Relations with Regulators
86
Financial Disclosure Principles
91
UBS Share Information
The Global Registered Share
94
UBS Shares 2000
96
1
Table of Contents
Introduction
The UBS Handbook, published here for the
first time, brings together in one place a complete range of
in-depth non-financial information about UBS.
Introduction
The Handbook describes the UBS Group: its
strategy and organization, and the businesses it operates. It
outlines the principles by which the Group manages risk, and
reports on developments during 2000 in the areas of Credit Risk,
Market Risk, and Asset and Liability Management. It contains a
description of the Group's environmental performance.
The Handbook introduces the value-based
management processes that are being implemented at UBS, and
describes the new brand management strategy that was put in
place during 2000. It contains an extensive discussion of the
Group's corporate governance arrangements and its
relationships with regulators and shareholders, and provides
detailed facts about the UBS share.
The UBS Handbook should be read in conjunction
with the other information published by UBS, in particular the
Financial Report 2000, which provides full statutory reporting
and discussion of the Group's financial results for 2000.
In addition, UBS publishes detailed Quarterly Financial Reports,
analyzing its performance during each quarter of the year, and
an Annual Review, which provides a brief summary of the Group
and its financial performance in 2000.
We hope that you will find the information in
these documents useful and informative. We believe that UBS is
among the leaders in corporate disclosure, but we would be very
interested to hear your views on how we might improve the
content and presentation of our information portfolio.
Please contact UBS Investor Relations:
UBS AG
Investor Relations G41B
P.O. Box, CH-8098 Zurich
Phone +41-1-234 41 00
Fax +41-1-234 34 15
E-mail SH-investorrelations@ubs.com
www.ubs.com/investor-relations
2
Table of Contents
The UBS Group
Table of Contents
The UBS Group
UBS Group Financial Highlights
UBS Group
Financial Highlights
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income statement key figures
Operating income
36,402
28,425
22,247
28
Operating expenses
26,203
20,532
18,376
28
Operating profit before tax
10,199
7,893
3,871
29
Net profit
7,792
6,153
2,972
27
Cost/income ratio(%)
2
72.2
69.9
79.2
Cost/income ratio before goodwill(%)
2, 3
70.4
68.7
77.7
Per share data (CHF)
Basic earnings per share
4, 7
19.33
15.20
7.33
27
Basic earnings per share before goodwill
3, 4, 7
20.99
16.04
8.18
31
Diluted earnings per share
4, 7
19.04
15.07
7.20
26
Diluted earnings per share before goodwill
3, 4,
	7
20.67
15.90
8.03
30
Return on shareholders' equity(%)
Return on shareholders' equity
5
21.5
22.4
10.7
Return on shareholders' equity before goodwill
3,
	5
23.4
23.6
12.0
CHF million, except where indicated
% change from
As of
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Balance sheet key figures
Total assets
1,087,552
896,556
861,282
21
Shareholders' equity
44,833
30,608
28,794
46
Market capitalization
112,666
92,642
90,720
22
BIS capital ratios
Tier 1(%)
11.7
10.6
9.3
Total BIS(%)
15.7
14.5
13.2
Risk-weighted assets
273,290
273,107
303,719
0
Total assets under management (CHF billion)
2,469
1,744
1,573
42
Headcount (full time equivalents)
6
71,076
49,058
48,011
45
Long-term ratings
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa1
Aa1
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
Earnings adjusted for significant financial
events
8
% change
CHF million, except where indicated
from
For the year ended
31.12.00
31.12.99
1
31.12.99
Operating income
36,402
26,587
37
Operating expenses
25,763
20,534
25
Operating profit before tax
10,639
6,053
76
Net profit
8,132
4,665
74
Cost/income ratio before goodwill(%)
2, 3
69.2
73.3
Basic earnings per share before goodwill (CHF)
3, 4,
	7
21.83
12.37
76
Diluted earnings per share before goodwill (CHF)
3, 4,
	7
21.50
12.26
75
Return on shareholders' equity before
	goodwill(%)
3, 5
24.3
18.2
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see UBS Financial Report
2000).
2
Operating expenses/operating
income before credit loss
recovery/(expense).
3
The amortization of
goodwill and other intangible assets is excluded from the
calculation.
4
For EPS calculation, see UBS
Financial Report 2000.
5
Net profit/average
shareholders' equity excluding
dividends.
6
The Group headcount does not
include the Klinik Hirslanden AG headcount of 1,839 and 1,853
for 31 December 2000 and 31 December 1999,
respectively.
7
1999 and 1998 share figures
are restated for the two-for-one share split, effective 8 May
2000.
8
Details of Significant Financial
Events can be found in the UBS Financial Report 2000.
Except where otherwise stated, all 31
December 2000 figures throughout this handbook include the
impact of the acquisition of PaineWebber, which occurred on 3
November 2000.
4
Table of Contents
The UBS Group
Strategy, Structure
and History
Our vision is to be the preeminent global
integrated investment services firm and the leading bank in
Switzerland. We are the world's leading provider of private
banking services and one of the largest asset managers globally.
In the investment banking and securities businesses, we are
among the select bracket of major global houses. In Switzerland,
we are the clear market leader in retail and corporate banking.
As an integrated Group, not merely a holding company, we create
added-value for clients by drawing on the combined resources and
expertise of all our businesses.
Strategy, Structure
and History
We will only succeed by providing our
clients
with innovative and high-quality service coupled with
long-term personal relationships. Client focus is the main
driver of all our activities.
We seek to create value for our
shareholders
through sustainable growth of our business
within appropriate risk parameters. Being dedicated to total
value management means creating value for all
stakeholders.
We are committed to succeed in the fierce
competition for talent. The expertise and integrity of our
staff
create value for our clients and for the Group as a
whole. We seek to be a highly attractive firm for our
employees.
UBS's
reputation
is one of our most
valuable assets. We aim to adhere to the highest ethical
standards, and to manage our risks with the greatest care. We
are committed to complying fully with the letter and spirit of
the laws, rules and practices that govern UBS and its
staff.
Strategy
UBS's strategy is to deliver top-quality
investment products and advice to a premier client base across
all client segments: individual, institutional and corporate.
UBS aims to bring its content excellence to an ever wider client
base, adding distribution organically, through acquisition or
through strategic partnership.
Choice is central to enhancing UBS's client
offerings. The Group aims to increase product choice by
supporting the in-house range with a quality-screened selection
of third-party products.
UBS believes that in the future, its clients will
be global in outlook: either with global presence or global
investments. All our businesses must compete on a global
scale.
UBS is committed to attaining scale and scope in
all its key businesses: this is both desirable and necessary to
enable us to deliver the full spectrum of services at maximum
efficiency, though price will rarely be a first-line competitive
weapon.
UBS's client philosophy is advice-led, with
intimacy stemming from the quality of its relationship managers.
UBS's businesses offer convenient access through multiple
conventional and online channels, but put advice at the heart of
relationships.
UBS is committed to being part of the
technological elite, but sees e-commerce not as a business per
se, nor as a discipline in its own right, but as integral to all
its businesses. The Group aims to use technology to extend its
reach to clients and markets it could not previously have
accessed, to perfect clients' experience of UBS, to
increase the number of products and services they buy, and to
minimize the production cost of its services.
5
Table of Contents
The UBS Group
Strategy, Structure
and History
The first GOALs deal marketed to PaineWebber
	clients, in November 2000, demonstrates the strength of
	this model. GOALs are equity-linked securities created by UBS
	Warburg that combine a bond with a short put option on a
	specific stock. This deal provided access to an entirely new
	investment product for PaineWebber clients, using UBS
	Warburg's expertise in packaging structured products for
	private clients. The credit element of the product relied on UBS
	Group's rating and capital strength. Combined with the
	equity derivative features, this was a product that PaineWebber
	could not have originated before joining the UBS Group, and UBS
	Warburg could not have distributed in the US.
Capital
strength
UBS has a strong and well-managed capital
structure. Our financial stability stems from the fact that we
are one of the best capitalized banks in the world. UBS believes
that this financial strength is a key part of the value
proposition it offers to both clients and investors.
UBS is committed to rigorous balance sheet
management and the optimization of its capital structure. It
uses the full range of capital management tools to apply any
excess capital generated in the best interests of its
shareholders, or to return it to them.
Business and management
structure
UBS pursues its strategies through three Business
Groups, all of which are in the top echelon of their businesses
globally, and aims to further enhance the competitive position
of each one. However, UBS is not merely a holding company 
– it operates an integrated client service model.
UBS's Business Groups are managed together
to optimise shareholder value  – to make the whole
worth more than the sum of the parts.
In practice this means that products from the
wholesale-focused units, Corporate and Institutional Clients,
UBS Capital and UBS Asset Management, are distributed to their
own corporate and institutional clients and through the units
focused on individual clients, International Private Clients, US
Private Clients and UBS Switzerland. This benefits both
sides  – UBS's individual clients get access to
sophisticated products and services; UBS's wholesale units
have access to premier distribution; and the Group captures the
whole of the value chain.
Each Business Group is led by a member of the
Group Executive Board who is individually responsible for the
performance of the Business Group.
6
Table of Contents
The UBS Group
Strategy, Structure
and History
UBS Switzerland  – Stephan
Haeringer
UBS Switzerland's Private Banking business
unit offers comprehensive wealth management services for private
clients from across the world, who bank in Switzerland and other
financial centers world-wide.
Private Banking is the world's biggest
private bank. Its strategy is centered on the client advisor,
combining strong personal relationships with a full range of
products and services specifically designed for the wealthy
client, complemented by leading-edge technology.
Within Switzerland, the Private and Corporate
Clients business unit provides a complete set of banking and
securities services for individual and corporate clients,
focused foremost on customer service excellence, profitability
and growth via multi-channel distribution.
UBS Asset Management  – Peter
Wuffli
UBS Asset Management provides asset management
services and products to a broad range of institutional and
mutual fund clients across the world. It offers a diverse range
of investment management capabilities from the traditional to
the alternative, with a core focus on price/ value management.
UBS Asset Management also provides investment fund products for
the UBS Group and intends to increasingly widen its reach
through third parties to individual clients outside the UBS
Group.
UBS Asset Management is one of the top five
institutional asset managers in the world, the largest
investment fund manager in Europe and the leading fund manager
in Switzerland.
UBS Warburg  – Markus
Granziol
UBS Warburg operates globally as a client-driven
securities, investment banking and wealth management firm. For
both its own corporate and institutional clients and for other
parts of the UBS Group, UBS Warburg provides product innovation,
top-quality research and advice, and complete access to the
world's capital markets.
Through UBS PaineWebber, the fourth largest
private client firm in the US, we provide advisory services and
best-in-class products to a uniquely affluent US client
base.
Corporate Center  – Luqman
Arnold
The UBS Group's portfolio of businesses is
planned and managed exclusively for the long-term maximization
of shareholder value. Risk/ reward profiles are carefully
monitored and controlled. Strong capitalization and ratings will
remain key distinguishing characteristics of UBS. The Corporate
Center ensures that the Business Groups operate as a coherent
and effective whole with a common set of values and
principles.
Corporate Center is led by Luqman Arnold,
President of the Group Executive Board from
April 2001.
Board structure
In order to further the highest standards of
corporate governance, UBS has a dual board structure. UBS's
Board of Directors, a majority of whom are independent
non-executive directors, has the ultimate responsibility for the
strategic direction of the Group's business and the
supervision and control of executive management. The Group
Executive Board, which is UBS's most senior executive body,
assumes overall responsibility for the development of the
Group's strategies, for implementation of strategy and for
the results of the business.
UBS's financial
targets
UBS focuses on four key performance targets,
designed to ensure that it delivers continually improving
returns to its shareholders. UBS's performance against
these targets is reported each quarter.
–
UBS seeks to increase the value of the Group by
	achieving a sustainable, after-tax
7
Table of Contents
The UBS Group
Strategy, Structure
and History
return on equity of 15–20%, across periods
	of varying market conditions.
–
UBS aims to increase shareholder value through
	double-digit average annual earnings per share (EPS) growth,
	across periods of varying market conditions.
–
Through cost reduction and earnings enhancement
	initiatives UBS aims to reduce the Group's cost/ income
	ratio to a level that compares positively with best-in-class
	competitors.
–
UBS aims to achieve a clear growth trend in net
	new money in the private client businesses.
The first three targets are all reported
pre-good-will amortization, and adjusted for significant
financial events (see Financial Disclosure Principles on
pages 91 to 92).
UBS seeks to achieve a fair market value by
always communicating transparently, openly and consistently with
investors and the financial markets.
PaineWebber
On 14 December 1999, UBS announced its
plans to apply for registration with the US Securities and
Exchange Commission and to list its shares on the New York Stock
Exchange. It achieved this goal on 16 May 2000, when its
shares started trading in New York. On 12 July 2000, it
announced an agreement to merge with PaineWebber Group, Inc. The
merger and associated capital issuance by UBS were approved by
PaineWebber and UBS shareholders, and the merger was completed
on 3 November 2000.
The progress of the integration of Paine Webber
into UBS has been very successful with all businesses
operationally integrated by the end of 2000, and no significant
client advisor turnover. The merger has received an excellent
reception from PaineWebber staff, with 98% of
8
Table of Contents
The UBS Group
Strategy, Structure
and History
those offered jobs in the new Group accepting
them.
The merger with PaineWebber brings UBS a leading
wealth management franchise in the US, with a focus on the
higher end of the wealth management market. PaineWebber has a
significantly higher average account size than its biggest
rivals.
PaineWebber provides a new route for product
distribution in the US, and transforms the size and geographic
spread of UBS's client base, making it unique in extent and
global coverage.
The impact of the merger extends beyond
UBS's private client businesses. It expands UBS
Warburg's US capabilities in asset-backed securities, real
estate, corporate finance and fixed income sales, and transforms
its US equities franchise, with UBS analysts now covering 90% of
S&P 500 and NASDAQ 100 companies.
As well as this direct impact, the integration
with PaineWebber has also positioned UBS Warburg much more
strongly as an employer of choice in the US investment banking
market, providing a platform on which to take advantage of the
ongoing industry consolidation and build capabilities by hiring
new staff across a wide range of products.
Industry
trends
UBS believes that it is particularly well
positioned to gain from the developing trends in global
financial markets.
The increasing reliance of individuals on equity
investment, for their personal savings and for their pension
provision, will benefit firms that manage assets or trade in
capital market products.
Commoditization of wholesale products, with
increased competition and shrinking margins, is a fact of life,
but one that is least harmful to institutions like UBS with the
scale, global reach and technology infrastructure to support the
volumes required to maintain profitability.
UBS believes markets will further deregulate and
globalize, driving sharp increases in crossborder investment,
both corporate and institutional. These changes present enormous
opportunities for a firm like UBS with a global presence and the
expertise to capitalize on cross-border flows.
The biggest trend that will drive UBS's
business in the coming years is the anticipated expansion and
concentration of private wealth. In the US, wealthy households
(those with USD 500,000 or more in net investable assets),
represented 65% of assets in 1999. By 2003 they are expected to
represent 78% of total household assets. In Europe, the effect
is less pronounced, but still, wealthy individuals (in this case
with more than EUR 500,000 of investable assets), are expected
to represent 43% of total household assets by 2005, up from 35%
in 2000. The combination of this growth in wealth with the
increasing shift towards equity investments, will provide huge
opportunities for the best, most global, asset managers. Those
securities firms with large institutional franchises will
experience significant growth servicing the expanding asset
management industry. And of course, the concentration and growth
of wealth will bring
9
Table of Contents
The UBS Group
Strategy, Structure
and History
with it a huge demand for private banking
services, providing a further opportunity for the current market
leaders to grow their market share.
All of UBS's businesses are positioned to
benefit from this increase in private wealth. UBS Asset
Management is among the top five global asset managers, with an
increasingly diversified range of investment styles. UBS Warburg
has an extremely strong institutional client franchise 
– only 20% of its revenues derive from corporate clients.
And the combination of Private Banking and PaineWebber already
gives UBS the largest and most balanced share of the global
wealth market.
History and development of
UBS
UBS was formed on 29 June 1998, by the
	merger of two of Switzerland's leading banking Groups,
	Union Bank of Switzerland and Swiss Bank Corporation.
Union Bank of Switzerland's history as a
	powerful force in banking began in the 1860s with the founding
	of the Bank in Winterthur and the Toggenburger Bank. In 1912,
	the merger of these two financial institutions resulted in the
	creation of the Union Bank of Switzerland. Subsequently, Union
	Bank of Switzerland developed primarily through internal growth,
	although it also made certain significant acquisitions such as
	the asset management firm Phillips & Drew in 1985.
Swiss Bank Corporation celebrated its 125th
	anniversary in 1997. It was incorporated in Basel in 1872 and
	its history can be traced back to the creation of
	"Bankverein" from six private banking houses in 1854.
	Swiss Bank Corporation's expansion involved significant
	acquisitions, including:
–
O'Connor & Associates, a group of
	affiliated firms specializing in the trading of options and
	other derivative instruments, in 1992;
–
Brinson Partners, a leading institutional
	investment management firm, in 1995;
–
the investment banking and securities operations
	of S.G. Warburg Group, in 1995, and
–
Dillon Read & Co. Inc., a United States-based
	investment bank in 1997.
All the entities that have joined UBS have,
	regardless of their size, had a significant impact on its
	culture and ethos. O'Connor & Associates was a much
	smaller firm than Swiss Bank Corporation, but brought an
	affinity for technology, which has remained with UBS ever since,
	and a trading approach and risk management sophistication which
	still remains core to UBS today. The most significant benefit
	was the reverse cultural revolution O'Connor brought to
	SBC. This was quite deliberate; it transformed SBC and helped it
	move into the modern age in a dramatic way. Later mergers
	reinforced this pattern of cultural change, with S.G. Warburg
	bringing a deep and passionate client focus, and Brinson
	Partners redefining the asset management process.
This history of acquisition and openness to
	cultural diversity continues to be a key strength of the UBS
	Group. UBS is conscious of the importance of cultural change as
	a response to the growing challenges of the competitive global
	environment. The diversity of knowledge and experience offered
	by new acquisitions means UBS can import better corporate
	cultures, better ways of doing business and better
	insights.
In May 2000, UBS listed its Global
	Registered Share on the New York Stock Exchange (NYSE). On
	3 November 2000, UBS transformed the scope and scale of its
	private client business in the US, through the merger with
	PaineWebber, one of the leading US wealth management firms. Like
	previous merger partners, we expect that PaineWebber will
	transform UBS; not just through increased US presence, but
	through the proven strengths in marketing, technology, product
	development and training that PaineWebber can now bring to all
	our private client businesses, leveraging PaineWebber's
	skills to drive UBS's European private banking
	strategy.
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The Business Groups
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The Business Groups
UBS Switzerland
UBS Switzerland offers comprehensive
wealth management services for private banking clients from
across the world, banking in Switzerland and in other financial
centers. Our strategy is centered on the client advisor,
combining strong personal relationships with a full range of
products and services specifically designed for the wealthy
client, supplemented by leading-edge technology. Within
Switzerland, we also provide a complete set of banking and
securities services for individual and corporate clients,
focused foremost on customer service excellence, profitability
and growth via multi-channel distribution. We are the leading
bank in Switzerland.
UBS Switzerland
Reporting by Business Units
Private and
Corporate Clients
Private Banking
UBS Switzerland
CHF million
For the year ended
31.12.00
31.12.99
1
31.12.00
31.12.99
1
31.12.00
31.12.99
1
Income
7,443
7,193
6,739
5,568
14,182
12,761
Credit loss expense
(759
)
(1,050
)
(25
)
(21
)
(784
)
(1,071
)
Total operating income
6,684
6,143
6,714
5,547
13,398
11,690
Personnel expenses
3,187
3,363
1,572
1,328
4,759
4,691
General and administrative expenses
1,058
1,123
1,336
1,185
2,394
2,308
Depreciation
419
384
89
76
508
460
Goodwill amortization
27
2
35
21
62
23
Total operating expenses
4,691
4,872
3,032
2,610
7,723
7,482
Business Group performance before tax
1,993
1,271
3,682
2,937
5,675
4,208
Cost/ income ratio (%)
63
68
45
47
54
59
Assets under management (CHF billion)
440
439
681
671
1,121
1,110
Headcount (full time equivalents)
21,100
24,098
7,685
7,256
28,785
31,354
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.
Organization
structure
The UBS Switzerland Business Group is made up of
two business units:
–
Private Banking; wealth management services
–
Private and Corporate Clients; banking for
	private individuals and commercial clients in Switzerland.
These two business units were brought together
under a single management in February 2000, to benefit from the
synergies available from the utilization of a common
infrastructure in the domestic market and the potential for
shared distribution and servicing of clients located outside of
Switzerland. In addition, the centralization of core functions
such as investment research and financial planning and wealth
management, allows us to serve all UBS Switzerland's client
groups consistently, efficiently, to the highest standard, and
without duplication.
e-Channels and
Products
UBS Switzerland created a single "e-Channels
and Products" business area in April 2000 to lead its
e-banking activities and drive forward its e-commerce vision and
strategy.
This new business area is responsible for all
electronic channels and products, as well as associated services
and customer support centers. All revenues earned from e-banking
activities are reflected in the results of the UBS Switzerland
business units concerned and not within the "e-Channels and
Products" business area which is run as a cost center. Its
costs are shared between Private Banking and Private and
Corporate Clients.
e-commerce strategy
e-commerce brings direct cost benefits to UBS
Switzerland. Processing transactions which are entered online is
less expensive and more efficient, and this is reflected in the
new personal account charging structure introduced in Private
and Corporate Clients in January 2001, which rewards clients for
the use of electronic services.
Cost savings are not our key focus however. UBS
Switzerland aims to use e-banking to help perfect the client
experience  – offering the information and services
that clients want in the most convenient way, and increasing the
personalization of their interface with the bank. Through this,
UBS increases client retention, and increases the proportion of
their savings and investments that clients hold with UBS rather
than elsewhere. As internet usage increases, and the public
becomes more used to transacting online, a top-class e-banking
service can also encourage client acquisition.
There is obviously a risk of conflict between
UBS's e-banking offerings and its traditional channels.
However, despite the growth of online banking, UBS Switzerland
has not experienced a significant level of cannibalization
12
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The Business Groups
UBS Switzerland
of its revenues. Based on continuous monitoring
of customer behavior online, UBS estimates that 80% of
revenue-generating e-banking transactions during 2000
represented additional revenue, as the ease of transacting
online leads clients to do more.
e-commerce highlights
UBS Switzerland's internet offering
continues to grow at a significant rate, as new functions and
services are added and client acceptance of this convenient and
easy to use distribution channel increases. The number of
customers with e-banking contracts has risen during 2000 from
454,000 to 555,000. In December 2000, 22% of all payment orders
processed by UBS Switzerland were initiated through e-banking,
as were 14% of stock exchange transactions, up from 6% in
December 1999.
UBS Switzerland's comprehensive free on-line
financial information service, UBS Quotes, is an integral part
of UBS's e-commerce offering, acting both as a service for
existing clients and a tool to attract new clients to the bank.
UBS Quotes now has the broadest coverage of any free-access
financial information system, with prices for more than 500,000
different financial instruments. It received an average of 22
million page views per month during 2000, up 60% from December
1999.
UBS Switzerland's e-banking solution is
particularly noted for its integrated approach and seamless
navigation, permitting rapid access to all e-banking offerings
through a consistent user interface. Forrester Research's
"Best of Europe's Net Banking" report, published
in November 2000, ranked UBS e-banking as the number two
internet bank in Europe, and in January 2001, BlueSky Rating, an
independent provider of on-line broker ratings, named UBS
e-banking as the best online broker in Switzerland.
UBS aims to remain at the forefront of technical
developments in e-commerce, where clear client benefits are
obvious. During 2000 we became one of the first banks in the
world to offer stock market transactions via mobile phones, with
the launch in August of a WAP-based mobile-telephone banking
service. In September 2000, we were the first bank in
Switzerland to introduce a fully integrated business to business
electronic bill presentment and payment system.
UBS Switzerland has invested heavily in its
e-commerce offering, and expects to continue to invest
approximately CHF 100 million per year, to remain a market
leader. UBS Switzerland will build on these strengths, and
intends to further enhance its leading position by developing
increased personalization of its websites and a broadened
content offering.
13
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The Business Groups
UBS Switzerland
Private and Corporate Clients mission is
to further develop its position as the most profitable bank
serving private and corporate clients in Switzerland. To achieve
its objectives, Private and Corporate Clients has established a
clear business strategy focused on creating additional value for
its clients, and centered on providing integrated solutions
incorporating world-class products and services.
Private
and Corporate Clients
Business description and
organization
The Private and Corporate Clients business unit
of UBS Switzerland is the leading bank in Switzerland. It aims
to provide our clients with optimal levels of convenience and
service by continuously expanding our comprehensive range of
alternative distribution channels, built around a successful
e-banking offering, full-service ATM's, customer service
centers and more physical locations across Switzerland than any
of our competitors. At the same time, we follow a program of
business excellence to ensure that our operating infrastructure
is efficient, cost effective and capable of supporting our
overall objectives.
Private and Corporate Clients is committed to
providing its clients with innovative, personalized products,
which consistently meet the highest standards, and to optimizing
customer related processes.
At 31 December 2000, this business unit had
CHF 440 billion in assets under management and a loan
portfolio of approximately CHF 155 billion. Private and
Corporate Clients employs over 21,000 people.
Private and Corporate Clients consists of six
business areas, four of which have income generating activities
(Individual Clients, Corporate Clients, Operations and Risk
Transformation and Capital Management) and two of which provide
essential support services (Resources and Information
Technology).
Individual clients
This business area provides a comprehensive range
of financial products and services for private clients, from
residential mortgages to current accounts, savings products,
wealth management and life insurance, combining UBS Group's
own products with best-in-class third-party products, through an
open product architecture.
At year end, Private and Corporate Clients had in
excess of 4 million individual client accounts of which
more than one-quarter related to affluent clients, with an
account balance of between approximately CHF 50,000 and
CHF 1 million. The trend towards growth in wealth is
expected to benefit this key client group, and represents a
significant opportunity  – providing the financial
products and services necessary to support and attract this key
segment is a clear focus. An example of this effort is the
recent introduction of UBS Fund Solutions, which provides
clients access to a quality-screened selection of third party
and UBS investment funds. UBS Switzerland's Investment
Center selects a recommended list of funds on the basis of their
asset allocation, past performance and the quality of their
management. Individual clients and their client advisors then
select the appropriate combination of these funds to meet the
client's investment philosophy and risk profile.
Private and Corporate Clients also continues to
promote its electronic services, both to
Assets under Management
For the year ended
CHF billion
31.12.00
31.12.99
31.12.98
Individual clients
218
223
229
Corporate clients
217
212
178
Banks
5
4
27
Total
440
439
434
Assets under Management by Asset
Class
For the year ended
CHF billion
31.12.00
31.12.99
31.12.98
Deposit and current accounts
128
129
153
Securities accounts
312
310
281
Total
440
439
434
14
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The Business Groups
UBS Switzerland
increase convenience for clients and to reduce
costs. A new charging structure was introduced at the beginning
of 2001, in which charges reflect more closely the type and cost
of services used, rewarding customers who use low cost
electronic alternatives such as e-banking and the extensive UBS
ATM network. It is expected to further reduce the amount of
routine transactional business carried out face to face or by
phone to branches, giving client advisors more capacity, and
allowing them to intensify sales efforts and enhance the quality
of the advice they can offer.
During 2000, we further expanded our range of
alternative distribution channels and closed another 36
branches, bringing the total number of post-merger closures to
209. We believe that we are fast approaching the optimal number
of physical locations required to adequately serve our clients,
but will continue to develop the profitability of all our
sites.
Corporate clients
Private and Corporate Clients' corporate
client list consists of some 160 top-tier companies, many of
which are multinationals and whose needs include frequent use of
the capital markets; approximately 7,500 large companies who
require expertise in handling complex financial transactions,
and some 180,000 small and medium size enterprises with specific
needs related to business financing.
UBS Private and Corporate Clients provides its
corporate clients with a full range of banking products and
services including traditional credit products, transaction
services, structured finance and investment advisory services.
In addition, and in conjunction with UBS Warburg, it is able to
assist its clients in accessing the world's capital
markets. The Corporate Clients business area also supports
promising Swiss-based enterprises by providing start-up
financing, primarily in the form of equity participations,
through its UBS Startcapital unit and the Aventic AG
subsidiary.
The Corporate Clients business area has also
taken an equity stake in plenaxx.com, the first comprehensive
B2B internet portal for small and medium sized enterprises (SME)
in Switzerland serving as the hub for the daily internet
activities of SME's and their employees, and intends to
further take advantage of the rapidly growing B2B marketplace
during 2001 and beyond.
Operations
Operations provides transaction processing
support to UBS Switzerland and to Swiss-based offices of other
UBS units. This combined approach reduces duplication of efforts
and ensures that synergies between the different units in
Switzerland are fully realized.
The Operations business area also provides
payment and custodial services to approximately 1,800 banking
institutions throughout the industrialized world and some 700 in
emerging markets.
Following the merger between UBS and SBC in 1998,
and the tremendous efforts required to integrate the transaction
processes of the combined bank, this unit is now focused on
generating additional operating efficiencies and on realizing
further economies of scale from the combined volumes of Private
and Corporate Clients and Private Banking.
Risk Transformation and Capital
Management
This business area was formed in 1999 and has
responsibility for clients with impaired or non-performing loans
and for managing the risk in the Private and Corporate
Clients' loan portfolio. It is also responsible for
optimizing capital utilization in UBS Switzerland, including
equity participations, and works closely with Group Treasury and
UBS Warburg on funding and other asset and liability management
matters.
During 2000, Risk Transformation and Capital
Management began implementation of its portfolio management
strategy, which focuses on providing advice to the client
servicing business areas within Private and Corporate Clients.
It also achieved a number of "firsts" in the Swiss
market by working closely with UBS Warburg on key secondary
market initiatives.
At the end of the second quarter 2000, a special
purpose vehicle, Helvetic Asset Trust AG (HAT), was created by
UBS in order to securitize parts of the credit risk attached to
a CHF 2.5 billion reference portfolio consisting primarily
of loans to Swiss small and medium sized enterprises. This was
the first domestic Swiss franc capital market transaction of its
kind, in which the credit default risk, but not
15
Table of Contents
The Business Groups
UBS Switzerland
the loan itself, was transferred to the capital
market in the form of a fixed-rate bond. The bond, which offered
a higher yield than was previously available on debt of a
similar quality, was well received by the markets and was named
as the "Swiss Franc Bond of the Year" by the
International Financial Review. HAT is another indication of the
way in which UBS seeks to implement innovative solutions by
providing investors, both institutional and private, with
attractive portfolio diversification opportunities while, at the
same time, optimizing the risk/return profile of its credit
portfolio.
Risk Transformation and Capital Management also
helped to reduce Private and Corporate Clients large exposure to
the Swiss real estate sector by the creation and sale of two
real estate companies, Impris AG and
Nurestra SA.
Support areas
UBS businesses in Switzerland are provided with
real estate, marketing, personnel and administrative services by
the Resources business area and information technology by the
Information Technology business area.
During 2000, the Information Technology business
area embarked on a program to replace aging and multifaceted IT
platforms with a new architecture utilizing components which can
be used across all business units in Switzerland. This
standardization will help to provide efficient support for our
multichannel distribution strategy, enhanced flexibility and the
ability to more rapidly deploy new applications.
During fourth quarter 2000, UBS Warburg's
mainframe computer system in Stamford, used for processing
worldwide foreign exchange trading, was closed-down and the
processing moved onto systems operated by the Operations
business area in Switzerland. The integration of these systems
not only allows for significant cost savings but also
demonstrates the ability of UBS to work on a truly global scale,
creating synergies through the utilization of common technical
resources across its different business groups. Further
consolidation is planned later this year, with the move of UBS
Warburg's London-based securities transaction processing
system onto mainframes in Zurich.
Loan Portfolio by Loan Category
For the year ended
CHF billion
31.12.00
31.12.99
31.12.98
Commercial credits
38
44
44
Mortgages
117
121
121
Total
155
165
165
of which recovery
15
21
26
Development in UBS's Recovery
Portfolio
CHF billion
Balance, 1 January 1998
29
Changes in 1998:
New recovery loans added
7
Settlement of outstanding recovery loans
(10
)
Balance, 31 December 1998
26
Changes in 1999:
New recovery loans added
5
Settlement of outstanding recovery loans
(10
)
Balance, 31 December 1999
21
Changes in 2000:
New recovery loans added
3
Settlement of outstanding recovery loans
(9
)
Balance, 31 December 2000
15.0
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The Business Groups
UBS Switzerland
Loan
portfolio
At 31 December 2000, about CHF 117 billion
(or 75%) of the CHF 155 billion loan portfolio in Private and
Corporate Clients related to mortgages, of which approximately
84% were secured by residential real estate.
Recovery portfolio
Private and Corporate Clients' impaired
loans, which include non-performing loans, are transferred to
the Risk Transformation and Capital Management business area to
be managed by the Recovery Group, which specializes in
working-out or otherwise recovering the value of those loans. At
31 December 2000, Private and Corporate Clients' loan
portfolio included approximately CHF 15 billion in this
recovery portfolio. CHF 13.7 billion of Private and
Corporate Clients' year-end recovery portfolio was impaired
and related to provisioned positions and positions which
resulted from the weakness in Swiss commercial real estate
markets during the 1990s. Total provisions of CHF 7.3
billion have been established against the portion of impaired
loans not secured by collateral or otherwise deemed
uncollectable. Approximately CHF 1.4 billion of UBS's
recovery portfolio was performing and unimpaired at
31 December 2000. The unimpaired loans included in
UBS's recovery portfolio are outstanding with
counterparties for whom other loans have become impaired. No
provisions have been established against these loans. UBS's
lending officers actively manage the recovery portfolio, seeking
to transform the lending relationship with a goal of removing
the loan from the recovery portfolio.
Approximately two-thirds of the loans that were
originally included in UBS's recovery portfolio in 1997
have been worked-out and removed.
Credit quality
Private and Corporate Clients concentrates its
lending activities on seeking out quality counterparties, rather
than simply chasing increased market share. This, together with
the continued implementation of risk-adjusted pricing, which
differentiates loan pricing based on risk profiles, has led to
improved credit quality and higher margins on UBS
Switzerland's lending portfolio, resulting in a more
effective use of UBS's capital.
Further information on the credit portfolio can
be found in the Credit Risk section of the Review of Risk
Management and Control on pages 53 to 61.
Strategic
initiatives
Strategic Projects Portfolio
One of the key aims of UBS when it was formed in
1998 from the merger of Union Bank of Switzerland and Swiss Bank
Corporation, was to generate synergies and increased revenue
opportunities from the integration of the two Groups' Swiss
based retail and corporate banking businesses. This has been a
major and successful effort, which is still continuing.
A number of initiatives covering both revenue
generation and cost saving, intended to enhance profitability
and exploit merger synergies, are included within our Strategic
Project Portfolio and continue to show good progress. UBS
believes that in the two and half years since the merger, these
strategic projects have contributed significant earnings
enhancement, some of which has been reinvested in growth
initiatives such as e-banking.
Our revenue enhancement initiatives include
offering personalized client relationship management, based on
the utilization of sophisticated data mining technologies in
order to optimize advisory processes and maximize cross-selling
opportunities. In addition, we continue to optimize our credit
portfolio by implementing risk adjusted pricing, securitizing
parts of the portfolio and realigning the balance of our
exposures towards preferred risk classes. In order to meet the
changing needs of our clients, we have also successfully
launched a number of new products and services such as the Money
Line flexible mortgage and UBS Fund Solutions.
The Strategic Projects Portfolio also has a
strong focus on costs, primarily through process reengineering
in logistics and IT areas, the automation of credit processes,
and the rationalization of infrastructure, including branch
closures and alternative distribution channels.
Our multichannel distribution strategy is aimed
at reducing counter traffic and provid-
17
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The Business Groups
UBS Switzerland
ing our customers with convenient alternative
points of service, including our e-banking services. During
2000, we started implementing a two-zone concept in our
branches, creating a cash services zone and a flexible advisory
zone. We also continue to replace increasing numbers of
traditional automated teller machines with sophisticated
multifunctional BancomatPlus and Multimat machines which allow
clients to perform core banking transactions 24-hours a day at
strategic sites throughout Switzerland.
UBS has also continued to close branches,
reducing the duplication and redundancy in the network it
inherited from its predecessor banks. 209 branches, or 38% of
the pre-merger network had been closed by the end of 2000. The
pace of branch closures is expected to slow-down this year as
the number of branches approaches the optimal level necessary to
service UBS's clients effectively. However, UBS will not
compromise the return requirements for its branch locations and
will continue to evaluate each branch's profitability in
light of changing client demands and willingness to utilize
alternative distribution channels.
18
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The Business Groups
UBS Switzerland
UBS Private Banking's mission is to provide customized
solutions through a comprehensive range of financial products
and services to wealthy private individuals. Caring for our
clients is central. To achieve our objectives, we combine strong
personal relationships with state-of-the-art technology and are
committed to accessibility, quality and confidentiality.
Private
Banking
Business description and
organization
The Private Banking business unit of UBS
Switzerland is the leading provider of private banking services
in Switzerland and in other financial centers internationally.
Its client advisors cater to the needs of wealthy individuals
worldwide.
As of 31 December 2000, the Private Banking
business unit had CHF 681 billion in assets under management
with slightly more than 21% of these managed on a discretionary
basis. Private Banking employs over 7,000 people and conducts
business in more than 60 locations throughout the world, with
products and services tailored to the specific needs of
different markets and client segments. Key banking centers
outside Switzerland include London, Luxembourg, Monaco, Jersey,
New York, Singapore and Toronto.
Private Banking tailors its advice and products
to the specific needs of its clients. Client advisors are
organized by client market, which allows them to make best use
of their extensive local market knowledge and to provide a high
level of dedicated client focus. We also meet the needs of
specialized client segments across regions, and have formed
dedicated client advisor teams to serve entrepreneurs,
executives, and sports and entertainment professionals.
The Private Banking business unit consists of
four business areas which maintain direct client
relationships:
–
Europe, Middle East and Africa;
–
Overseas  –  including the
	Americas and Asia;
–
Swiss Clients  –  responsible for
	the domestic market;
–
Private Banks: six independently branded, but
	wholly-owned Private Banks: Cantrade, Banco di Lugano, Ferrier
	Lullin, Ehinger, Armand von Ernst and Hyposwiss,
and other areas which provide services to the
rest of Private Banking:
–
Investment Center,
–
Investment Products and Services
	(IP&S),
–
Logistics.
As part of UBS Switzerland, Private Banking uses
support services from the Private and Corporate Clients business
unit, including its information technology platforms, securities
and payment processing services and multichannel distribution
platform. Private Banking also benefits from close cooperation
with other parts of the UBS Group to help it provide its clients
with a unique offering of global financial products.
Investment Center
The Investment Center, which started operations
on 1 October 2000, is responsible for developing coherent and
high quality investment strategies for the core investment
products and services offered by UBS Switzerland. The strategies
developed by the Investment Center guide the investment process
through which the two business units manage private wealth and
advise their clients on their global investment decisions. The
strategies and advice developed by the Investment Center are
primarily "buy-side" oriented. The Center filters and
further analyzes research, sourced both from inside UBS and from
complementary external providers, and transforms this into
investment strategies and advice specifically suited to private
clients. The Investment Center also controls the tactical asset
allocation for active advisory products, the UBS Strategy Funds
and for discretionary managed portfolios. It is central to UBS
Switzerland's new open architecture strategy, taking
responsibility for the "screening" of third party
investment funds for the new UBS Fund Solutions products.
Investment Products and Services
The Investment Products and Services business
area includes the teams focusing on Active Advisory, Portfolio
Management, Financial Planning and Wealth Management, and Credit
Origination & Structuring. These units support the
client-facing areas in delivering new, high quality products and
providing active advisory services.
Logistics
This area manages Private Banking's
relations with other service providers within the UBS
19
Table of Contents
The Business Groups
UBS Switzerland
Group, and provides additional IT and facilities
management services where required.
Marketing, distribution,
products and services
Private Banking's client advisors are
central to the delivery of services to Private Banking's
clients and retain primary responsibility for introducing new
products and services to existing and prospective clients.
Each business area is responsible for its own
marketing activities, supported by a centralized UBS Switzerland
marketing function, which is responsible for co-ordinating brand
management activities, advertizing, market research, and for
sponsoring and the preparation of standardized marketing
materials.
Private Banking is committed to leveraging UBS
Switzerland's e-solutions and rolling out these services
globally, adapting them to meet local requirements. Private
Banking's e-strategy clearly places the client advisor at
the center of the client relationship, with electronic channels
providing complementary support and information. As well as
offering UBS Switzerland's e-banking solutions to its
clients, Private Banking is actively involved in the development
of a personalized interface between the client and UBS. In
addition to access to the full range of UBS's e-banking and
information services, in a format designed by the client with
his or her advisor, this will provide a direct channel between
them for communication of advice and recommendations.
Private Banking provides a full range of
financial products and services, including:
–
financial planning and wealth management
	consulting, covering proprietary trusts and foundations, the
	execution of wills, corporate and personal tax structuring, art
	banking and numismatics, and tax efficient investments;
–
asset-based services such as portfolio
	management, custody, deposit accounts, loans and fiduciary
	products;
–
transaction-based services, such as trading,
	brokerage, and investment funds;
–
Private Banking also provides loan facilities to
	some of its clients. At 31 December 2000, outstanding loans
	amounted to CHF 28.6 billion, or 16% of UBS Switzerland's
	gross loan book.
Strategic
initiatives
Product initiatives
UBS is committed to developing an open product
platform, widening the choices available to its clients by
complementing its own range of products with the sale of top
quality third party products through a screened
open-architecture. During 2000, Private Banking has made
significant progress towards this goal.
In September 2000, Private Banking began
offering GAM funds to its clients in Switzerland. GAM was
acquired by UBS in December 1999 and is part of UBS Asset
Management. Its business model is based on the belief that
clients always deserve access to the best investment talent, and
recognizes that this may not always be found in-house. GAM
therefore operates a screened multi-manager program, giving
access to the highest quality expertise in specialized areas.
Private Banking clients now also have access to this investment
talent.
Type of Engagement
Assets under management
CHF billion
31.12.00
31.12.99
31.12.98
Advisory
535
517
437
Discretionary
146
154
142
Total
681
671
579
Asset class
Deposit and current accounts
63
59
50
Equities
187
196
148
Bonds
189
187
187
UBS Investment funds
104
119
93
Other
138
110
101
Total
681
671
579
20
Table of Contents
The Business Groups
UBS Switzerland
In December 2000, UBS Switzerland extended
this idea with the launch of UBS Fund Solutions. This new
product offers access to a pre-screened selection of "best
in class" investment funds from a range of UBS and third
party fund managers, helping clients obtain the best funds from
a "confusing universe".
The entire population of funds available for sale
in Switzerland is screened by the Investment Center using their
expertise to select the best balance between performance and
risk. Each individual client then receives a tailored sub-set of
the screened funds, selected by their client advisor to suit
their investment objectives and risk appetite, and pays an
all-in "wrap" fee, based on the level of assets.
Private Banking is also focused on generating
increased asset-based revenues, which currently represent about
65% of total revenues, and further reducing its reliance on more
volatile transaction fees. Two new products provided by the
Active Advisory Team are designed to achieve this goal:
–
Active Portfolio Supervision (APS) in which a
	client receives investment recommendations whenever their
	portfolio breaches specified parameters; and
–
Active Portfolio Advisory (APA) which, in
	addition, provides direct access to a dedicated investment
	specialist and tailor-made strategies.
Both are structured advisory services based on an
all-inclusive fee.
European wealth management
Through its merger with PaineWebber, UBS now has
scale and excellence in two different traditions of serving
private clients: the banking model, through Private Banking; and
the brokerage model, through UBS PaineWebber. UBS is therefore
uniquely positioned to combine these capabilities, giving its
clients access to the best of both traditions, and the full
range of its combined expertise, wherever they hold their
accounts, whether in their home countries or
internationally.
As an important step towards this vision, UBS is
bringing together its domestic and international private client
businesses in Europe, and infusing the new combination with the
spirit and expertise of UBS PaineWebber  – the key
catalyst to build a successful future.
UBS's strategy is to build on its successful
domestic private client businesses in the key target markets of
Germany, the UK, France, Italy and Spain, by adding the skills
and experience of the UBS PaineWebber team  –  in
marketing, product innovation, training and technology 
–  and by transferring knowledge and resources from
UBS Switzerland's International Private Banking business.
Client advisors will be central to the success of our plans, and
we see potential for increasing the number of advisors in this
business at an average rate of 250 per annum over the next five
years, obviously carefully tailoring that growth to the evolving
market opportunities.
The private banking industry will increasingly
reflect the changing profile of high-net-worth individuals,
emerging technologies and increased competition. Clients are
taking a more active role in managing their wealth and are
demanding more sophisticated products and a broader geographical
range of services. They are focused on asset performance and
allocation, quality of information and advice and extended
availability of services, such as 24-hour, remote and internet
access. More wealth now resides in the domestic markets where
clients are domiciled, particularly in the form of equity and
equity-linked investments, as capital markets become more
developed. UBS believes that its unique mix of businesses
positions it excellently to meet these trends.
21
Table of Contents
The Business Groups
UBS Asset Management
UBS Asset Management provides asset
management services and products to a retail and institutional
client base across the world. We have a diverse range of
investment management capabilities from the traditional to the
alternative, with a core focus on price/value management. UBS
Asset Management also provides investment fund products for the
UBS Group and will increasingly widen its reach through third
parties to individual clients outside the UBS Group.
UBS Asset Management
Reporting by Business Units
Institutional
Investment Funds /
Asset Management
GAM
CHF million
For the year ended
31.12.00
31.12.99
1
31.12.00
31.12.99
1
Income
1,301
1,099
652
270
Credit loss expense
0
0
0
0
Total operating income
1,301
1,099
652
270
Personnel expenses
631
458
249
58
General and administrative expenses
243
178
196
93
Depreciation
27
25
22
7
Goodwill amortization
173
113
90
0
Total operating expenses
1,074
774
557
158
Business Group performance before tax
227
325
95
112
Cost/income ratio (%)
83
70
85
59
Assets under management (CHF  billion)
496
574
219
225
Headcount (full time equivalents)
1,728
1,653
1,132
923
[Additional columns below]
[Continued from above table, first column(s) repeated]
UBS
Asset Management
CHF million
For the year ended
31.12.00
31.12.99
1
Income
1,953
1,369
Credit loss expense
0
0
Total operating income
1,953
1,369
Personnel expenses
880
516
General and administrative expenses
439
271
Depreciation
49
32
Goodwill amortization
263
113
Total operating expenses
1,631
932
Business Group performance before tax
322
437
Cost/income ratio (%)
84
68
Assets under management (CHF  billion)
522
598
Headcount (full time equivalents)
2,860
2,576
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.
Business description and
organization
UBS Asset Management brings together all of
UBS's asset management businesses. Formed in
February 2000, it was organized in two business units
during the year:
–
Institutional Asset
	Management – one of the largest institutional
	asset managers in the world.
–
Investment
	Funds / GAM – one of the two largest
	fund providers in Europe and the seventh largest in the world.
	GAM is a diversified asset management group focused on private
	client portfolios.
In 2001, these business units have been combined
and will no longer be reported separately.
In February 2001, UBS PaineWebber's
asset management unit, Mitchell Hutchins, also became a part of
UBS Asset Management. UBS Asset Management is headquartered in
Chicago, with offices across the world.
Institutional Asset
Management
Based on assets under management, Institutional
Asset Management is one of the largest institutional asset
managers in the world and particularly prominent in the United
States, the United Kingdom and Switzerland. At 31
December 2000, Institutional Asset Management had CHF 496
billion in assets under management, including CHF 300 billion of
institutional assets and CHF 196 billion of non-institutional
assets, including the UBS Investment Funds.
Institutional Asset Management markets its
services under the UBS Asset Management umbrella, with two major
sub-brands: Brinson Partners in the US, and Phillips & Drew
in the UK. Institutional Asset Management will pursue growth
opportunities in Continental Europe and Asia-Pacific and
maintain its strong positions in the mature markets it serves in
the United States, the United Kingdom and Switzerland.
Institutional Asset Management operates a
client-centric business model with strong local presence through
regional business areas in the UK, Americas, Asia and Europe. A
new specialized unit branded O'Connor, was formed in June
2000. Reviving the name of the derivatives business which became
part of the Group in 1992, O'Connor focuses on alternative
investment strategies designed to provide attractive
risk-adjusted returns with a low correlation to traditional
investments.
Clients
Institutional Asset Management has a diverse
institutional client base located throughout the world. Its
clients consist of
–
corporate and public pension plans;
–
endowments and private foundations;
–
insurance companies;
–
central banks and supranationals; and
–
financial advisors.
22
Table of Contents
The Business Groups
UBS Asset Management
Assets under Management by Client
Type
31.12.00
31.12.99
31.12.98
CHF billion
Institutional
300
376
360
Non-institutional
196
198
171
Institutional Assets under Management by
Client Location
31.12.00
31.12.99
31.12.98
CHF billion
Europe, Middle East & Africa
160
185
202
The Americas
100
140
122
Asia-Pacific
40
51
36
Total
300
376
360
Institutional Assets under Management by
Client Mandate
31.12.00
31.12.99
31.12.98
CHF billion
Equity
89
125
115
Asset allocation
94
130
148
Fixed income
77
90
83
Private markets
40
31
14
Total
300
376
360
Marketing and distribution
Institutional Asset Management uses its longterm
track record and strong client franchise to increase the
penetration of its services with both new and existing clients.
It is a full service institutional asset management firm,
offering its clients a comprehensive range of research and
investment analysis as part of its overall service and
capability package.
In consultant-driven markets, such as the United
States and the United Kingdom, Institutional Asset Management
relies on its strong relationships with the major consultants
that advise corporate and public pension plans, endowments,
foundations, and other institutions. It also dedicates resources
to generating new business directly with large clients.
Brinson Advisors, the former PaineWebber Mitchell
Hutchins business, provides products and services to the
wholesale intermediary market in the US, focusing on three core
areas: quantitatively driven investments, short-term fixed
income products and municipal securities.
Investment process and research
Institutional Asset Management's client
mandates reflect the very broad range of its capabilities, from
fully discretionary global asset allocation portfolios to equity
or fixed income portfolios with a single country emphasis,
including alternative asset classes such as real estate, timber,
and private equity. These portfolios are available through
separately managed portfolios as well as through a comprehensive
range of pooled investment funds.
Within this wide range of capabilities,
Institutional Asset Management's core investment process is
based on its efforts to determine and quantify investment value.
Its method is to identify periodic discrepancies between market
price and investment value and turn them to its clients'
advantage.
Institutional Asset Management operates a global
investment platform. Research and strategies are coordinated
across regions, giving clients access to the whole of
Institutional Asset Management's expertise, wherever they
are located.
Investment
Funds
Investment Funds is the leading investment fund
provider in Switzerland in terms of assets under management, and
seventh largest in the world. As of 31 December 2000,
Investment Funds had CHF 199 billion in assets under
23
Table of Contents
The Business Groups
UBS Asset Management
Fund Category
31.12.00
31.12.99
31.12.98
CHF billion
Asset allocation
48
44
35
Money market
44
46
45
Bond
36
40
43
Equity
60
53
36
Capital preservation
6
12
12
Real estate
5
6
5
Total
199
201
176
management, including CHF 9.3 billion
in assets under management distributed through third-party
partners. In addition, Investment Funds has a significant
third-party fund administration business.
Investment Funds has an extensive product range
of approximately 159 funds.
The continuing trend toward equity investments
helped increase equity funds by 13% since the end of 1999,
making it Investment Funds' largest asset category,
accounting for 30% of total volume. UBS Switzerland's
Investment Fund Accounts, which make it easy for clients to make
regular savings in UBS Investment Funds, have grown in number by
57% to over 140,000 during 2000, with assets invested through
them increasing by 20% to a total of CHF 3.1 billion at 31
December 2000.
Marketing and distribution
Investment Funds are distributed primarily
through UBS Switzerland and UBS Warburg, with a minority of
assets distributed through third-party providers.
Investment Fund's penetration of UBS
Group's existing client base is already very high, and the
implementation of screened open architecture in UBS Switzerland
will make sales within the group increasingly competitive.
Investment Funds is therefore evolving towards an open,
multichannel distribution architecture, in which an increasing
proportion of its funds will be sold by third parties, outside
the UBS Group.
UBS's intermediary strategy, funds@ubs, was
launched in November 2000. It is designed to boost
third-party distribution of our funds by providing a turn-key
solution for distribution partners, including technical,
administrative and operational support. The first
implementation, in partnership with Lufthansa, provides
Lufthansa Miles and More clients with access to UBS Investment
Funds. A new web-site dedicated to Lufthansa clients provides
investment education, advice on investment strategies and online
decision support tools, and will provide automated online fund
purchases. Over the coming months, UBS expects to announce
similar joint ventures with other non-traditional
intermediaries, using the same strategy and technical
platform.
Other distribution initiatives include
establishing additional partnerships with financial
intermediaries, developing direct electronic sale channels and
leveraging Institutional Asset Management's distribution
efforts to better capture defined contribution opportunities for
Investment Funds.
UBS is also expanding its distribution in Asia,
with the creation of a joint venture investment advisory firm to
manage Real Estate Investment Trusts in Japan and the
acquisition of a majority holding of Taiwan-based mutual fund
provider, Fortune Securities Investment & Trust
Company.
Investment process and research
The Institutional Asset Management business unit
is responsible for managing almost all the investment funds
offered by Investment Funds, other than some real estate funds.
However, Investment Funds is responsible for managing its
product range, which is tailored to meet the needs of individual
investors, and for the development and marketing of individual
funds.
Global Asset
Management
Acquired in late 1999, Global Asset Management,
or GAM, is a diversified asset management group with CHF 20
billion of assets under management, slightly over 600 employees
and operations in Europe, North America, Asia and the Middle
East. Its mandates include private client portfolios, over 230
mutual funds, and institutional mandates. GAM
24
Table of Contents
The Business Groups
UBS Asset Management
operates under its established brand name within
UBS Asset Management and continues to employ its own distinctive
investment style.
UBS Asset Management will increasingly leverage
GAM's range of mutual funds and its external manager
selection process, in which it selects the best from over 4,000
third-party fund providers, to enhance the range of its
investment styles and products. GAM products are now actively
distributed by UBS Switzerland.
Marketing and distribution
GAM operates a client-centric business model with
regional client acquisition and servicing
responsibilities.
Investment process and research
GAM was founded in 1983 to give private clients
"access to great investment talent". As a result, its
investment process is based on selecting the world's
leading investment talent, whether the manager selected for a
particular fund or mandate is employed by GAM or an external
manager. GAM has pioneered a unique and highly disciplined
approach to identifying, selecting and managing external fund
managers.
An in-house team of investment professionals is
responsible for managing the various internally managed mandates
or funds, and also for creating external and multimanager
mandates. Approximately 1,000 external managers are selected,
using a quantitative database of 50,000 funds, and a qualitative
database of over 4,000 investment managers. These are then
subjected to detailed qualitative scrutiny to identify less than
a hundred of the world's most talented investment managers,
whose talents are then used to create single and multimanager
funds for use by GAM clients.
The range of funds and mandates extends from
traditional equity and bond funds to a comprehensive range of
alternative investment funds.
Strategy
Industry trends and competitive
positioning
UBS Asset Management operates in a business which
is growing across all market segments and geographic locations,
with Europe and Japan leading the way. The US remains the
largest market on an absolute basis, but shows slower growth
rates and a much more competitive environment than other
regions.
Externally managed pension assets constitute the
majority of worldwide available institutional assets. The
pension market is undergoing a shift from traditional defined
benefit plans to defined contribution schemes. This is
especially true in the US, while in other major markets defined
contribution business is still in a relatively embryonic state.
However, the need for pension reform is widely recognized.
UBS Asset Management believes that it is strongly
positioned to take advantage of this growing and changing
market:
–
It has the reach to succeed in an increasingly
	global industry.
–
It has a multispecialist offering of diverse
	investment capabilities matched by very few companies.
–
It is one of very few investment management firms
	of its size with an equally strong institutional and mutual fund
	capability.
Investment performance
UBS Asset Management's biggest challenge in
recent years has been the relative under-performance of its core
value-based investment style compared to growth investment
styles. 2000 saw a reversal of this trend, with a retreat in
technology stock valuations and generally difficult market
conditions, and consequently significant improvements in UBS
Asset Management's performance relative to benchmarks and
peers. UBS Asset Management has also invested in diversification
of its investment approach, with the expansion of its growth
capabilities and the very successful launch of O'Connor,
its alternative investment business area. UBS Asset Management
intends to further leverage the strengths of O'Connor and
GAM to expand its range of investment capabilities and
styles.
UBS Asset Management will continue to develop the
integrated global investment platform it created in 2000,
increasing the coverage of its research in all major asset
classes, broadening its search for future investment
opportunities in alternative asset classes and committing to
product innovation.
25
Table of Contents
The Business Groups
UBS Warburg
UBS Warburg operates globally as a
client-driven securities, investment banking and wealth
management firm. For both its own corporate and institutional
clients and for other parts of the UBS Group, UBS Warburg
provides product innovation, top-quality research and advice,
and complete access to the world's capital markets. Through
UBS PaineWebber, the fourth largest private client firm in the
US, UBS Warburg provides advisory services and best-in-class
products to a uniquely affluent US client base.
UBS Warburg
Reporting by Business Units adjusted for
Significant Financial Events
Corporate and
Institutional Clients
UBS Capital
US Private Clients
CHF million
For the year ended
31.12.00
31.12.99
1
31.12.00
31.12.99
1
31.12.00
31.12.99
Income
18,033
12,529
368
315
1,225
Credit loss expense
(243
)
(330
)
0
0
0
Total operating income
17,790
12,199
368
315
1,225
Personnel expenses
9,284
6,861
142
105
955
General and administrative expenses
2,779
2,429
49
46
258
Depreciation
555
629
2
2
30
Goodwill amortization
149
134
2
5
1
Total operating expenses
12,767
10,053
195
158
1,244
Business Group performance before tax
5,023
2,146
173
157
(19
)
Cost / income ratio (%)
71
80
53
50
102
Assets under management (CHF billion)
794
Headcount (full time equivalents)
15,262
12,694
129
116
21,490
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.
International
Private Clients
e-services
UBS Warburg
CHF million
For the year ended
31.12.00
31.12.99
1
31.12.00
31.12.99
1
31.12.00
31.12.99
1
Income
286
197
(1
)
0
19,779
13,041
Credit loss expense
(4
)
(3
)
0
0
(247
)
(333
)
Total operating income
282
194
(1
)
0
19,532
12,708
Personnel expenses
385
294
150
18
10,916
7,278
General and administrative expenses
188
187
134
18
3,408
2,680
Depreciation
30
25
35
3
652
659
Goodwill amortization
7
15
1
0
298
154
Total operating expenses
610
521
320
39
15,274
10,771
Business Group performance before tax
(328
)
(327
)
(321
)
(39
)
4,258
1,937
Cost / income ratio (%)
213
264
77
83
Assets under management (CHF billion)
33
36
827
36
Headcount (full time equivalents)
1,154
1,386
410
70
38,445
14,266
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.
Business description and
organization
During 2000, UBS Warburg, was organized along the
following lines:
–
The Corporate and Institutional Clients business
	unit is one of the leading global investment banking and
	securities firms, providing products and advice to institutional
	and corporate clients. The former capital markets business of
	Paine Webber Group Inc. is integrated into this business
	unit.
–
UBS Capital is responsible for the private equity
	investment of UBS and third-party funds in a diverse global
	range of private companies.
–
US Private Clients is the fourth largest private
	client broker in the US, operating under the brand of UBS
	PaineWebber.
–
International Private Clients provides private
	banking products and services for high net worth individuals
	outside the US and Switzerland who bank in their country of
	residence. During 2001, the European part of this business is
	becoming part of UBS Switzerland's Private Banking business
	unit.
–
e-services.
26
Table of Contents
The Business Groups
UBS Warburg
The global reach, breadth and
diversification of Corporate and Institutional Clients direct
access to investors is unique, and its relationship-enhancing
technology is among the best in the world. Corporate and
Institutional Clients aims to maintain its position as one of
the leading global financial services firms, rivaling the top
competitors both in terms of client franchise and
profitability.
Corporate and
Institutional Clients
Business description and
organization
The Corporate and Institutional Clients business
unit is one of the leading global investment banking and
securities firms. Its diverse heritage has shaped a business
with a truly global client base and culture.
Corporate and Institutional Clients provides
wholesale products and advisory services globally to a
diversified client base, which includes institutional investors,
corporations, sovereign governments and supranational
organizations. It has a significant corporate client financing
and advisory business and is one of the top-ranked providers for
institutional clients.
Corporate and Institutional Clients also manages
cash and collateral trading and interest rate risks on behalf of
the UBS Group and executes the vast majority of securities,
derivatives and foreign exchange transactions for UBS's
retail clients. Corporate and Institutional Clients'
headquarters are in London and it employs 15,000 people in over
40 countries throughout the world.
Following the merger with PaineWebber in
November 2000, the capital markets business of PaineWebber
was integrated into the Corporate and Institutional Clients
business unit, expanding its capabilities in asset-backed
securities, real estate, equity research, corporate finance and
equity and fixed income sales. As well as this direct and
immediate impact, the integration of PaineWebber also positioned
UBS Warburg much more strongly as an employer of choice in the
critical US investment banking market.
Business areas
At 31 December 2000, Corporate and
Institutional Clients operated four main business areas,
organized by the type of products and services offered and the
nature of business risks: Equities, Fixed Income, Corporate
Finance and Treasury Products.
Equities
The Equities business is a leading player in the
secondary equity markets and in equity, equity-linked and equity
derivative products for the primary markets. Primary areas of
responsibility include
–
researching companies, industry sectors,
	geographic markets and macro-economic trends;
–
sales and trading of cash and derivative equity
	securities and equity structured products; and
–
structuring, originating, distributing and
	trading newly issued equity, equity-linked and equity derivative
	products.
A multi-local model, with membership on over 28
different stock exchanges and a local presence in 40 offices
globally, gives unparalleled market access. UBS also
participates in a number of electronic exchange ventures.
Fixed Income
The Fixed Income business structures, originates,
trades and distributes a variety of fixed income, banking and
structured products. It is also responsible for loan syndication
and the core loan portfolio.
The Fixed Income business serves a broad client
base of investors and borrowers and offers a range of fixed
income products and services, including
–
interest rate-based credit products, including
	loans and government bonds;
–
a variety of banking products, including
	structured finance and leveraged finance products;
Operating Income by Client Type
For the year ended
% of total
31.12.00
31.12.99
Investment banking
21
23
Other income from corporate clients
4
5
Institutional clients and markets
75
72
Total
100
100
27
Table of Contents
The Business Groups
UBS Warburg
Operating Income by Business
Area
1
For the year ended
CHF million
31.12.00
31.12.99
31.12.98
Equities
10,429
5,724
3,253
Fixed income
2,969
2,464
(267
)
Corporate finance
2,701
2,054
1,665
Treasury products
1,653
1,805
2,351
Non-core business
281
482
(96
)
Total
18,033
12,529
6,906
1
Before
credit loss expense
–
principal finance, which involves the purchase,
	origination and securitization of credit products;
–
sales of investment-grade, high-yield and
	emerging market bonds;
–
credit derivatives, including credit-linked notes
	and total return swaps;
–
derivative products; and
–
products structured to meet clients'
	individual risk management needs.
Corporate Finance
The Corporate Finance business manages UBS's
relationships with large supranational, corporate and sovereign
clients. It provides a variety of advisory services in areas
such as mergers and acquisitions, strategic advisory and
restructuring. The Corporate Finance business also provides
primary capital markets and leveraged finance services, in
co-operation with the Equity and Fixed Income businesses.
Responsibilities include
–
mergers and acquisitions;
–
equity and equity-linked capital offerings,
	initial public offerings and other public and private equity
	offerings in conjunction with the Equities business area;
–
investment grade and high-yield debt offerings in
	conjunction with the Fixed Income business area;
–
leveraged debt offerings in conjunction with the
	Fixed Income business area; and
–
structured finance.
Treasury Products
Treasury Products serves institutional investors,
banks, sovereigns, and corporate clients, as well as retail and
wholesale clients of UBS's other businesses. Treasury
Products' primary areas of responsibility include
–
sales and trading of foreign exchange (spot and
	derivatives), precious metals, short-term interest rate products
	and exchange-traded derivatives;
–
collateral trading, securities lending and
	repurchase agreements;
–
bank note sales and distribution; and
–
foreign currency research.
With effect from the beginning of 2001, the
Treasury Products and Fixed Income business areas have been
reorganized into two new areas, the Credit Fixed Income business
area (the former Fixed Income business less interest rate
derivatives and government bonds) and the Interest Rates and
Foreign Exchange business area (the former Treasury Products
business area, with the addition of interest rate derivatives
and government bonds).
e-commerce
initiatives
The institutional client business worldwide is
rapidly moving to an electronic basis. Corporate and
Institutional Clients is well positioned to capitalize on this
trend. Recent e-commerce initiatives include
–
Investment Banking On-Line (IBOL). IBOL provides
	extensive functionality from a single home page with direct
	access to prices, research, trade ideas and analytical tools for
	UBS Warburg's clients. Corporate and Institutional Clients
	delivers electronic research to over 5,000 clients and has
	signed up over 21,000 individual users. UBS intends to expand
	IBOL to include wireless and video links.
–
Electronic Transactions for Securities (ETS) and
	Electronic Transactions for OTC Products (ETOP). ETS and ETOP
	provide a further rollout of online order routing and trading
	capabilities for all securities, foreign exchange and
	derivatives products. 30% of all institutional orders are sent
	via the internet.
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The Business Groups
UBS Warburg
–
Corporate Finance On-Line (CFOL). The CFOL
        initiative is intended to establish a secure connection for the
        exchange of transactional and pricing information with corporate
        clients to support the execution and origination of advisory
        mandates.
–
Debtweb. Using Debtweb, about USD 80 billion of
        primary market bond issuance was distributed online in
        2000.
–
DealKey. Designed for primary equity investors,
        DealKey uses the web as an additional channel for the
        distribution of value-added information relating to current
        equity and equity-linked offerings and provides investors with
        the ability to communicate feedback and enter orders for all UBS
        Warburg's current primary equity issues.
Providing superior advice will be key to the
Corporate and Institutional Clients business unit's future
success. UBS believes its e-commerce initiatives enhance its
ability to add value to clients, as well as allowing it to
extract value from the scale of its core business processes.
Corporate and Institutional Clients already processes 100,000
domestic and cross-border securities trades per day
automatically, and has the capacity to increase this amount
five-fold within the existing infrastructure.
Loan portfolio
UBS took a strategic decision during 1998 to
reduce the size of its international loan portfolio, limiting
exposures unless they directly supported core client
relationships. UBS continues to avoid engaging in
balance-sheet-led earnings growth, with the result that the size
of its international loan portfolio has reduced considerably
from the level recorded in 1998.
See the Credit Risk section on page 53 to 61 for
a more in-depth review of UBS's credit portfolio and
business, including a discussion of its impaired and
non-performing loans.
Strategic initiatives
UBS Warburg is one of the few truly global
content and advice providers for institutional clients, with a
full range of products. The global reach, breadth and
diversification of its direct access to investors is
best-in-class. UBS Warburg will seek to extend these advantages,
fully exploiting the added distribution potential and expanded
capital markets capabilities brought to it by PaineWebber.
UBS Warburg is among the leaders in the provision
of innovative e-commerce and technology solutions to
institutional clients, using these to strengthen the link
between advisors and their clients. It will continue to expand
and enhance its web-based technology solutions, in order to
simplify distribution of information and execution, and provide
individualized services, analytic tools and transparency to its
clients. UBS Warburg sees technology as an enabling tool,
allowing clients to benefit from the expertise and skills of its
advisors.
UBS Warburg intends to continue to expand its
Equities business organically, investing in top quality staff to
broaden its geographical and sector coverage, particularly in US
cash equities, and building presence in key Asian markets. It
will closely monitor the moves to consolidate European stock
exchanges and clearing houses, to ensure that it retains current
levels of market access.
The merger with PaineWebber, which positions UBS
Warburg more strongly as an employer of choice in the key US
market, provides an excellent opportunity for UBS Warburg to
grow its investment banking capabilities, through strategic
hires in key sectors and regions. This approach has already
generated some success, with recruitment of several senior
investment bankers in the US in the second half of 2000 and
early part of 2001. UBS intends to continue to grow its
corporate franchise.
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UBS Warburg
Actively adding value, UBS Capital is one
of the few private equity operations with a truly global
presence.
UBS Capital
Business description and
organization
The UBS Capital business unit of UBS Warburg is
the private equity business of UBS.
UBS Capital has increased the amount of its
investments substantially in recent years with the book value of
its investments increasing from about CHF 400 million at
31 December 1994, to about CHF 5.5 billion at
31 December 2000.
UBS Capital has offices in London, Zurich, New
York, São Paulo, Buenos Aires, Paris, The Hague, Munich,
Milan, Singapore, Hong Kong, Seoul, Sydney and Tokyo and employs
about 130 people.
As a private equity group, UBS Capital invests
primarily in unlisted companies, managing these investments over
the medium-term to increase their value, and "exiting"
the investments in a manner that will maximize capital gain. UBS
Capital seeks to make both majority and minority equity
investments in established and emerging unlisted companies,
either with UBS's own capital or through sponsored
investment funds. Although the main focus of UBS's
investments is late-stage financing, such as management buyouts,
expansion or replacement capital, a minority of the portfolio
targets early stage investments in the technology and
telecommunications sectors. UBS Capital generally targets
medium-sized businesses with enterprise values in the range of
CHF 75 million to CHF 1.5 billion.
In addition to its international breadth, UBS
Capital endeavors to differentiate itself from its competitors
by working together with the management of companies it invests
in over a three to six-year period to optimize
performance.
Organizational structure
UBS Capital is structured on a country and sector
basis and has fourteen individual teams covering over 30
countries. UBS Capital's established local presence and
expertise, coupled with the global reach of its operations,
leads to the early identification of opportunities and their
timely and effective development.
UBS Capital's teams are divided
geographically between Western Europe, Asia-Pacific and the
Americas. UBS Capital's presence in the Asia-Pacific region
started in Singapore and now includes Australia and new offices
in South Korea and Hong Kong.
In 1999, UBS Capital established two private
equity investment funds in the Americas. One of these investment
funds makes private equity investments primarily in North
America, while the other investment fund makes private equity
investments in Latin America. UBS is the largest investor in
both funds.
Cooperation with the rest of UBS
UBS Capital collaborates with the Corporate and
Institutional Clients business unit on deal execution and IPOs.
It has incentive schemes in place to encourage referrals of
potential business leads from the investment banking business
and from private banking, for example where a private banking
client who is an owner-manager of a business faces management
succession problems.
UBS Capital also provides fund products for sale
to UBS's private clients.
Investment portfolio
UBS Capital's investment portfolio had a
book value of approximately CHF 5.5 billion and a fair-market
value of approximately CHF 6.9 billion at 31 December
2000.
UBS Capital has designed its portfolio to reduce
risk exposure by
Investment Portfolio by Investment
Stage
CHF million; all amounts are book values
31.12.00
31.12.99
31.12.98
Early stage
917
488
49
Late stage
4,632
2,505
1,735
Total
5,549
2,993
1,784
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UBS Warburg
Aging (based on date of initial
investment)
CHF million; all amounts are book values
31.12.00
31.12.99
31.12.98
Pre-1994
65
89
112
1994
253
199
195
1995
272
308
282
1996
166
204
183
1997
520
496
450
1998
842
718
562
1999
1,490
979
–
2000
1,941
–
–
Total
5,549
2,993
1,784
Geographic Region (by headquarters of
investee)
CHF million; all amounts are book values
31.12.00
31.12.99
31.12.98
North America
2,406
1,389
939
Europe
2,284
1,153
689
Latin America
381
217
123
Asia-Pacific
478
234
33
Total
5,549
2,993
1,784
Industry Sector (based on industry
classification codes)
CHF million; all amounts are book values
31.12.00
31.12.99
31.12.98
Consumer related
1,023
610
400
Transportation
640
605
186
Communications
380
326
208
Computer related
819
282
109
Energy
190
167
153
Other electronics related
247
38
32
Other manufacturing
106
45
53
Chemicals and materials
106
23
52
Industrial products and services
1,361
635
436
Others
677
262
155
Total
5,549
2,993
1,784
–
geographically diversifying its portfolio and
	minimizing concentration of investment in specific
	locations;
–
diversifying by industry sector to obtain a good
	mix between manufacturing and services sectors;
–
investing a minority of the portfolio in early
	stage growth opportunities, such as technology and
	telecommunications; and
–
focusing on later-stage investments, such as
	management buy-outs of existing businesses.
At 31 December 2000, approximately 77% of
the investment portfolio was three years old or less. Generally,
investments are sold, and operating income recognized, between
the third and the sixth year after the initial investment.
Investment process
UBS Capital concentrates on late-stage
investments, believing that these have a better chance of
producing superior risk-adjusted returns. At 31 December
2000, 83% of the book value of UBS Capital's investments
was late-stage at the time of investment.
Investment opportunities originate from a variety
of sources, including referrals from UBS Switzerland and UBS
Warburg. UBS Capital's investment policy concentrates on
five aims:
–
negotiate an attractive entry price;
–
increase the company's efficiency;
–
implement a sales growth strategy;
–
repay company debt and reduce leverage; and
–
achieve an exit at a higher multiple of earnings
	than the entry price.
Where appropriate, UBS Capital tries to
participate actively with the management of companies it invests
in, developing their businesses over the medium term (three to
six years) in order to optimize their performance. UBS
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UBS Warburg
Capital's exit strategies for the businesses
include direct sales to strategic buyers, initial public
offerings, leveraged recapitalizations and sales to other
financial sponsors.
Strategic
initiatives
Private equity funds
UBS Capital has committed to form private equity
investment funds concentrating on each of four
regions – Europe, North America, Latin America and
Asia – which will provide opportunities for
third-party investors to participate in investments made by UBS
Capital and provide a larger pool of capital for its
investments.
In late 1999, UBS Capital launched a USD 1
billion investment fund targeting North America to which it has
committed up to USD 500 million, and a USD 500 million
fund targeting Latin America, which UBS has committed to fund
fully with the option to permit third-party investors to commit
up to 25%. Two new funds were also launched in Europe during
1999. Phildrew Ventures V, a GBP 330 million United
Kingdom private equity fund, and CapVis Equity Partners, which,
at CHF 300 million, is Switzerland's largest private
equity fund. Further funds are expected to be launched during
2001.
To support its fund products, the private equity
business is launching a marketing campaign during 2001 to build
its public profile.
Industry trends
Superior returns and the widespread recognition
of private equity as an alternative asset class has led to a
substantial growth in private equity funds raised in recent
years. The number and amount of private equity funds raised has
exceeded the number and amount of attractive and available
private equity investments. This has led to increased
competition among investment banks, investment funds and
insurance companies and decreased returns for private equity
investors.
In spite of the changing environment, UBS
believes that opportunities for profitable investment will
continue to arise in the private equity business. UBS believes
this potential will be enhanced by a number of factors working
in combination to produce a favorable business environment for
astute market participants. These include the introduction of
the euro and the resulting changes in the structure of business
ownership in Europe, the worldwide trend of industrial
consolidation, a growing awareness of the importance of
shareholder value and the increasing need to solve succession
issues in family-owned businesses.
New structure
During 2001, UBS will implement a unique new
business model for its private equity business, designed to best
capture the opportunities available from the growth of the
international private equity market, and the strength of demand
for the asset class.
UBS Capital will increase the level of funding
sourced from third parties, reducing its dependence on direct
funding from the UBS balance sheet. To support this move towards
wider participation, the new business model will center on the
formation of an autonomous investment management firm known as a
fund advisor. The fund advisor will be 80% owned by UBS
Capital's current management and 20% by UBS, and will adopt
a new corporate identity towards the end of 2001.
The explicit autonomy of this structure is
particularly attractive to third-party investors, and fully in
line with best market practice in the private equity industry.
Combined with UBS Capital's consistently impressive track
record, it will provide a compelling investment
proposition.
The formation of the fund advisor will have a
neutral effect on the earnings stream of UBS. UBS will remain a
cornerstone investor in new funds, continuing to benefit from a
strong commitment to this product. The new fund advisor will
remain strongly affiliated with UBS. UBS's private client
and investment banking businesses will retain their close links
to the private equity business. Individual clients will be
supplied with a full range of proprietary private equity
products, while maintaining complete freedom of choice to select
private equity investments from other providers. UBS Warburg
will continue to benefit from IPO and M&A referrals.
In tandem with supporting this new business
model, UBS has raised its target overall commitment to private
equity investment from CHF 5 billion to CHF 7.5 billion.
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UBS Warburg
The newest member of UBS, US Private
Clients, operating under the UBS PaineWebber brand, is a growth
firm in a growth industry.
US
Private Clients
Business description and
organization
Operating under the brand name UBS Paine Webber,
US Private Clients is the fourth largest private client business
in the US, with one of the most affluent client bases in the
industry. Its 9,000 financial advisors provide a full range of
wealth management services to some 2.1 million affluent
households in America. Its focus is on households with
investable assets in excess of USD 500,000, the segment with the
largest, fastest growing pool of assets in the US.
US Private Clients was formed from the
combination of the Private Client, Insurance and Transaction
Services groups of PaineWebber, with the US business of the
former UBS Warburg Private Clients business unit. From the date
of the merger with PaineWebber until the start of 2001, it also
included Mitchell Hutchins, Paine Webber's asset management
arm, which has since been transferred to UBS Asset
Management.
Marketing, products and
services
UBS PaineWebber financial advisors are key to its
client relationships, supported, but never replaced, by its top
class online services. Financial advisors build and maintain
strong relationships with their clients, taking the time to
understand their financial objectives and risk appetite, in
order to help them select the specific products and services
they need. They also form the frontline in client acquisition,
responsible for developing relationships with prospective
investors and converting them into UBS PaineWebber clients. UBS
PaineWebber's financial advisors are based in 383 offices
across the US, with representation in every major region.
Financial advisors' individual efforts are
backed up by sophisticated and long-running marketing and
advertising campaigns, featuring the long famous tag-line
"Thank you, Paine Webber", and now its revised version
"UBS Paine Webber, Thank you".
This new tag-line reflects the introduction in
March 2001 of the new brand, UBS PaineWebber. The decision to
introduce the new brand so soon was taken in the light of the
smooth progress of the PaineWebber integration and the benefits
of interlocking UBS and PaineWebber. The new name is designed to
underscore UBS and PaineWebber's complementary strengths
and to reinforce the benefits of the merger to clients,
financial advisors and other employees. UBS PaineWebber reflects
PaineWebber's place as a core influence on UBS's
future.
US Private Clients' financial advisors are
backed up by comprehensive online capabilities, centered on UBS
PaineWebber Online Services. Launched in 1997, this now reaches
352,000 client households, representing more than USD 223
billion in assets at year-end 2000. The system provides a wealth
of information and analysis to each client, about their
accounts, the markets and stocks they might want to invest in,
and gives them a convenient means to keep in touch with their
financial advisor. It also provides a range of trading, bill
payment and other transactional tools. Each client and their
client advisor has the opportunity to customize these services,
extending the advisory relationship online, and empowering the
client to make more confident decisions.
UBS PaineWebber provides a full range of wealth
management services, including:
–
financial planning and wealth management
	consulting;
–
asset-based and advisory services such as
	discretionary and non-discretionary portfolio management, money
	market accounts, loans and fiduciary products; and
–
transaction-based services, such as securities
	brokerage.
It covers the full range of products available to
private clients, including purchase and sale of securities,
option contracts, commodity and financial futures contracts,
fixed income instruments, mutual funds, trusts, wrap-fee
products, alternative investments and selected insurance
products.
In addition the Transaction Services group
provides prime brokerage and securities lending to major US and
international investment
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The Business Groups
UBS Warburg
firms, and execution and clearing services to
correspondent broker-dealers across the US.
Strategic initiatives since
the merger
UBS Private Clients remains clearly focused on
increasing its market share of US household financial assets, by
leveraging its broad domestic distribution capabilities and
building the strength of the new UBS PaineWebber brand.
Emerging wealth
Employee stock option plans are a major source of
new wealth creation in the US. To help address this large
potential market, UBS PaineWebber launched a major initiative at
the end of 2000, to significantly expand its already successful
stock option finance business through the formation of Corporate
Employee Financial Services.
Corporate Employee Financial Services features
dedicated distribution, technology and service groups whose goal
is to capture a larger share of the management and
administration of the USD 1 trillion of stock options awarded to
corporate executives in the US. UBS PaineWebber already provides
these services to well known companies such as Cisco, Enron,
General Electric and Texas Instruments, whose 300,000 option
holders together own more than USD 70 billion of in-the-money
stock options managed by UBS PaineWebber.
The opportunity for UBS PaineWebber is twofold:
to administer employee stock option services for additional
Fortune 1000 and major international corporations, and
simultaneously to offer the highest levels of online and
personalized service through its financial advisors to the
employees of those companies.
When properly co-ordinated, the combination of
these services will allow UBS PaineWebber not only to execute
option exercises, but also to capture clients as long-term
investors, managing the wealth they have generated.
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The Business Groups
UBS Warburg
The PaineWebber merger is a transforming
partnership for UBS, not just in the US, but through the
strengths that UBS PaineWebber can bring across the private
client businesses.
International Private Clients
and e-services
International Private
Clients
During 2000, our International Private Clients
business unit provided private banking products and services for
high net worth clients outside the US and Switzerland, banking
in their country of residence. The business has offices in
Germany, France, Italy, Spain, the United Kingdom, Japan and
Australia. It provides wealth management products and services
tailored to the specific cultural, legal and regulatory
environment of each country.
e-services
The e-services initiative made good progress
during 2000, successfully creating the technology backbone for
our renewed efforts in European domestic private banking.
However, as a result of the merger with
PaineWebber, UBS now has a unique opportunity to target the
market for wealthy clients in Europe with an enhanced,
advisor-centered wealth management service, taking advantage of
the transforming potential of UBS PaineWebber's expertise
and award winning online services. As part of this strategy, the
e-services proposition has been integrated with our other wealth
management businesses. UBS no longer plans to target the
"mass affluent" segment separately.
European Wealth
Management
Following the PaineWebber merger, UBS now has
scale and excellence in two different types of private client
business: the brokerage model, through UBS PaineWebber, and the
banking model, through Private Banking. It is therefore uniquely
positioned to combine these capabilities to provide a complete
range of wealth management services to its clients. With this
combination UBS can meet all the needs of a sophisticated
clientele, whether banking in their home country or
internationally.
As an important step towards this vision, UBS is
bringing together its domestic and international private client
businesses in Europe. The International Private Clients business
unit will therefore cease to exist, with its European businesses
being transferred to UBS Switzerland's Private Banking
business unit.
UBS's European strategy will focus on
wealthy clients, with client self-segmentation based on content
and pricing, and services designed primarily for those with more
than EUR 500,000 of investable assets.
Our domestic banking efforts will be centered on
Germany, the UK, France, Italy and Spain, a scope that covers
about 80% of Europe's investable assets, while our
international offering will continue to be pan-European. We
intend to extend the single brand, UBS Private Banking, from the
top international private banking brand, to become the top
wealth management brand within each of our targeted
countries.
UBS is clearly committed to open architecture and
the provision of a full range of best-in-class investment
products to all our clients. Client advisors will help to
structure the appropriate range of products for each client,
building portfolios to reflect their investment objectives and
risk criteria. This advice-centered approach will be supported
by online systems which combine the best of UBS
PaineWebber's client interface technology with the core
banking system developed by the e-services initiative.
UBS PaineWebber's top-class abilities in
marketing, product management and innovation, technology, and
training will be deployed as the key catalyst for our European
businesses. UBS will accelerate the positive momentum of the
existing domestic business, transferring knowledge and resources
from the Private Banking business unit to add to the 170
existing advisors in 17 local offices in Europe, and
supplementing them with a program of new hires.
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The Business Groups
Corporate Center
Our Business Groups are managed together
to optimize shareholder value  –  making the
whole worth more than the sum of the parts.
Corporate Center
Reporting by Business Units adjusted for
Significant Financial Events
Corporate Center
CHF million
For the year ended
31.12.00
31.12.99
1
Income
358
372
Credit loss recovery
1,161
448
Total operating income
1,519
820
Personnel expenses
490
548
General and administrative expenses
281
385
Depreciation
320
366
Goodwill amortization
44
50
Total operating expenses
1,135
1,349
Business Group performance before tax
384
(529)
Headcount (full time equivalents)
986
862
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy and changes in presentation. The Business
Group reporting for 1999 has been rearranged to reflect the new
business structure for the Group.
Aims and
objectives
UBS's commitment to an integrated business
model remains as strong as ever. UBS is not merely a holding
company. It is a portfolio of complementary businesses, managed
together for optimal shareholder value, where the whole is worth
more than the sum of its parts.
UBS's Business Groups are accountable for
their results and enjoy considerable autonomy in pursuing their
business objectives  –  hence the need for a
strong Corporate Center, with the mission to maximize
sustainable shareholder value by co-ordinating the activities of
the Business Groups. It ensures that they operate as a coherent
and effective Group with a common set of values and principles.
To perform its role, Corporate Center avoids process ownership
wherever possible, but instead establishes standards and
principles, thereby minimizing its own staffing levels.
Functions
Finance and Risk management and
control
Corporate Center includes the Group's
accounting, treasury and risk management and control functions.
These teams are responsible for safeguarding UBS's
long-term financial stability by maintaining an appropriate
balance between risk and rewards, so that the Group is
competitively positioned in growing market places with an
optimal business model and adequate resources.
Further details of risk management and control
policies and Treasury activities can be found in the Risk
Management and Control, and Asset and Liability Management
sections of this Handbook.
Group Controlling
Group Controlling is responsible for devising and
implementing integrated and consistent controlling and
accounting processes throughout the Group, in order to produce
the Group's regulatory, financial and management
accounts.
Group Communications and Marketing
The Group Communications and Marketing function
is responsible for the effective communication of our strategy,
values and results to employees, clients, investors and the
public, and for building the UBS brand worldwide.
Group Human Resources
Group Human Resources mission is to make UBS a
global employer of choice, able to attract, develop, motivate
and retain top talents by establishing standards, principles and
procedures for performance evaluation, compensation and
benefits, graduate and professional recruitment, training and
development.
Legal and Compliance
Legal and Compliance protects UBS's
reputation by managing its legal, compliance and regulatory
affairs.
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Corporate Center
UBS's performance measurement
framework considers the creation of value for shareholders and
other stakeholders in a more explicit way than traditional
profit-based measures. UBS believes that the measurement of
value creation can only be effective in the context of a
comprehensive value-based management (VBM) process which is
truly embedded in its management decisions, and consistently
applied across the organization.
Value-Based
Management
UBS's value-based management (VBM) framework
supports value-based decisions, performance assessment and
external communication. The heart of the framework is a process
for monitoring the development of the value of the Group and its
constituent businesses, based on the identification of the
fundamental drivers of value creation.
Overview of objectives and
process
The aim of VBM is to create an understanding of
the sources and drivers of value within all of UBS's
businesses, and to integrate this understanding into its
management processes and principles, translating the value
creation mindset into action. The diagram below summarizes the
VBM processes.
Value-based business
decisions:
To ensure that
UBS's actions are value-enhancing, the Group evaluates
strategic initiatives, acquisitions and investments on the basis
of the impact of their earnings potential and the inherent risk
on shareholder value. Funding and capital resources are only
allocated to business plans and projects that are expected to
create value on a sustainable basis.
UBS benchmarks the internal assessment of a
project's potential against analysts' and
investors' expectations. The Group also assesses and
manages the risk of current and planned business strategies by
analyzing the impact of long-term industry and macro-economic
trends on value.
Performance
assessment:
Performance measures
are designed to communicate the extent to which value has been
created: both the value derived from actual performance during
the current reporting period and the value of future growth
prospects resulting from tactical and strategic
positioning.
External
communication:
Value creation is
the focal point of our communication to investors and analysts.
The analysis and interpretation of sources of valuation gaps
provides valuable evidence of the external evaluation of our
internal plans.
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Corporate Center
Measuring value
creation
Measuring value creation at the Group
level
The fundamental assumption underlying the VBM
framework is that the creation of sustainable value is the
primary objective of business activity. By emphasizing
sustainable value creation, UBS considers the interests of both
its shareholders and other important stakeholders such as
employees, clients and regulators. The framework views the
management as fiduciaries of shareholder wealth. They are
responsible for generating adequate returns on a risk-adjusted
basis through strategic decisions and their effective
implementation.
To ensure long-term success, a company must
provide its owners with a total return greater than its
risk-adjusted cost of capital. For the shareholders, the total
return on their investment is a combination of dividends,
capital repayments and share price appreciation over a specific
period. Share price development is therefore a very important
indicator of value creation at the corporate level, since it
reflects the assessment by investors of current performance, of
the ability of management to define, communicate and implement
innovative and compelling strategies for the future and of the
level of strategic risk those plans involve.
Measuring value creation at the business unit
level
The share price is a useful indicator of the
value creation performance of the Group, but it cannot be used
to evaluate the performance of business units. As business units
are not listed on any stock exchange, UBS needs a measure that
corresponds to the total return on shares but is applicable to
business units. For this, UBS has chosen
fair value
and
total return on fair value
as the most suitable measures
of value creation.
The starting point in assessing value creation
for a business unit is thus to assess its
fair value
,
i.e., the theoretical value of the current franchise and
associated earnings potential as well as the resources the
business unit management has been entrusted with.
By relating realized cash earnings and the
incremental value of strategic plans and investments to the
initial fair value, we then calculate the
total return on
fair value
of the business unit. Actual total return is
compared to the business unit hurdle rate, which represents the
minimum required return for a given level of business
risk.
Technically, fair value is calculated as the sum
of all future discounted free cash flows, which correspond to
earnings adjusted for investments and depreciation. The discount
rate reflects the financial and business risks of the unit and
is also the targeted total return on fair value (the business
unit hurdle rate). Discount rates are derived from historical
market data using the capital asset pricing model (CAPM), which
yields discount rates that account for the undiversifiable
(systematic) risk of the business. Since our business units are
not listed on any stock market, their cost of equity is inferred
from stock market data of listed competitors and peers.
Generated free equity
An important difference between a financial
institution and industrial firms is that borrowing and lending
form part of everyday business activities and are not used
merely for financing and placement of excess liquidity. This
makes the traditional definition of cash flow, as used in
industrial firms, difficult to apply to a bank. In addition,
banks face regulatory constraints in the form of capital
adequacy regulation, which reduce their discretion to determine
and implement an optimal capital structure.
In view of these differences, free cash flow for
banks is generally defined as residual cash, after investments
and after all claims from debt holders (interests and
amortization) have been serviced. UBS has dubbed this measure
"Generated Free Equity" (GFE) as it is the amount that
can be either reinvested or returned to shareholders via
dividends and share repurchases. UBS uses GFE in the calculation
of its fair value and the total return on fair value.
GFE is the sum of adjusted net profit after tax
adjusted for significant financial events and change in
regulatory equity requirements.
The VBM
process
The implementation of a comprehensive VBM
framework in a large organization like UBS is a complex task and
the full benefit of it will only materialize over time. To be
truly effec-
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tive the VBM framework must become an integrated
part of key management processes, such as the formulation and
evaluation of strategic plans and investments, the measurement
and evaluation of performance, and the definition of criteria
for performance related compensation.
Value drivers
In order to have an operational tool for
analyzing the extent to which current and projected performance
contribute to sustainable value creation, UBS has identified
value drivers for each business unit, relating to revenue, cost
and investment. Net new money growth and average margins on
assets are examples of typical revenue drivers for the private
banking and asset management businesses.
The analysis of the future development of value
drivers extends beyond the standard business plan horizon of
three years to consider the potential impact on value of
long-term industry and macroeconomic trends, and constitutes an
important input in the evaluation of strategic options.
Internal value driver projections and valuations
are benchmarked against external assessments and the
expectations of the stock market and leading analysts and
against performance of key competitors. They are also subjected
to a sensitivity analysis, both to understand the sensitivity of
the valuation to assumptions, and to test the impact on value of
failing to meet plans. Together these measures help to avoid the
risk that over-optimistic planning might distort the VBM
process.
Value-based decisions in strategic
planning
During 2000, the business units of UBS have begun
to complement their standard business plans and budgets with
explicit targets for key value drivers. Equity expenditures
(investments and incremental working capital), which are
required to increase or sustain current operating levels, are
explicitly considered via their effect on generated free
equity.
The impact of business plans on valuation is
analyzed on the basis of the internal value driver targets and
long-term forecasts on the development of value drivers beyond
the planning horizon. The valuation analysis considers the views
on sector and macro-economic development of neutral internal and
external experts and the impact of worst case scenarios.
Value-based decisions and strategic
risk
UBS considers strategic risk, such as the failure
to recognize changing customer priorities, the failure to
recognize opportunities and threats from emerging technologies
and business models or the failure to define and implement
innovative, compelling value propositions for customers and
investors, as the major challenge in today's competitive
environment.
In order to meet this challenge, companies need
to implement systematic and rigorous tools and processes (as has
already been done in the case of market, credit and operational
risk control) to identify and manage strategic risk. Valuebased
analysis constitutes a key input for assessing and addressing
strategic risk.
In parallel with the changes in planning and
investment appraisals, UBS has introduced a new value report.
This quarterly report to management tracks actual generated free
equity and the development of value drivers and also measures
total return on fair value, which includes the incremental
impact of new business initiatives. In addition, the value
report contains a section which analyses the source of gaps
between internal valuation and market capitalization and between
internal valuation and leading external analysts'
valuations of business units.
Compensation
A key aspect of a comprehensive VBM framework is
compensation. The objective of value based compensation is to
reward sustainable shareholder value creation. Managers and
employees should receive an appropriate share of the value
created in order to align their interests to the interests of
shareholders. As with all other professional services
organizations, human resources costs in banking are the single
largest operating expense. As a result compensation is a highly
sensitive area, where market practice and cultural
considerations need to be taken into account.
Total return on fair value and the development of
value drivers are very powerful measures for compensation and
UBS currently is in the process of developing methods to include
the VBM measures in its compensation scheme. However, UBS
believes that compensation should never be formula driven,
so,
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while these measures will become important
inputs, they will not replace managerial judgement in
determining compensation levels.
External communication
Although VBM is essentially an internal
management tool, it can also provide useful information for
investors and analysts. Future public disclosure will therefore
contain further quantitative information on the development of
key value drivers.
Conclusion
UBS believes that the focus on value drivers in
planning and performance tracking is the most effective and
efficient way to direct the organization towards building value.
It also allows the linking of compensation to the key drivers of
sustainable profitability in a pragmatic way. Value based
management combines the analysis of current performance with the
analysis of future earnings potential. This increases
management's focus on strategic risk and further improves
UBS's ability to create sustainable value.
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Brands are becoming formal assets that
provide tangible benefit. In free and fiercely contested
markets, they are a vital communication tool for attracting
target clients. Nowhere is this more so than in the competitive
market of financial services providers. UBS is responding to
this challenge with integrated brand management and a clear
brand strategy, with responsibility for brand equity taken at
the highest level.
Brand
Strategy at UBS
Brands are increasingly
important in the financial services industry
Until recently, banks seldom went far beyond
national borders. Clients did not shop around for a financial
advisor, but were directed towards prestigious companies through
word-of-mouth and often remained loyal to these institutions
throughout their whole lives. As a result of this privileged
market position, financial services providers deliberately
cultivated an image of discretion and exclusivity.
The easing of regulatory restrictions, increased
transparency of services and a shift to more consumer
"activism", has led to a dramatic increase in
competition, making it much easier for new players to enter the
financial markets, significantly expanding choice and turning
the previously restricted world of privileged providers into a
buyer's market. Today, customer loyalty has weakened, and
clients can change products and providers more easily than
before. A new generation of wealthy clients is increasingly
comfortable using the media to collect information on financial
matters, often in the form of advertising and marketing
messages. Clients increasingly select companies and products
based on image and perception. Strong brands with a
well-articulated and attractive message are becoming a crucial
competitive factor in this type of environment. In a survey of
American banking clients, at least 80 percent of those
questioned said that the influence of brand was "fairly
important" to "extremely important" in their
choice of financial products.
A brand strategy for highly
competitive financial markets
A strong and familiar brand with a clear profile
offers the client focus and security, giving the company
sustained competitive advantage. A firm such as UBS formed
through merger and with a portfolio of legacy brands, faces
particular challenges. UBS has therefore refined its brand
strategy and, in July 2000, launched a brand campaign
concentrating on the UBS brand as the focus for the entire UBS
Group.
UBS's brand identity
The only brands that make an impression amid the
current flood of information and frenzied pace of communication
are ones that are strong and communicate a clear message.
Defining the brand message is therefore crucial to the success
of brand communication.
The Group's global reach, technology
excellence, sophisticated products and services, integrated
business platform and strong focus on advice are ideal brand
attributes. "Partnership for success", the core
message of the UBS corporate brand, reflects these strengths.
UBS's brand stands for success through partnership:
partnership with the outside world, partnership with our
clients, partnership with shareholders, partnership with
investors, but also partnership within UBS, thanks to the close
co-operation that exists between the individual business
areas.
Supporting this core message are a number of
subsidiary associations. The UBS brand also stands for
"value added solutions" and transparency of benefits
and price. Furthermore, it symbolizes the committed and
motivated employee and embodies the collective power of the UBS
Group which comes from the combination of services provided by a
wide range of business units. And finally, the brand conveys the
trust which is associated with characteristics such as quality,
reliability, security, stability and sense of
responsibility.
Worldwide brand campaign
The UBS brand with its powerful message was
positioned in the major markets through a worldwide campaign
during 2000. The core message, "The Power of
Partnership", is based on a concept which can be applied
across the board for all Business Groups, service and product
categories. The pictures from the campaign symbolize the way to
success through partnership.
UBS's systematic approach to
branding
UBS's systematic approach to branding is
based on a corporate brand and a limited number of subsidiary
business brands.
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The corporate brand identifies the Group as a
whole and reflects its values. It is aimed at steering clients
towards the company when they make market decisions. Its visual
appearance is determined by design guidelines which are binding,
company-wide.
As a general rule the business brands (such as
UBS Warburg) are strongly linked to the corporate brand. They
represent the individual business units and subsidiaries with
their range of products and services, with the linkage
reflecting the benefits offered by UBS as an integrated
financial services group.
For jurisdictional or strategic reasons, such as
identification of an asset management style, other business
units may have a "some link" or a "no link"
status, though the medium-term plan for brand development
clearly focuses on a smooth transition from the current brand
portfolio to a single brand. Finally there are also simple word
brands for products and services, like KeyClub or Fund
Solutions.
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UBS aims to maintain best-in-class
environmental standards in all that it does.
UBS and
the Environment
Introduction
UBS strives to be among the leaders in all its
businesses, but will only succeed if it anticipates longterm
opportunities and risks. UBS is convinced that it is not only
financial market trends and political developments that will
shape its business, but to an increasing extent environmental
conditions and social expectations as well. This section
describes briefly how environmental aspects affect UBS's
shareholder value in the Group's different areas of
activity. Further details are available in UBS's
Environmental Report 2000, which is available at www.ubs.com/
environment.
UBS takes its responsibility towards its clients,
shareholders and employees seriously. It believes that its
international prominence confers "role model" status,
and that its long-term success will only be guaranteed if the
long-term consequences of all its actions are seen to be
beneficial. For UBS it is self-evident that the Group should
take as much care of natural resources as it does with the
assets its clients entrust to it. A precondition for this is a
forward-looking assessment of the environmental impact of the
Group's actions.
This is why UBS aims to observe international
environmental standards in all that it does – not only with
respect to its own conduct but also in terms of the transactions
it finances. UBS's commitment to the environment is
underpinned with a professional environmental management
system.
UBS views the ISO 14001 certification awarded to
its environmental management system as the first important step
towards comprehensive independent assessment of the corporate
responsibility which it embodies in its corporate culture.
During 2001, UBS will create a Corporate Responsibility
Committee composed of Board, GEB and GMB members which will be
responsible for corporate social responsibility issues, for
supervision of the Group's adherence to relevant
international standards, and for developing appropriate
reporting in this area.
UBS  – 
committed to sustainability
UBS's environmental policy
UBS's environmental policy has been approved
by the Group Executive Board. The following extracts outline the
key points of the policy.
Environmental protection is one of the most
pressing issues facing our world today. Consequently
environmental issues are a challenge for all companies in all
sectors. UBS regards sustainable development as a fundamental
aspect of sound business management.
UBS is committed to continuing the integration of
environmental aspects into business activities.
We seek to build shareholder value by taking
advantage of environmental market opportunities. At the same
time, we will incorporate due consideration of environmental
risks into our risk management processes, especially in lending
and investment banking.
We will actively seek ways of reducing the
environmental impact to air, soil and water from our in-house
operations. The main focus is the reduction of greenhouse gas
emissions.
We seek to ensure the efficient implementation of
our environmental policy via an environmental management system
which includes sound objectives, programs and monitoring.
The UN Global Compact and the UNEP
Bank Declaration  –  a
global
commitment
UBS has undertaken to comply with the UN Global
Compact principles proposed at the 1999 World Economic Forum in
Davos. These principles set out the framework in which a company
can help ensure sustainable development worldwide. In addition
to protecting the environment, the nine principles deal with
aspects such as respecting human rights and workplace
rights.
UBS was one of the first signatories of the UNEP
Bank Declaration and is helping to shape further developments
through its role on the Steering Committee for financial
institutions.
UBS does not just acknowledge these principles in
theory, but takes concrete action to
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turn them into reality. Internally, compliance
with social standards is a day-to-day reality within human
resources. UBS is aware, however, that in the financial services
industry the main focus of corporate social responsibility must
be on client relationships. Financing transactions and managing
assets for clients whose activities are seen as socially
irresponsible can lead to financial and regulatory risks for the
Group, and damage its reputation. UBS seeks to avoid these risks
through the application of the highest standards of probity, and
through its involvement in initiatives such as the Wolfsberg
Anti-Money Laundering Principles.
The UBS environmental management
system: the ISO 14001 certificate
In May 1999, UBS was the first bank to
obtain ISO 14001 certification for its worldwide
environmental management system in its banking business.
ISO 14001 is an international standard for environmental
management systems. UBS also received certification for its
environmental management system for its corporate services in
Switzerland. The certification was undertaken by an independent
certification company, SGS International Certification Services
AG.
Environmental ratings
UBS's share price is part of the Dow Jones
Sustainability Group Index (DJSGI). The DJSGI comprises around
230 companies from various sectors that rank as leaders in
their field in terms of social and environmental
performance.
In October 2000, UBS was ranked first in the
financial sector by DJSGI.
In a survey published in January 2000, the
Munich-based rating agency, Oekom Research, examined the
environmental performance of larger European banks. The study,
which looked at environmental management systems, products and
services, and the quality of environmental data, ranked UBS
first amongst the 26 banks examined.
The environmental factor in
asset management
Highlights
–
The performance of the "UBS (Lux) Equity
	Fund  – Eco Performance" was 1.7% in 2000,
	outperforming the MSCI World Index by 15.7%.
–
The size of the "UBS (Lux) Equity Fund
	– Eco Performance" and of the corresponding investment
	foundation for Swiss pension funds doubled in 2000 to 487
	million Swiss francs.
–
The Japanese fund "UBS Nihon Kabushiki Eco
	Fundo" was successfully launched on the market at the end
	of October 1999. The size of fund assets at end 2000 was
	around JPY 7 billion.
–
UBS is currently reviewing the launch of a
	product which will allow clients to invest worldwide in projects
	aimed at reducing greenhouse gas emissions.
There are a number of factors involved in
acquiring new client assets, including the financial performance
of a company's products, the level of service it offers and
its reputation. In addition, some clients now demand that asset
management decisions take into account environmental and social
aspects as well as economic ones. UBS's expertise in
incorporating environmental and social aspects into its company
research and portfolio management is becoming more and more
important  – particularly for institutional investors
such as pension funds.
UBS's environmental investment research
looks at how companies' strategies, processes and products
impact both their financial success and the environment, and
what contribution these elements make to each company and its
employees. The stocks selected through this process are shares
in companies which demonstrate long-term success and generate
sustainable financial revenues. Specialist studies and stock
indices show that there can be a positive link between
environmental, social and economic performance.
Focusing on the concept of sustainability, UBS
launched a new investment fund in 1997, the "UBS (Lux)
Equity Fund  – Eco Performance". This fund
invests worldwide in stocks of exemplary sector leaders and
forward-looking small and medium-sized companies. The selection
criteria include above average envi-
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ronmental and social performance as well as a
sound financial basis. This investment strategy and the
fund's broad diversification has resulted in an excellent
financial performance for the fund and a positive contribution
to the value of UBS's asset management business.
The environmental factor
in
investment
banking
While no two investment banking transactions are
the same, they all have a common element that is crucial to
their success, namely the ability to identify opportunities and
risks early on, and to assess them correctly. Although financial
risks dominate this assessment, environmental aspects can also
be an important part of risk analysis.
First, environmental risks could become credit
risks – for example, if a client can no longer repay a loan
as a result of environmental problems. Second, liability risks
could be incurred if, for example, UBS were to become owner of a
company or were to sit on the management board of a company
which finds itself facing environmental liabilities. Lastly,
environmental risks could damage the Group's reputation if
it were to be involved in a controversial transaction.
Based on its Global Environmental Risk Policy,
UBS Warburg has introduced processes that allow early
identification of environmental risk in relation to a
transaction. In an initial phase, environmental factors are
screened by investment banking staff. If there are indications
of increased risk, environment specialists are called in to
investigate the issues as part of the due diligence
process.
The environmental factor
in
credit
business
Highlights
–
The assessment of environmental risks is
	integrated fully into the loan review process and the set of
	tools used.
–
Almost all employees in recovery departments in
	Zurich, Bern and Lausanne were trained in environmental risk
	management in 2000. Professional management of environmental
	risks is particularly relevant in these departments, as they
	manage distressed debt.
A prerequisite for a healthy loan portfolio is
professional risk analysis that takes account of all types of
risk, including environmental risks. Alongside traditional
rating factors such as key financial data and management
quality, a careful review of financially relevant environmental
aspects is an important part of UBS's credit risk analysis.
In assessing a loan application, the client advisor uses
internal guidelines and up-to-date information to assess
environmental risks, and includes environmental information in
the data provided to the loan assessor.
UBS can take several courses of action if a
client's credit-worthiness is compromised by environmental
risks. If the risks involved cannot be calculated or estimated,
it can refuse the credit transaction; it can demand a higher
risk premium or additional collateral; it can reduce the term of
the loan or repayment period, or it can offer advisory services
or act as an agent to help resolve the problem.
The benefits of incorporating the
"environmental factor" in lending business are
threefold: UBS has a healthy loan portfolio, the client is aware
of the environmental risks and opportunities for its company,
and the environment itself benefits from the resulting
improvements.
The environmental factor
in-house
Highlights
–
Environmental aspects are incorporated as a core
	part of our procurement and design processes for services such
	as cleaning or waste disposal services and for products such as
	paper or office materials.
The more efficiently and sparingly UBS uses its
resources and hence reduces emission levels, the less it will
have to pay in terms of costs. Energy management and in-house
environmental initiatives enhance operating margins.
UBS impacts the environment primarily through its
energy consumption, the running of its heating systems, its
paper consumption and business travel. Professional know-how and
an efficient environmental management
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system allow the Group to use resources better
and bring down costs.
Costs can be optimized in three different ways.
Firstly, the necessary level of environmental performance to
comply with regulatory requirements must be achieved in as
effective and cost-efficient a manner as possible. Secondly,
costs can be reduced by improving internal processes or
implementing technical measures, such as adjusting the heating
or air conditioning of a building. Lastly, UBS and the
specialist companies it works with are continually working to
reduce the im-pact on the environment using intelligent
engineering, for example in the building services.
UBS's environmental
performance in figures
Full details of UBS's environmental
performance can be found in UBS's Environmental Report
2000.
The environmental report shows how UBS's
environmental commitment affects its enterprise value,
highlighting the effect of the "environmental factor"
on some of the Group's key value drivers. It includes data
on UBS's performance against key environmental metrics in
banking and corporate services, based on the EPI-Finance 2000
standard which was jointly developed by eleven finance and
insurance companies. It also provides further details about
UBS's ISO 14001 certification.
For further information please visit:
www.ubs.com/environment, or contact: environment@ubs.com.
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Risk
Table of Contents
Risk
Risk Management and Control
Risk is an integral part of all our
activities. Excellence in risk management and control is a key
success factor and therefore requires every one's
commitment within our organization.
Risk Management
and Control
Risk management and control
principles
UBS's approach to risk management and
control has evolved over a number of years, and has been
reviewed and refined in 2000, resulting in a statement of the
Risk Management and Control Principles, which lay the
foundations on which UBS builds its risk culture and risk
process:
Business Management
Accountability:
The management of
UBS's businesses owns the risks assumed throughout the
Group and is responsible for the continuous and active
management of all risk exposures so that risk and return are
balanced.
Independent
Controls:
An independent control
process is implemented when required by the nature of the risks
and the fundamental incentive structure of the business
processes. The control functions are responsible for providing
an independent and objective check on risk taking activities to
safeguard the integrity of the entire risk process.
Risk Disclosure:
Comprehensive, transparent and objective risk reporting and
disclosure to senior management and to shareholders is the
cornerstone of the risk control process, reflecting the
fundamental values of intellectual honesty and
transparency.
Earnings Protection:
Operating limits are set to quantify risk appetite and allocated
among business lines to control normal periodic adverse results,
in an attempt to limit such losses relative to the potential
profit of each business. The Group's risk capacity is
expressed through stress loss limits with the aim of protecting
the Group from unacceptable damage to its annual earnings
capacity, its dividend paying ability and, ultimately, its
reputation and ongoing business viability.
Reputation
Protection:
Failure to manage and
control any of the risks incurred in the course of its business
could result in damage to UBS's reputation. For this
reason:
–
UBS continues to develop potential stress loss
	measures for credit and market risk;
–
UBS will not take any extreme positions in tax,
	regulatory and accounting sensitive transactions;
–
UBS aspires to the highest standards in
	protecting the confidentiality and integrity of its internal
	information; and
–
UBS aims to maintain the highest ethical
	standards in all its businesses.
Every employee, but in particular those involved
in risk decisions, must make UBS's reputation an overriding
concern. Responsibility for the risk of reputation damage cannot
be delegated or syndicated.
An integrated approach to risk management and
control
Risk management and control are an integral part
of UBS's commitment to providing consistent, high quality
returns for its shareholders. UBS believes that delivery of
superior shareholder returns depends on achieving the
appropriate balance between risk and return, both in day-to-day
business and in the strategic management of the balance sheet
and capital. UBS recognizes that risk is integral to its
business, but the approach to risk management and control seeks
to limit the scope for adverse variations in earnings and, in
particular, to protect UBS from the risk of severe loss in the
event of unlikely, but plausible, stress scenarios arising from
any of the material risks it faces.
UBS has an integrated, Group-wide function at the
Corporate Center addressing all aspects of finance, strategic
planning, risk control, and balance sheet and capital
management. The independent risk control organization is
mirrored in the Business Groups. Excellence in risk management
is, however, most fundamentally based upon a business management
team that makes risk identification, management and control
critical components of their processes and plans.
Key responsibilities
The
Board of Directors
is responsible for
the Group's fundamental approach to risk (the Risk
Management and Control Principles), for the establishment and
annual review of the Group's principal risk limits and for
the determination of its risk capacity.
The
Group Executive Board (GEB)
is
responsible for implementing the Risk Management and Control
Principles, for approving core risk policies, for allocating
risk limits to the Business Groups, and for managing the risk
profile of the Group as a whole.
The
Chief Credit Officer (CCO)
is
responsible for formulating credit risk policies, for
determining methodologies to measure credit risks, and for
setting and monitoring credit, settlement and country risk
limits.
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Risk Management and Control
The
Chief Risk Officer (CRO)
is
responsible for the policies, methodologies and limits for all
other risk categories, and for aggregating and assessing the
total risk exposure of the Group.
Business Group Risk Management
Committees
monitor all risks taken by
the business units and are the primary risk management bodies.
They are chaired by the Business Group Chief Executive Officers
and include heads of business areas and delegates of the Group
CRO and CCO.
The
Business Group CEOs
are responsible
for all risk exposures within their business units and must take
corrective action where appropriate, given the aggregate risk
profile of the portfolio or the risks of specific
positions.
The
Business Group Risk Control Functions
,
headed by Chief Risk and Chief Credit Officers (CROs and CCOs),
are empowered to enforce the Risk Management and Control
Principles and are responsible for the implementation of
independent control processes within their business units.
The risk control process
There are five critical elements in the
independent risk control process:
–
risk identification,
particularly in new businesses and in complex or unusual
	transactions but also in response to external events and in the
	continuous monitoring of the portfolio;
–
risk measurement,
using approved methodologies and models which have been
	independently validated;
–
risk policies,
covering all risk categories, both at Group level and in the
	Business Groups, consistent with evolving business requirements
	and international best practice;
–
comprehensive risk
	reporting
to management at all levels
	against an approved risk limit framework, for all primary and
	consequential risk categories; and
–
risk control,
to
	enforce compliance with the Principles, and with policies,
	limits and regulatory requirements.
There are co-ordinated processes covering all
risk categories which are applied before commencement of any new
business or significant change, and before the execution of any
transaction which is complex or unusual in its structure or
motivation, to ensure that all these critical elements are
addressed, including the assurance that transactions can be
booked in a way that will permit appropriate ongoing risk
measurement, reporting and control.
The risk control process extends beyond the
independent risk control functions to
Financial Control
and the
Logistics Areas
, notably Operations, which are
critical to establishing an effective control environment. Given
their responsibility for the booking, settlement, and financial
reporting processes, comprehensive
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Risk
Risk Management and Control
control by these functions creates a powerful
defense against improper activity.
Group Internal Audit
provides an independent view to the Board of Directors of the
effectiveness of the Risk Management and Control Principles and
their enforcement, and of the effectiveness of the independent
control units.
Risk control developments
UBS has continued, in 2000, to strengthen,
formalize and enhance the risk control process. Principles,
policies and processes are reinforced through a "risk
awareness" education program which will be disseminated to
all employees during 2001, including a series of recorded
presentations by UBS risk control professionals covering all
aspects of risk control for all categories of risk. The program
will be extended and enhanced as the approach to risk management
and control evolves.
UBS monitors regulatory developments and strives
to maintain good relationships with its lead regulator, the
Swiss Federal Banking Commission, and other major regulators.
This as an important aspect of the risk control process and UBS
will continue to work closely with them to ensure a mutual
understanding of the Group's control structure and the
regulators' requirements.
How UBS measures
risk
Potential loss is measured at three levels 
– expected loss, statistical loss and stress loss.
Expected loss
is the
loss that is expected to arise on average in connection with an
activity. It is the inherent cost of such activity, and should
be budgeted and deducted from revenues directly. An example of
expected loss is the valuation adjustments for liquidity or
position size made in mark-to-market books. UBS is extending its
expected loss framework to encompass all measurable risk
categories.
Statistical loss
(also known as "unexpected loss") is the estimated
loss in a typical adverse period, as statistically defined by a
given confidence interval. UBS's tolerance for such adverse
results  – the Group's risk appetite, as
determined by the Board of Directors  – is the basis
for the main operating limits. Formal statistical loss measures
in the form of Value-at-Risk limits have been in place for
market risk in UBS for a number of years, and are the basis of
the market risk regulatory capital charge. Comparable portfolio
measures are being developed for other risk categories, and the
revision to the Basel Capital Accord, currently under
discussion, is expected, ultimately, to extend the use of
statistical loss measures for regulatory capital purposes.
Stress loss
is the
loss that could arise from an extreme, but plausible, stress or
"tail" event (an event that falls in the tail of the
probability distribution of potential events,
50
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beyond the level of confidence applied in the
statistical loss measure). Risk capacity is defined as the
maximum loss that the Board of Directors considers UBS could
withstand in such stress events without unacceptable damage to
earnings, dividend paying ability and, ultimately, reputation
and ongoing business viability. It is formalized in stress loss
limits. Stress loss measures are most extensively implemented
for our trading activities and for country risk, but default
stress loss measures have also been introduced for the UBS
Warburg loan portfolio, with particular emphasis on lower rated
borrowers. The stress loss framework will continue to be
enhanced and progressively extended to all risk categories. The
identification and quantification of potential tail risk, on a
macro scale (affecting the Group in general or selected parts of
the business or portfolio) and on a micro level (arising from
individual transactions), is perhaps the most important function
of the independent risk control units.
The risks UBS
takes
Business risks
– the risks associated with the chosen business strategy,
including business cycles, industry cycles, and technological
change are the sole responsibility of the business, and are not
subject to an independent control process. They are, however,
factored into the Group planning and budgeting process.
Inherent risks
are
the risks inherent in our business activities, which are subject
to independent risk control. A distinction is made between
primary and consequential risks.
Primary risks
are
the exposures deliberately entered into for business reasons and
which are actively traded and managed:
–
credit risk
is the
	risk of loss resulting from client or counterparty default and
	arises on exposure to clients and counterparties in all forms,
	including settlement risk;
–
market risk
is the
	exposure to observable market variables such as interest rates,
	exchange rates and equity markets;
–
liquidity and funding
	risk
is the risk that the Group is
	unable to fund assets or meet obligations at a reasonable price
	or, in extreme situations, at any price. These risks are managed
	at the Group level, rather than in the business units, and are
	discussed in the Asset and Liability Management on pages 70
	to 71.
Consequential risks
(also known as operational risks) are exposures that are not
actively taken, but which are incurred as a consequence of
business undertaken:
–
transaction processing
	risk
arises from errors, failures or
	shortcomings at any point in the transaction process, from deal
	execution and capture to final settlement;
–
compliance risk
is
	the risk of financial loss due to regulatory fines or penalties,
	restriction or suspension of business, or costs of mandatory
	corrective action. Such risks may be incurred by not adhering to
	applicable laws, rules, and regulations, local or international
	best practice (including ethical standards), and UBS's own
	internal standards;
–
legal risk
is the
	risk of financial loss resulting from the unenforceability of a
	contract due to inadequate or inappropriate contractual
	arrangements or other causes;
–
liability risk
is
	the risk of financial loss arising from a legal or equitable
	claim against the Group;
–
security risk
is the
	risk of loss of confidentiality, integrity, or availability of
	information or assets, through accident or crime, and includes
	both IT and physical security; and
–
tax risk
is the risk
	of financial loss due to tax authorities opposing the
	Group's position on tax matters.
A failure to adequately identify, manage or
control any of these risks, including business risks, may result
not only in financial loss but also in loss of reputation.
Reputation risk is not directly quantifiable and cannot be
managed and controlled independently of the other risks. Each of
the inherent risks, if inadequately managed, has the potential
to damage UBS's reputation, and repeated or widespread
failure compounds the impact.
Credit and market risk are well established risk
categories for which management and control processes, although
constantly evolving, are widely established and understood in
the industry. These risks are the basis of the Basel Capital
Accord, which determines regulatory capital requirements for
internationally active banks and which is currently under
re-
51
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Risk Management and Control
view. The shortcomings of the current treatment
of credit risk are recognized by both regulators and
practitioners, and it is critical that the present round of
revision to the Basel Capital Accord establishes a more flexible
framework which can adapt to changing markets and reduce the
scope for regulatory capital arbitrage.
The Basel Capital Accord reform has also focused
attention on consequential (or operational) risks. As the
discussions have highlighted, risk categories are not insulated
from each other (for example, an unenforceable contract or a
transaction processing error can lead to unforeseen credit or
market risk), nor is UBS's current categorization
definitive. UBS will therefore continue to review the way risks
are categorized. Stability of definition and approach is,
however, critical to the establishment of a sound risk
management and control process and to the creation of a loss
database from which risks can be better understood and
quantified.
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Risk Analysis
Credit risk
Credit risk represents the loss which UBS would
suffer if a counterparty or issuer failed to meet its
contractual obligations. It is inherent in traditional banking
products  – loans, commitments to lend and other
contingent liabilities, such as letters of credit  –
and in foreign exchange and derivatives contracts, such as swaps
and options ("traded products"). Positions in tradable
assets such as bonds and equities, including both direct
holdings and synthetic positions through derivatives, also carry
credit risk, but where they are held for trading and are marked
to market they fall under the market risk limits and controls
described in the Market Risk section below. They are, however,
included in the credit risk exposures reported in the
Composition of Credit Risk section below.
Credit risk management and control at UBS is
governed by a Group Credit Policy Framework, and by detailed
credit policies and procedures developed within the Business
Groups.
To ensure a consistent and unified approach, with
appropriate checks and balances, all Business Groups where
material credit risk is taken have independent credit risk
control (CRC) functions headed by chief credit officers (CCOs)
reporting to the Group CCO and Business Group CEOs. Disciplined
processes are in place, within the Business Groups and
centrally, to promptly identify, accurately assess, properly
approve and consistently monitor credit risk. Senior business
management, the GEB and the Chairman's Office are provided
with regular, standardized reports of aggregate Business Group
credit risk exposure by the CRC organization.
The approval and monitoring of new
counterparties, and of new transactions giving rise to credit
risk plays a central part in the risk control process. Credit
approval authority is exercised within the independent CRC
functions by authorized credit officers. The notional amount of
their authority is dependent on the quality of the counterparty,
the size and tenor of the exposure and any security, and on the
experience and seniority of the credit officer.
The CRC function continuously monitors the credit
quality of counterparties and UBS's exposure to them, and
the credit risk profile of the Business Group portfolios. CRC
has sole authority over counterparty rating, credit risk
assessment and approval, and the establishment of allowances and
provisions.
Risk measurement
UBS determines the amounts of credit loss
expenses in its financial accounts and in the business unit
reporting on a different basis. In the Group financial accounts,
UBS reports its results according to International Accounting
Standards (IAS) definitions. Under these rules, losses are
recognized and charged to the financial accounts in the period
when they arise (see the Provisioning Policies section on page
59). In contrast, in its segment and business unit reporting,
UBS applies a different approach to the measurement of credit
risk, which reflects the average annual cost that UBS
anticipates will arise from transactions that become impaired.
The following discussion describes this approach.
UBS's approach to the measurement of credit
risk is based on the premise that this risk exists in every
credit engagement and that credit loss expenses must be expected
as an inherent cost of the business.
The occurrence of actual credit losses is erratic
in both timing and amount and those that arise usually relate to
transactions entered into in previous accounting periods. In
order to manage credit risk effectively by earning, over time,
sufficient income to compensate for intermittent losses caused
by impairment, UBS uses the concept of
"expected
loss"
to encourage appropriate pricing of transactions
and income recognition.
Expected loss, for UBS, is a statistical measure
intended to reflect the average annual costs that it anticipates
will arise from transactions that become impaired. The observed
frequency of such events is expressed as counterparty default
probability. The size of credit losses is determined from the
exposure at default and the likely severity of the final loss,
taking into account the seniority of the claim, collateral and
other credit mitigation where available. Within UBS Switzerland,
a model is used to project expected loss based on historical
performance and an assessment of the economic outlook over the
medium term. By contrast, the expected loss of the UBS Warburg
portfolio is estimated primarily on the basis of market
information including rating agencies, other default predicting
models, and credit spreads. Once the expected loss has
53
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Risk Analysis
UBS Rating Scale and Mapping to External
Ratings
Moody's
Standard
Investor
and
UBS
Services
Poor's
Rating
Description
equivalent
equivalent
1
Aaa
AAA
2
Investment
Aa1 to Aa3
AA+ to AA-
3
grade
A1 to A3
A1 to A3
4
Baa1 to Baa2
BBB+ to BBB
5
Baa3
BBB-
6
Ba1
BB+
7
Ba2
BB
8
Sub-investment
Ba3
BB-
9
grade
B1
B+
10
B2
B
11
B3
B-
12
Caa to C
Ccc to C
13
Impaired and
D
D
14
defaulted
D
D
been estimated at business unit level,
statistical methods are used to allocate the total to individual
transactions in proportion to their stand-alone loss risk.
The default probabilities of individual
counterparties are assessed by means of rating tools that are
tailored to the various categories of counterparty. For the
major part of the business within UBS Switzerland, UBS uses a
statistical approach or "score card" to form groups of
clients with similar propensity to default. UBS Warburg, with
its less homogeneous client base, uses an approach under which
credit officers review counterparties and assess their credit
standing, based on guidelines and an analytical format or
"template" to ensure consistency across the Group. In
all cases, the analysis is founded on an assessment of both
financial ratios and qualitative factors. The result of this
counterparty specific analysis is expressed in a rating. UBS
allocates a defined probability of default to each rating
category, which allows the transaction specific expected loss to
be calculated.
Clients are segmented into 14 rating classes, two
being reserved for assets that are already impaired or
defaulted. The UBS rating scale, which is based on probability
of default, is shown in the table above. For information,
comparable ratings by the major rating agencies are also shown,
although there is not a direct match between UBS's
categories and those of the rating agencies. The mapping is
based on comparison of the probability of default attached to
each UBS rating and the default observations published by the
agencies. These represent long-term averages and it should be
noted that the mappings might not be borne out by experience in
any given period.
The reports in the following section, Composition
of Credit Risk, that show the rating distribution of UBS's
counterparties refer to the probability of default only. Whether
or not UBS benefits from collateral has no influence on these
ratings.
Once an expected probability of default has been
assigned to a counterparty, the resulting expected loss at the
transaction and counterparty level is determined from the credit
exposure and an estimate of loss severity based on a set of
assumptions.
The concept of expected loss is employed within
UBS for various business applications: individual credit
policies refer to counterparty rating classes to determine, for
example, the maximum tenor allowed for OTC derivative
transactions; the rating concept is used to define credit
authorities granted to individual credit officers across the
Group and for some business processes within Private and
Corporate Clients; and expected loss is used as an approximation
for valuing the OTC derivative books and, thereby, accounting
for the credit risk assumed on counterparties in these trades.
UBS's internal measurement framework is consistent with the
concepts emerging in the current review of the Basel Capital
Accord which sets the rules under which banks determine minimum
regulatory capital requirements.
UBS is developing internal models for the
comprehensive measurement of
statistical loss
and
stress loss
for credit risk at the portfolio level. In the
meantime, limits and controls are being applied to certain
segments of the portfolio, where credit quality is low or
counterparty concentrations are high.
Composition of credit
risk
Credit risk is assumed, as an integral part of
their businesses, by UBS Switzerland's Private and
Corporate Clients business unit and by UBS Warburg's
Corporate and Institutional Clients business unit and, to a
lesser extent, by the private banking businesses of these
Busi-
54
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Risk Analysis
Status of Total Credit Risk Exposure
UBS Switzerland
UBS Warburg
Other
1
CHF million
For the year ending
31.12.00
31.12.99
31.12.00
31.12.99
31.12.00
31.12.99
Loans utilization (gross)
183,943
199,960
99,787
77,151
786
903
Contingent claims
10,613
9,465
11,440
15,136
0
0
Unutilized committed lines
3,574
3,444
47,402
60,412
0
0
Total banking products
198,130
212,869
158,629
152,699
786
903
Unsecured OTC products
883
2,415
61,340
107,898
0
11
Other derivatives (secured exchange-traded)
2,288
2,338
8,994
8,133
0
0
Securities lending
2,193
32
12,159
11,732
0
0
Repo
0
11
22,183
12,287
0
2
Total traded products
2
5,364
4,796
104,676
140,050
0
13
Total tradable assets
3
2,626
2,785
219,070
219,019
136
471
Total credit risk exposure, gross
206,120
220,450
482,375
511,768
922
1,387
Total credit risk exposure, net of allowances
198,839
210,003
479,134
508,972
917
1,381
[Additional columns below]
[Continued from above table, first column(s) repeated]
UBS Group
CHF million
For the year ending
31.12.00
31.12.99
31.12.98
Loans utilization (gross)
284,516
278,014
330,964
Contingent claims
22,053
24,601
32,259
Unutilized committed lines
50,976
63,856
82,311
Total banking products
357,545
366,471
445,534
Unsecured OTC products
62,223
110,324
121,433
Other derivatives (secured exchange-traded)
11,282
10,471
Securities lending
14,352
11,764
12,195
Repo
22,183
12,300
Total traded products
2
110,040
144,859
133,628
Total tradable assets
3
221,832
222,275
86,288
Total credit risk exposure, gross
689,417
733,605
665,450
Total credit risk exposure, net of allowances
678,890
720,356
650,902
1
Includes
Corporate Center and UBS Asset
Management.
2
Traded products valuation: valued
based on internal valuation
methodology.
3
Tradable assets valuation: net
long, maximum default exposure.
55
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Risk
Risk Analysis
ness Groups. The table Status of Total Credit
Risk Exposure provides an overview of the aggregate credit risk
exposure of the UBS Group.
UBS Warburg's total gross credit exposure of
CHF 482 billion includes exposure not only in the Corporate and
Institutional Clients business unit, but also CHF 25.5 billion
in the International Private Clients and US Private Clients
business units. In the following analysis, only the Corporate
and Institutional Clients business is considered since almost
all other lending within UBS Warburg is secured.
A substantial majority of UBS Warburg Corporate
and Institutional Clients' counterparties fall into the
investment grade category (internal counterparty rating grades 1
to 5) for both banking products (82%) and the traded products
portfolio (96%). These counterparties are primarily sovereigns,
insurance companies, financial institutions, multinational
corporate clients and investment funds. Exposure to lower rated
counterparties is generally collateralized or otherwise
structurally supported.
In order to allow pro-active management of
counterparty credit risk, UBS Warburg launched Alpine Partners,
L.P., the first ever synthetic securitization of counterparty
credit exposure in a portfolio of OTC derivatives covered by
ISDA master agreements. The issue, which met stringent rating
agency and regulatory requirements, transferred USD 750 million
of credit exposure on positive replacement values to the market,
to the extent they exceed the subordinated layer retained by
UBS.
UBS Warburg Corporate and Institutional
Clients' banking products portfolio is widely diversified
across industry sectors. At 31 December 2000, the
largest exposure (35%) was to the Finance sector. The 6%
exposure to the Transport, storage and communication sector
includes CHF 8 billion exposure to the telecommunication
industry.
Of UBS Switzerland's loans to customers of
CHF 175 billion, 69% or CHF 121 billion are secured by
mortgages. The graph shows that UBS's exposure to the real
estate sector is well diversified with 42% of its loans being
secured on owner-occupied houses (single-family homes). The
exposure on residential multi-family homes of 42% consists of
owner occupied apartments and rented apartment buildings. In
particular, the owner-occupied dwellings exhibit a low risk
profile both in terms of individual assets and at portfolio
level. Loans and other credit engagements with individual
clients, excluding mortgages, are predominately extended against
the pledge of marketable securities where UBS applies
conservative standards to determine the advance value of the
collateral.
The remainder of the Private and Corporate
Clients' portfolio, excluding mortgages, consists of
exposures to corporate and individual clients. These clients are
fairly widely spread across rating categories and industry
sectors, which reflects UBS's position as a major lender to
this segment of predominantly small to medium sized enterprises
in Switzerland. The continued improvement in the Swiss economy
and property markets has aided the overall improvement in the
quality of this portfolio.
At the end of the second quarter 2000, Helvetic
Asset Trust AG, an independent special purpose vehicle, was used
by UBS Switzerland
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UBS Warburg Corporate and Institutional
Clients Banking Products
CHF billion
31.12.00
31.12.99
31.12.98
Loans (gross)
74.3
72.7
134.7
Commitments
47.4
60.4
73.8
Contingent liabilities
11.4
15.0
24.7
Total banking products
133.1
148.1
233.2
to securitize credit risk attached to a CHF 2.5
billion reference portfolio consisting primarily of Swiss
corporate loans, whereby part of the credit risk, but not the
loans themselves, was transferred to the capital markets.
Loan portfolio
The UBS Group loan portfolio increased by CHF 6.5
billion to a total of CHF 284.5 billion at year end 2000. UBS
Switzerland's portfolio continued to shrink, partly due to
the sale of Solothurner Bank, a Swiss retail subsidiary, and
partly due to continuing work-out of impaired loans. UBS
Warburg's portfolio, by contrast, increased, predominantly
as a result of the integration of UBS PaineWebber's
primarily secured loan portfolio of some CHF 20 billion. UBS
Warburg's Corporate and Institutional Clients business unit
continued the strategy, begun immediately after the 1998 merger
between Union Bank of Switzerland and Swiss Bank Corporation, of
reducing international banking products exposure (loans,
unfunded commitments and contingent liabilities), with the aim
of improving the risk/reward profile of the international
lending business. It included a shift in focus away from
emerging markets and into high quality credit in the major OECD
countries. The table above highlights this reduction.
Over-the-counter (OTC) derivative
contracts
A significant proportion of UBS Warburg's
credit risk arises from its trading activities, including its
trading of derivative products. The provision of risk management
solutions involving the use of derivative products is a core
service offered by UBS. Derivative products, by their nature,
are sensitive to changes in market prices and UBS pays close
attention to the management and control of these risks.
Counterparty exposure on most OTC derivatives is
measured by modeling the potential evolution of the value of the
portfolio of trades with each counterparty over its life
(potential credit exposure), taking into account legally
enforceable close out netting agreements where applicable.
Credit limits for individual counterparties are applied to the
Total Loan Portfolio Exposure by Business
Group
UBS Switzerland
UBS Warburg
Other
1
CHF million
For the year ended
31.12.00
31.12.99
31.12.00
31.12.99
31.12.00
31.12.99
Loans to banks (gross)
8,482
8,780
21,038
21,481
544
524
Loans to customers (gross)
175,461
191,180
78,749
55,670
242
379
Loans (gross)
183,943
199,960
99,787
77,151
786
903
Counterparty allowance
7,281
10,447
1,962
1,550
5
6
Country allowance
0
0
1,280
1,246
0
0
Allowances for loan losses
2
7,281
10,447
3,242
2,796
5
6
Loans, net of allowances
176,662
189,513
96,545
74,355
781
897
Counterparty provision for contingent claims
22
0
19
19
0
0
Country provision for contingent claims
0
0
12
130
0
0
Total provisions
3
22
0
31
149
0
0
Summary
Allowances and provisions for counterparty risk
7,303
10,447
1,981
1,569
5
6
Allowances and provisions for country risk
0
0
1,292
1,376
0
0
Total allowances and provisions
7,303
10,447
3,273
2,945
5
6
[Additional columns below]
[Continued from above table, first column(s) repeated]
UBS Group
CHF million
For the year ended
31.12.00
31.12.99
31.12.98
Loans to banks (gross)
30,064
30,785
69,543
Loans to customers (gross)
254,452
247,229
261,421
Loans (gross)
284,516
278,014
330,964
Counterparty allowance
9,248
12,003
13,093
Country allowance
1,280
1,246
1,450
Allowances for loan losses
2
10,528
13,249
14,543
Loans, net of allowances
273,988
264,765
316,421
Counterparty provision for contingent claims
41
19
435
Country provision for contingent claims
12
130
0
Total provisions
3
53
149
435
Summary
Allowances and provisions for counterparty risk
9,289
12,022
13,528
Allowances and provisions for country risk
1,292
1,376
1,450
Total allowances and provisions
10,581
13,398
14,978
1
Includes
Corporate Center and UBS Asset
Management.
2
Deducted from
assets.
3
Booked as liabilities.
57
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Risk Analysis
"maximum likely exposure", derived from
this analysis, a 95% confidence statistical measure of the
exposure in each counterparty portfolio. These measures will
continue to be enhanced and their coverage is to be extended to
include all market sensitive products and associated
collateral.
UBS's credit standards for entering into
unsecured derivative contracts are high. Particular emphasis is
placed on the maturity profile, and transactions with
counterparties of lower quality are generally conducted only on
a secured basis. In line with general market trends, UBS Warburg
is increasingly entering into bilateral collateral agreements
with other major banks to mitigate the potential concentrations
of exposure arising from industry consolidation and the ongoing
increase in volumes of OTC derivatives traded.
Settlement risk
UBS is exposed to settlement risk as a
consequence of its international transactional businesses.
Settlement risk arises in transactions involving the exchange of
values between counterparties when they must honor their
obligation to deliver cash or securities without first being
able to determine that they have received the counter-value.
This risk is particularly significant in relation to foreign
exchange and precious metals transactions. UBS limits and
monitors the risk on a continuous basis against settlement
tolerances set for each of its counterparties based on their
credit standing as determined by UBS. Settlement risk reduction
is a high priority for CRC, Operations and business units. They
work together to achieve shorter settlement cycles from payment
release to reconciliation, and to reduce the amount of exposure
by establishing risk reduction arrangements with counterparties,
such as payment netting and covered settlements.
UBS participates in payment and securities
clearing houses, and continues to play a major role in the
Continuous Linked Settlement (CLS) project, an industry
initiative to establish a global clearing house, CLS Bank, to
settle foreign exchange transactions on a delivery versus
payment basis. CLS is currently scheduled to go live at the end
of 2001 and will substantially reduce both settlement and
systemic risks faced by UBS and other major foreign exchange
trading banks.
Country risk
UBS's definition of country risk covers all
crossborder exposures from banking products and traded products,
including its own intra-Group cross-border positions, and
exposure to issuers of tradable assets such as bonds and
equities.
The CRC function at the Corporate Center assigns
ratings to all major countries based on internal analysis of
size and economic fundamentals and on external information.
Smaller economies to which UBS has little exposure are rated
based on external information only. Like the counterparty
ratings, the sovereign ratings express the probability of the
occurrence of a country risk event that leads to an impairment
of UBS's exposures. The default probabilities and the
mapping to the ratings of the major rating agencies are the same
as for counterparty credit risks (see table on page 54).
Country ratings are classified as industrialized (2 and better),
emerging markets (3 to 11) and distressed (12 to 14).
At 31 December 2000, CHF 1,058 billion or
98.5% of UBS's country risk exposure was to industrialized
countries, where the risk of default is judged to be negligible
and, of this, CHF 593 billion, or 56% were intra-Group
cross-border money market positions.
The remaining 1.5%, or CHF 16.3 billion, of
UBS's country risk exposure is to emerging markets and
distressed countries. This exposure has continued to decrease
during 2000 in line with the strategy of limiting exposure to
these sectors. Total exposure to emerging markets and distressed
countries fell by CHF 8.3 billion between 31 December 1999
and 31 December 2000, a reduction of 34%. In view of the
higher risk associated with emerging markets, UBS closely and
continuously monitors this exposure, within the country ceilings
approved by the Chairman's Office.
The country risk ceiling is a primary limit for
all transactions with counterparties in these countries, and
extension of credit may be denied on the basis of a country risk
ceiling even if there are adequate counterparty limits
available. The table on the following page analyzes the emerging
markets and distressed countries exposures by major geographical
areas at 31 December 2000 compared to 31 December
1999.
Counterparty default resulting from multiple
insolvencies (systemic risk) or general pre-
58
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Risk
Risk Analysis
Emerging Markets Exposures by Major
Geographical Areas
Total
Banking products
Region
CHF million
31.12.00
31.12.99
31.12.98
31.12.00
31.12.99
Emerging Europe
1,612
1,586
1,755
809
919
Emerging Asia
7,642
10,055
14,406
4,053
5,003
Latin America
4,268
9,647
11,528
2,352
8,169
Africa/ Middle East
2,736
3,314
4,740
1,564
2,539
Total
16,258
24,602
32,429
8,778
16,630
[Additional columns below]
[Continued from above table, first column(s) repeated]
Traded products
1
Tradable assets
2
Region
CHF million
31.12.00
31.12.99
31.12.00
31.12.99
Emerging Europe
395
248
408
419
Emerging Asia
1,355
3,873
2,234
1,179
Latin America
1,025
665
891
813
Africa/ Middle East
669
659
503
116
Total
3,444
5,445
4,036
2,527
1
Traded products
consist of derivative instruments and repurchase
agreements.
2
Tradable assets consist of equity
and fixed income financial instruments held for trading
purposes, which are marked to market on a daily basis.
vention of payments by authorities (transfer
risk) is the most significant long-term effect of a country
crisis. In its internal measurement and control of country risk,
however, UBS seeks to also consider the probable financial
impact of market disruption arising during and following a
country crisis: severe falls in the country's markets and
assets, longer-term devaluation of the currency and potential
immobilization of currency balances.
As an enhancement to this wider measurement
concept, UBS has started measuring country risk internally not
only in nominal terms, but also on a stress loss basis covering
market and credit risk, both at the country level, where
individual country ceilings are applied, and across the
portfolio, based on economic scenarios determined by country
economists. Stress loss-based measures were first introduced at
the country level in 2000 and will continue to be developed in
the light of experience and changing market conditions.
Provisioning policies
UBS classifies a claim as impaired if the book
value of the claim exceeds the present value of the cash flows
actually expected in future periods interest payments, scheduled
principal repayments, or other payments due (for example on
derivatives transactions), and including liquidation of
collateral where available. Within this category, loans are also
classified as non-performing where payment of interest,
principal or fees is overdue by more than 90 days.
UBS has established policies to determine the
carrying values of impaired claims are determined on a
consistent and fair basis, especially for impaired loans for
which no market estimate or benchmark for the likely recovery
value is available. Each case is assessed on its merits, and the
work-out strategy and estimation of cash flows considered
recoverable are independently approved by the CRC function. The
recovery value of mortgage loans is determined by capitalizing
an economically sustainable rental yield, adjusted for the
discount generally observed in forced liquidations and related
costs, if the strategy is based on a foreclosure. For commercial
exposures, enterprise value is determined from an assessment of
expected cash flows from future operations, if recovery is
likely to be successful, or of the liquidation value of the
assets, if bankruptcy proceedings are to be initiated against
the borrower. All future cash flows considered recoverable are
discounted to present value on the basis of the principles of
International Accounting Standard 39. A provision is then made
for the probable loss on the loan in question and charged to the
income statement as credit loss expense.
Allowances and provisions for credit losses also
include a component for country risk. UBS's approach to
country risk provisioning follows the guidelines of the Swiss
Bankers' Association, which allow banks to establish
provisions based on their own portfolio scenarios. UBS
establishes country-specific scenarios, which are reviewed and
used on an ongoing basis, to evaluate the current and future
probability of default due to country risk incidents or
country-specific systemic risks. The appropriate provisions are
then determined by evaluating the type of credit exposure and
the loss severities that have been attributed to each exposure
type. Furthermore UBS has specific allowances against exposures
in countries that are subject to a moratorium or have been
rescheduled. The amount of such allowances is determined
case-by-case from an assessment of the amounts that UBS deems to
be irrecoverable.
59
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Risk
Risk Analysis
Summary of Banking Products Exposure and
Credit Risk Results
UBS Switzerland
UBS Warburg
Other
1
CHF million
For the year ended
31.12.00
31.12.99
31.12.00
31.12.99
31.12.00
31.12.99
Loans (gross)
183,943
199,960
99,787
77,151
786
903
Contingent claims
10,613
9,465
11,440
15,136
0
0
Unutilized committed lines
3,574
3,444
47,402
60,412
0
0
Total banking products exposure
198,130
212,869
158,629
152,699
786
903
Annual expected loss
784
1,071
247
333
0
0
Total credit loss (recovery)/expense
(695
)
965
565
0
0
(9
)
Corporate Center balancing items
[Additional columns below]
[Continued from above table, first column(s) repeated]
UBS Group
CHF million
For the year ended
31.12.00
31.12.99
31.12.98
Loans (gross)
284,516
278,014
330,964
Contingent claims
22,053
24,601
32,259
Unutilized committed lines
50,976
63,856
82,311
Total banking products exposure
357,545
366,471
445,534
Annual expected loss
1,031
1,404
1,696
Total credit loss (recovery)/expense
(130
)
956
951
Corporate Center balancing items
(1,161
)
(448
)
(745
)
1
Includes
Corporate Center and UBS Asset Management.
In general, Swiss practice is to write off loans
entirely only on final settlement of bankruptcy proceedings,
sale of the underlying assets, or formal debt forgiveness. By
contrast, US practice is generally to write off non-performing
loans much sooner, reducing the amount of such loans and
corresponding provisions recorded at any given date. A
consequence of this practice is that, for UBS, recoveries of
amounts written off in prior accounting periods tend to be
small.
Credit loss expense
UBS reports its results according to IAS, under
which credit loss expense charged to the financial accounts in
any period are the sum of net allowances minus recoveries
arising in that period, i.e. the credit losses actually
incurred. In 2000, provisions on new impaired loans were more
than offset by the effect of re-evaluating provisions on
existing impaired loans resulting in a net credit to the income
statement of CHF 130 million. This compares to a net credit loss
expense charge in 1999 of CHF 956 million.
This positive result was due to the strong
economy in Switzerland combined with successful recovery
efforts. Previous provisions had been established against a
background of several years of relatively low growth in the
Swiss economy and relatively high credit losses. During the year
2000, the Swiss economy expanded at the fastest rate in a
decade. The growth was broadly based, especially in the domestic
sector, and was markedly higher than could have been foreseen in
1999. This turnaround has positively affected real estate values
and the real estate construction market, which has led to
reductions in existing provisions against loans in these
portfolios and a decreased level of new defaults and
impairments. In view of its significant exposure to the Swiss
market, UBS's overall credit quality is highly dependent on
economic developments in Switzerland. As the graph shows, the
better performance of the Swiss economy has translated into a
sustained reduction in the bankruptcy rate since 1999.
By contrast, mounting signs of a trend of
increasing defaults in the international credit markets and
particularly the US, required additional loan loss provisions to
be taken on UBS Warburg's loan portfolio. Over the last few
years UBS has pursued a strategy of active reduction of
international and emerging markets credit exposures and has
increasingly used credit derivatives to hedge credit exposures.
Despite the increase in provisions, this strategy, coupled with
a reluctance to engage in balance sheet led earnings growth, has
positioned UBS relatively well for the less positive outlook in
the international credit markets.
The development of the total credit loss expense
in 1998 and 1999 included the effect of allocations from the
special reserve pools that had been established in 1996, by both
Union
60
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Risk
Risk Analysis
Allowances and Provisions for Credit
Risk
UBS Asset
UBS Switzerland
Management
UBS Warburg
CHF million
As of
31.12.00
31.12.99
31.12.00
31.12.99
31.12.00
31.12.99
Loans (gross)
183,943
199,960
561
213
99,787
77,151
Impaired loans
1
13,671
19,166
–
–
4,797
3,226
Allowances for impaired loans
7,281
10,447
–
–
2,399
2,018
of which:
Non-performing loans
7,872
11,416
–
–
2,554
1,594
Allowances for non-performing loans
4,702
7,315
–
–
2,143
1,341
Total allowances for impaired and non-performing loans
7,281
10,447
–
–
2,399
2,018
Other allowances and provisions for credit and country risk
22
–
–
–
874
927
Total allowances and provisions
7,303
10,447
–
–
3,273
2,945
of which country allowances and provisions
–
–
–
–
1,292
1,376
Ratios
Impaired loans as a % of gross loans
1
7.4
9.6
–
–
4.8
4.2
Non-performing loans as a % of gross loans
4.3
5.7
–
–
2.6
2.1
Allowances and provisions for credit loss as a % of gross loans
4.0
5.2
–
–
3.3
3.8
Allocated allowances as a % of impaired loans
1
53.3
54.5
–
–
50.0
62.6
Allocated allowances as a % of non-performing loans
59.7
64.1
–
–
83.9
84.1
[Additional columns below]
[Continued from above table, first column(s) repeated]
Corporate Center
UBS Group
CHF million
As of
31.12.00
31.12.99
31.12.00
31.12.99
Loans (gross)
225
690
284,516
278,014
Impaired loans
1
26
64
18,494
22,456
Allowances for impaired loans
5
6
9,685
12,471
of which:
Non-performing loans
26
63
10,452
13,073
Allowances for non-performing loans
5
5
6,850
8,661
Total allowances for impaired and non-performing loans
5
6
9,685
12,471
Other allowances and provisions for credit and country risk
–
–
896
927
Total allowances and provisions
5
6
10,581
13,398
of which country allowances and provisions
–
–
1,292
1,376
Ratios
Impaired loans as a % of gross loans
1
11.6
9.3
6.5
8.1
Non-performing loans as a % of gross loans
11.6
9.1
3.7
4.7
Allowances and provisions for credit loss as a % of gross loans
2.2
0.9
3.7
4.8
Allocated allowances as a % of impaired loans
1
19.2
9.4
52.4
55.5
Allocated allowances as a % of non-performing loans
19.2
7.9
65.5
66.3
1
Includes
non-performing loans.
Bank of Switzerland and Swiss Bank Corporation
totaling some CHF 5.5 billion. These reserves were established
in recognition of the fact that there might be a further
deterioration in the quality of their loan portfolios as a
result of adverse economic conditions, particularly in
Switzerland. These reserves totaled CHF 3.6 billion at the
beginning of 1998. CHF 3.3 billion was applied against specific
loan exposures during 1998 and the remaining balance of CHF 300
million was applied or reversed in 1999. Following these
allocations, the credit loss expense incurred in 1998 amounted
to CHF 951 million and in 1999 to CHF 956 million.
Impaired loans, allowances and
provisions
As shown in the table above, the allowances and
provisions for credit losses decreased by CHF 2,817 million, or
21%, from CHF 13,398 million at 31 December 1999 to CHF
10,581 million at 31 December 2000 (see also note 12b to
the Financial Statements.) UBS believes that the probable losses
in its portfolio are adequately covered by its allowances and
provisions.
The component of provisions and allowances for
emerging market-related exposures stood at CHF 1,292 million at
31 December 2000, compared with CHF 1,376 million at
31 December 1999 and CHF 1,450 million at 31 December
1998. The reduction is a consequence of the overall size of
UBS's emerging market exposures and the improved outlook
for the major emerging market economies since the crisis of
1998. The country risk scenarios used to assess portfolio
provisions have changed over the three years with the focus
shifting to some extent from Asia to Latin America.
Impaired loans have decreased to CHF 18,494
million at 31 December 2000 from CHF 22,456 million at
31 December 1999. Over the same period, the sub-set of
non-performing loans has also decreased, to CHF 10,452 million
from CHF 13,073 million and the non-performing loans ratio
improved to 3.7% from 4.7%. This positive result was due
61
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Risk Analysis
in part to the unexpectedly strong performance of
the economy in Switzerland, described above, which produced
fewer new impaired and non-performing loans than in previous
years, and in part to continuing efforts to conclude proceedings
and reach settlement on existing nonperforming loans. UBS
Switzerland's portfolio therefore saw decreases in the
impaired and nonperforming loans of CHF 5,495 million and CHF
3,544 million, respectively.
UBS Warburg's portfolio, on the other hand,
saw an increase in impaired loans of CHF 1,571 million and in
non-performing loans of CHF 960 million, in line with the trends
in the international credit markets and especially the US.
Although UBS's non-performing loans ratio is somewhat
higher than that of comparable US banks, the comparison reflects
different charge-off practices rather than underlying asset
quality.
Market risk
Market risk is the risk of loss arising from
movements in observable market variables such as interest rates,
exchange rates and equity markets. In addition to these and
other general market risk factors, the risk of price movements
specific to an individual issuer of securities or an individual
issue are included in the measurement of market risk.
UBS's market risk is incurred principally
through the trading activities of UBS Warburg. It arises
primarily from market making and client facilitation activity in
equities, fixed income and interest rate products and in foreign
exchange and precious metals. Activity is mainly in OECD
markets, with some business in emerging markets. Proprietary
positions based on market views are also taken.
Group Treasury assumes market risk in the
management of the Group's balance sheet where long-term
interest rate risk is transferred from other Business Groups,
and through the Group's structural foreign exchange
positions. Group Treasury's activities are described in the
Asset and Liability Management section on pages 66 to 75.
Further market risks arise, but to a much lesser
extent, in other businesses, again, primarily from the
facilitation of customer business, but also in the form of
interest rate risk in the banking books of the private label
banks of UBS Switzerland.
Market risk measures are applied to all the
trading books of UBS Warburg, to all foreign exchange and
precious metals exposures, to interest rate risk in the banking
book taken by the private label banks and Group Treasury, and to
any other material market risk arising.
Risk measurement
The expected, statistical and stress loss
framework is applied to market risk as follows:
–
Expected loss is reflected in the valuation
	adjustments made to the portfolio. These cover price
	uncertainties resulting from a lack of market liquidity or the
	absence of a reliable market price for an instrument or
	position, and model risk in more complex models.
–
Statistical loss is measured using a
	Value-at-Risk (VaR) methodology. VaR expresses the potential
	loss on the current portfolio assuming a specified time horizon
	before positions can be adjusted (holding period), and measured
	to a specified level of confidence. UBS measures VaR on both a
	one-day and a ten day holding period, in both cases to a 99%
	confidence level. Estimates are based on historical simulation,
	assessing the impact of historical market movements on
	today's portfolio, based on five years of historical data.
	One day VaR exposure expresses the maximum daily mark to market
	loss that UBS is likely to incur on the current portfolio under
	normal market conditions with a larger loss being statistically
	likely only once in a hundred times.
–
Stress loss is measured based on extreme but
	plausible market scenarios, approved by the Board of Directors,
	using stress moves in market variables which are regularly
	reviewed and approved by the Group CRO. Scenarios may be derived
	from severe historical events or based on prospective crisis
	scenarios developed from the current economic situation and
	perceived market trends.
The Board of Directors has set limits on market
risk at the Group level in terms of both ten-day VaR (risk
appetite) and stress loss (risk capacity). The Group VaR limit
is allocated by the GEB among the Business Groups, the largest
limit being in UBS Warburg, and
62
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Risk
Risk Analysis
Summary of 10-day 99% Confidence Value at
Risk
UBS Warburg
12 months ending 29.12.00
1
12 months ending 31.12.99
CHF million
Min.
Max.
Average
29.12.00
Min.
Max.
Average
31.12.99
Risk type
Equities
144.7
245.9
199.4
146.5
121.8
207.6
162.5
172.8
Interest rates
113.8
202.3
149.8
132.8
87.7
187.6
140.2
140.1
Foreign exchange
7.6
97.5
32.5
31.6
9.5
144.7
57.5
76.1
Precious metals
2.1
27.4
9.7
5.3
5.3
35.8
21.0
27.8
Diversification effect
–2
–2
(148.3
)
(129
)
–
2
–
2
(168.2
)
(193.2
)
Total UBS Warburg
186.8
296.1
243.0
187.1
176.6
275.7
213.1
223.6
1
Positions
from PaineWebber are included from legal merger date 3 November
2000 onwards.
2
As the minimum and maximum
occur on different days for different risk types, it is not
meaningful to calculate a portfolio diversification
effect.
Summary of 10-day 99% Confidence Value at Risk
for UBS Group
UBS Group VaR
1
Utilization
CHF million
Limit
29.12.00
31.12.99
Business Groups
UBS Warburg
450.0
187.1
223.6
UBS Switzerland
50.0
3.7
4.3
Corporate Center
350.0
45.3
59.8
Reserves
100.0
Diversification effect
n/a
(46.5
)
(55.5
)
UBS Group
600.0
189.6
232.2
1
Remark:
VaR numbers include interest rate exposures in the banking books
of the Private Label Banks and Group Treasury.
within the Business Groups to lower
organizational levels as necessary. The internal ten-day VaR
measure is also the basis of UBS's market risk regulatory
capital requirement.
All VaR models, while forward-looking, are based
on past events and are dependent upon the quality of available
market data. In order to enhance the continuing accuracy and
effectiveness of the VaR model, actual revenues arising from
closing positions are compared with the risk calculated on those
positions, in a process known as backtesting. If the revenue,
whether positive or negative, exceeds the one-day VaR, a
"backtesting exception" is considered to have
occurred. When VaR is measured at a 99% confidence level, a
backtesting exception is expected, on average, one day in a
hundred. A higher rate of occurrence may indicate that the VaR
model (the combination of the inputs and the calculations) is
not fully capturing all risks. UBS conducts backtesting daily at
a number of organizational levels down to individual trading
portfolios and investigates all backtesting exceptions to
establish the cause and take remedial action where
necessary.
Backtesting is also a regulatory requirement, and
negative backtesting exceptions (where revenue is negative and
greater than the previous one-day VaR) must be reported to the
regulators.
The VaR and market risk stress loss limits are
the principal controls on UBS's exposure to day-to-day
movements in market prices, but complementary controls are also
applied to prevent undue concentrations, including limits on
exposure to individual market risk variables and limits on
positions in the securities of individual issuers. These
controls are set at levels which reflect variations in market
depth and liquidity.
Investment positions
Investment positions, such as private equity,
require different risk measures from those applied to trading
positions, because their intended holding period and the time
scale over which they can be hedged or liquidated is longer than
the holding periods assumed in
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Risk Analysis
the trading book measures. They are not,
therefore, included in the market risk measures described above,
but are controlled through limits to prevent undue concentration
in individual investments or sectors, and through close
monitoring and management of exposures.
Market risk developments
The table above shows average, minimum, maximum
and year end market risk exposure for UBS Warburg, as measured
by 10-day 99% confidence VaR exposure.
Market risk in UBS Warburg, as measured by
average VaR exposure, increased in 2000 compared with 1999,
although the year end position was lower for 2000 than for 1999.
The variations in VaR through the year can be seen in the graph
on the following page.
As in 1999, the major VaR exposures arose in the
equity and interest rate risk classes. Average VaR increased for
both, but most noticeably in equities where there were
particularly good trading opportunities. UBS Warburg has kept
direct price exposure to the new economy stocks deliberately low
and, as a consequence, has not suffered exceptional P&L
swings from these highly volatile stocks, as can be seen from
the revenue line in the graph on the following page. The overall
reduction in UBS Warburg's VaR at year end was caused
largely by reductions in equities positions.
The PaineWebber merger did not cause a
significant change in UBS Warburg's total VaR
exposure.
Market risk positions in UBS Switzerland and
Corporate Center have only a marginal impact on total VaR at
Group level, the main contribution being from UBS Warburg.
UBS has had no regulatory backtesting exceptions
in 2000.
Consequential risks
The consequential risk (or operational risk)
categories are transaction processing risk, liability risk,
legal risk, compliance risk, security risk and tax risk.
UBS is continuing to develop both qualitative and
quantitative approaches to the management and control of
consequential risks. A measurement framework has been
formulated, but full implementation depends upon the existence
of multiperiod exposure and loss data. Current efforts are
therefore centered on building this history and on the
qualitative aspects of risk management and control –
identification and recording of risks and exposures,
establishment of policies, standards and procedures, close
monitoring and management of identified risks, and initiation of
corrective action where necessary in response to
incidents.
By identifying and recording these risks and
tracking their evolution, UBS will establish the basis from
which the quantitative framework can be realized.
The consideration of consequential risks is an
important element in the assessment of new businesses and of
transactions with unusual structure.
Consequential risk developments
Under the Group and Business Group CROs, all
consequential risks are now formally integrated into the
independent risk control process.
With information security assuming ever
increasing importance in today's banking environment, UBS
has separated information security risk control from IT
development and production functions by creating independent
information security risk control units, reporting to the Group
CRO. The successful parrying of recent virus attacks against UBS
has shown the expertise and strength of the information security
risk control and management organization in protecting the
confidentiality and integrity of our client data and
assets.
UBS, as the largest Private Bank in the world,
initiated and achieved international agreement with 11 major
banks and Trans-
64
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Risk Analysis
parency International, the leading international
organization dedicated to combating corruption, on global
anti-money laundering guidelines for private banking 
– the "Wolfsberg Anti-Money Laundering
Principles". Their purpose is to try to prevent the use of
banks' worldwide operations for criminal purposes. Banks
adopting these principles will endeavor to accept only those
clients whose source of wealth and funds can be reasonably
established to be legitimate. The principles deal with
"know your customer" policies and the identification
and follow-up of unusual or suspicious activities. UBS is
committed to following these principles.
65
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Risk
Asset and Liability Management
Asset and Liability
Management
UBS's Asset and Liability Management
processes are designed to manage all balance-sheet related risks
on a co-ordinated Group-wide basis. Group Treasury is
responsible for the management of these risks so that the
financial resources of the Group are efficiently used.
The primary mission of our asset and liability
management activities is to contribute to the maximization of
UBS's shareholder value through the optimal management of
the Group's financial resources. The individual goals of
these processes are:
–
Efficient management and control of the
	Group's non-trading interest rate and foreign exchange
	exposures.
–
Sustainable and cost-efficient funding of the
	Group's balance sheet.
–
Optimal liquidity management in order to generate
	cash when required.
–
Efficient management of capital, while
	maintaining strategic flexibility, sound capitalization and
	strong ratings.
–
Compliance with all applicable legal and
	regulatory requirements.
Group Treasury is governed by the Group's
Risk Management and Control Principles, with its own specific
processes and policies, tailored to the types of risk it
manages: Group liquidity risk, Group funding risk and
non-trading related foreign exchange and interest rate
risk.
Principles
The Group's approach to interest rate risk
management is based on a comprehensive framework in which only a
limited number of business areas are allowed to actively manage
interest rate risk. All non-trading interest rate risk is
transferred, as it is incurred, to either Group Treasury or to
UBS Warburg's Cash and Collateral Trading book (CCT),
depending on the maturity and currency of the underlying
transaction.
These two business areas manage these risks
centrally, within pre-defined risk limits, exploiting the
Group-wide netting potential. If appropriate, Group Treasury
transfers some of its risk to CCT which, in turn, interacts with
the external market.
These processes aim to immunize the originating
business unit from all interest rate risk, providing them with
an interest rate risk-free margin.
UBS's liquidity management ensures that the
Group can at all times fulfil its payment obligations, without
compromising its ability to take advantage of market
opportunities as they arise. Liquidity management is based on an
integrated system which encompasses all known cash flows within
the Group, and takes account of the availability of high-grade
collateral. The liquidity position is managed using
scenario-based analysis taking stress factors into
consideration.
Group Treasury and CCT operate an integrated
collateral management process which both provides collateral for
CCT's securities lending activities and constitutes a key
element of the Group's liquidity management. CCT is able to
generate substantial revenues for the Group and its clients
through securities lending transactions.
Group Treasury co-ordinates all funding
activities in order to ensure that the Group's businesses
are funded at the lowest possible costs. It also seeks to
maintain a well diversified portfolio of funding sources and to
preserve a balanced liability structure.
UBS's currency management seeks to shield
UBS's equity and expected future cash flows from adverse
currency fluctuations against the Swiss franc.
Currency translation risk management ensures that
UBS's equity is always invested in Swiss francs, while
currency transaction risk management proactively hedges
recognized future foreign currency exposures against the Swiss
franc. The hedging process is centered on the use of a
cost-efficient option strategy, designed to retain the upside
potential of any favorable currency movements.
UBS's capital management aims to guarantee
sound capitalization, strong credit ratings and compliance with
regulatory requirements, while maximizing shareholder value.
UBS's capital needs are constantly analyzed to ensure that
the individual business areas are always supplied with
sufficient capital to meet their anticipated requirements. Where
excess capital is identified, UBS is committed to the innovative
use of capital management techniques to return surplus funds to
shareholders.
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Interest rate risk
management
Interest rate risk is inherent to many of
UBS's businesses. Interest rate risks arise from a variety
of factors, including differences in the timing between the
contractual maturity or repricing of assets, liabilities and
derivative instruments. Net interest income is affected by
changes in market interest rates, because the repricing
characteristics of loans and other interest earning assets do
not necessarily match those of deposits, other borrowings and
capital. In the case of floating rate assets and liabilities,
UBS is also exposed to basis risk, which is the difference in
repricing characteristics of the relevant pairs of floating rate
indices, such as the savings rate and six months LIBOR. In
addition, certain products have embedded options that affect
their pricing and their effective maturity.
UBS adopts a comprehensive Group-wide approach to
managing interest rate risk, and allocates the responsibility
for managing this risk to a limited number of business areas.
Under this approach, interest rate risk is clearly segregated
into trading and non-trading risk. All interest rate risks
arising from non-trading business activities are captured at the
point of business origination and transferred either to CCT or
to the Group Treasury through a Group-wide transfer pricing
mechanism. The risk is then managed centrally either by Group
Treasury or by CCT in accordance with the relevant risk policies
and limits.
(The private label banks of UBS Switzerland,
while subject to the same transfer prices, are an exception to
this rule, and manage their own interest rate risk
separately.)
Internal hedging process
In the case of client businesses which have no
contractual maturity date or directly marketlinked customer
rate, such as savings accounts or current accounts, the interest
rate risk is transferred from the business areas by pooled
transactions to Group Treasury's Bank Book. Since these
products effectively contain embedded options in respect of
withdrawal/pre-payment and rate setting, they cannot be
economically hedged by single back-to-back transactions. Group
Treasury therefore manages the inherent interest rate risk in
these products through the establishment of replicating
portfolios of revolving fixed-rate transactions of predefined
maturities which approximate the average cash flow behavior of
these positions.
Until the end of 2000, the interest rate risk of
long-term Swiss franc transactions with fixed maturities beyond
1 year was transferred by single back-to-back transactions
from the originating business area to CCT. In this way the
originating business area was immunized from any residual
interest rate risk and thus locked in an interestrate-risk-free
margin on these products. Since the start of 2001 these
back-to-back transactions have been carried out with Group
Treasury rather than with CCT. This allows UBS to benefit
directly from the netting potential between these transactions
and the replicating portfolios. Group Treasury then economically
hedges all remaining risks (after netting) through internal
transactions with CCT.
Short-term (fixed maturity below 1 year) and
non-Swiss franc transactions continue to be transferred directly
into the trading book of CCT.
In addition to the interest rate risk associated
with client business, a significant amount of interest rate risk
arises in relation to non-business balance sheet items, such as
in the refinancing of the Group's real estate, equity
investments in associated companies and the investment of
UBS's own equity. The refinancing of real estate and equity
investments and the investment of equity are all strategic
decisions which implicitly create nontrading interest rate
exposures. The interest rate risks inherent in these balance
sheet items are managed by Group Treasury by representing them
as replicating portfolios, on the basis of decisions taken by
the Group Executive Board as to the appropriate effective
maturities.
All the replicating portfolios in the Bank Book
are updated monthly by replacing maturing tranches with new
aggregate tranches which reflect the changes in the balance
sheet over the period. By their nature, the staggered tranches,
making up each replicating portfolio, reduce the volume that
must be economically hedged by the Bank Book at each monthly
rollover. Even so, the new aggregate tranches are of such a size
that they cannot be offset instantly. The Bank Book therefore
assumes intra-month interest rate exposure while it executes the
necessary offsetting hedges with CCT. The exposure in the Bank
67
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Interest Rate Sensitivity of the Bank
Book
Within 1
1 to 3
3 to 12
1 to 5
Over
CHF thousand per basis point
month
months
months
years
5 years
Total
CHF
(11
)
60
239
493
(37
)
744
USD
13
58
11
(342
)
(183
)
(443
)
EUR
0
9
1
82
177
269
GBP
0
0
(36
)
270
585
819
JPY
0
0
0
(1
)
(4
)
(5
)
Others
0
0
0
0
0
0
Total
2
127
215
502
538
1,384
of which equity replicating portfolio
CHF
28
11
288
7,295
2,981
10,603
Bank Book without equity replicating portfolio
Total
(26
)
116
(73
)
(6,793
)
(2,443
)
(9,219
)
Book therefore tends to fluctuate between monthly
rollovers.
Within its risk limits, CCT decides whether the
internal hedge transactions will be offset with the external
market or remain in its trading book.
Interest rate sensitivity of the Bank
Book
The Group Executive Board has approved risk
management policies, risk limits and a control framework for the
entire interest rate risk management process, including the
establishment of a Value-at-Risk (VaR) limit for the interest
rate exposure of the Bank Book. The Market Risk Control function
monitors the risk in both CCT and Group Treasury on a daily
basis as part of UBS's overall market risk in order to
ensure the integrity of the interest rate risk management
process and its compliance with the defined risk limits.
UBS's approach to managing the interest rate
risks in the Bank Book follows the regulatory framework recently
introduced by Swiss Federal Banking Commission (FBC). In the
course of 2000, it became mandatory for all Swiss banks to
report to the Swiss National Bank the interest rate sensitivity
of the Bank Book on a quarterly basis. Additionally, the
specific composition of the underlying replicating portfolios
used to manage individual balance sheet items must be disclosed
in order to assist the regulators to identify
"outliers" in terms of interest rate risk
profiles – profiles which are not typical of a bank or
the part of its business that is being monitored.
The table above shows the interest rate
sensitivity of the Bank Book as at 31 December 2000
measured in terms of the potential impact of a one basis point
(0.01%) parallel rise in interest rates on the market value of
each balance sheet item.
The most significant component of the Bank Book
sensitivity stems from the investment of the Group's
equity. At 31 December 2000, the Group's equity
was invested in a portfolio of fixed-rate CHF deposits with an
average duration of 2.5 years and a sensitivity of
CHF 10.6 million per basis point, in line with the
strategic investment targets set by the Group Executive Board.
In order to ensure that these targets are met, the Group's
equity is offset by a liability position represented as a
replicating portfolio reflecting this target bench mark. The
Group's equity is thus automatically invested according to
the strategic targets so as to offset the interest rate risk
associated with this equity replicating portfolio. The interest
rate sensitivity of these investments indicates the extent to
which their fair value would be affected by a move in interest
rates. This in turn is directly related to the chosen investment
duration. However, when measured against the offsetting equity
replicating portfolio, the residual interest rate risk is not
significant. Moreover, any reduction in the interest rate
sensitivity relating to the investment of UBS's equity
would inevitably require investing at significantly shorter
maturities, which would lead to a higher volatility in the
Group's interest earnings.
In addition to the standard sensitivity measure
shown above, UBS uses the following two measures to help monitor
the risk inherent in the Bank Book:
–
Net interest income at risk, which is defined as
	the exposure of the net interest income
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arising in the Bank Book to an adverse movement
	in interest rates over the next twelve months. Since all client
	business with fixed maturities is "match funded", the
	product margins of these transactions are not affected by
	changes in interest rates. Therefore only net interest income
	positions resulting from replicating portfolios are exposed to
	market changes. The net interest income at risk figure estimates
	the impact of different changes in the level of interest rates
	using shock scenarios as well as gradual changes in interest
	rates over a period of time. All of the scenarios are compared
	with a scenario where current market rates are held constant for
	the next twelve months.
–
Economic value sensitivity, which is the
	potential change in market value of the Bank Book resulting from
	large changes in interest rates. This estimates the effect of an
	immediate interest rate shock on the net position in the Bank
	Book.
The net interest income at risk measure on the
Bank Book considers such variables as:
–
Re-pricing characteristics of assets and
	liabilities.
–
The effect of rate barrier, such as caps and
	floors, on assets and liabilities.
–
Maturity effects of replicating portfolios.
–
Behavior of competitors.
The methodology is designed to highlight the
effects of market changes in interest rates on existing balance
sheet positions; it ignores future changes in the asset and
liability mix and therefore it is not, by itself, a predictor of
future net interest income.
Both measures are based on the Bank Book's
interest rate position excluding the liability position relating
to the "equity replicating portfolio".
The two methodologies provide different measures
of the level of interest rate risk. The economic value
sensitivity measure provides a longer-term view, since this
considers the present value of all future cash flows generated
from the existing balance sheet positions. The net interest
income at risk measure provides a shorter-term view, as it
considers the repricing effect from all maturing positions over
the next twelve months. The table below shows the change in risk
under both measures between 31 December 1999 and
31 December 2000.
Among various scenarios that have been analyzed,
the net interest income at risk figure shown is the worst case
and relates to an interest rate shock (parallel shift) of
–200 basis points. At 31 December 1999, the difference
to the constant market rate scenario represented –5.6% of
the year's total net interest income and –3.0% at
31 December 2000. In this extreme scenario the largest
part of the decrease would occur due to lower margins on deposit
accounts and lower returns on the investment of the Group's
equity.
The economic value sensitivity shows the effect
of a 100 basis point adverse interest rate shock, implying that
UBS had an exposure of CHF –555 million to that degree of
rising rates at 31 December 1999 and CHF –908
million at 31 December 2000.
The substantial increase in the economic value
sensitivity in the course of 2000 was primarily due to the
decision to lengthen the duration of the Group's equity
investment. The other main contribution to the increase resulted
from the USD refinancing of the PaineWebber acquisition, which
lead to a negative sensitivity to USD rates.
Other effects of interest rate changes
on
UBS's profitability
Neither of these two methodologies gives a
complete picture of the effect of interest rate changes on the
Group's revenues and costs. In principle, higher rates give
UBS opportunities to improve loan pricing and deposit margins.
Income from invested equity also increases, particularly where
the yield curve is steep, al-
Change in Risk under two
Methodologies
For the year ended
CHF million
31.12.00
31.12.99
31.12.98
Net interest income at risk
(247
)
(355
)
(265
)
Economic value sensitivity
(908
)
(555
)
(493
)
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though as it is mostly invested long term the
average rate only rises slowly. However, rising interest rates
also cost the Group money, through the cost of funding its
trading portfolios, especially if the yield curve is inverted.
Loan demand may also reduce and deterioration in credit quality
is likely, especially if rates rise towards the end of the yield
cycle. At the same time, increased rates may reduce the
prospects for growth in equity markets, leading to lower net new
money and lower transaction volumes, both of which would impact
our fee income. Furthermore, changes in rates in different
currencies have stronger or weaker effects on different aspects
of the overall picture – trading related revenues are more
exposed to changes in USD rates, but loans and deposit margins
to changes in CHF rates.
A similarly complicated picture would apply to a
reduction in interest rates. So, although the sensitivity of
UBS's income to changes in the rates applied to its current
balance sheet positions gives some indication of interest rate
risk, the overall effect of a change in interest rates on the
whole of the Group's business is much harder to model. It
will partly depend on other factors, such as the shape of the
yield curve, the position in the credit cycle and market
perceptions of the progress of key economies.
Liquidity and funding
management
The Group Executive Board (GEB) has approved
a policy which establishes the core principles for liquidity
management and has defined an appropriate contingency plan. A
first set of principles relates to the establishment of
liquidity risk limits (for example a net overnight funding
limit). The risk limits are set by the GEB and monitored by the
Group Treasury Committee which is chaired by the Group Treasurer
and meets on a monthly basis to assess the Group's
liquidity exposure. A second set of principles concentrates on
liquidity crisis management for which detailed contingency plans
have been developed. Regional committees constantly monitor the
markets in which UBS operates for potential threats and
regularly report their findings to the GTC. In the event of a
liquidity crisis regional crisis task forces will perform all
necessary contingency actions under the direction of senior
management.
The liquidity management process is undertaken
jointly by Group Treasury and CCT. Group Treasury's
function is to establish a comprehensive framework of policies
and risk limits, while CCT undertakes operational cash and
collateral management transactions within the established
parameters. UBS's centralized cash and collateral
management structure permits a tight control on both its global
cash position and the stock of highly liquid and rediscountable
securities.
Liquidity management approach
UBS's approach to liquidity management seeks
to ensure that the Group will always have sufficient liquidity
to meet its liabilities when due, without compromising its
ability to respond quickly to strategic market opportunities.
UBS's centralized approach to liquidity management
encompasses the entire network of branches and all subsidiaries
and ensures that the liquidity position is more than adequate to
cover short-term liabilities at all times. UBS's liquidity
management is based on an integrated framework that incorporates
an assessment of all known cash flows within the Group and the
availability of high-grade collateral, which could be used to
secure additional funding if required. The liquidity position is
prudently managed under a variety of potential scenarios, taking
stress factors into due consideration. The range of scenarios
analyzed encompasses both normal market conditions and stressed
conditions, including both bank-specific and general market
crises. For each scenario considered, the short-term liquidity
position arising out of nontrading activities is determined by
matching liabilities running off against maturing assets repaid.
This gap is then augmented by that of the trading book by
ascertaining the value of assets which could be liquidated as
compared to the liabilities which would have to be repaid. Here,
due account is also taken of UBS's large stock of
high-quality collateral.
Benefits of centralization
Being a globally integrated financial services
firm, UBS's range of business activities naturally generate
asset and liability portfolios which are highly diversified with
respect to market, product and currency. This lowers
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UBS's exposure to individual funding
sources, and also provides a broader range of investment
opportunities, which in turn reduces liquidity risk. The
centralized approach to liquidity management adopted at UBS
allows these advantages to be exploited. Group Treasury is,
furthermore, instrumental in implementing an integrated
collateral management process on a Group-wide basis to ensure
that the large, high-quality pool of collateral gathered across
the Group is made accessible to UBS Warburg's CCT
activities. Through securities lending transactions, CCT creates
additional revenues for both UBS Group and its clients. These
activities also generate substantial funding on a secured basis
and provide an additional liquidity cushion which could be
crucial in crisis situations.
Funding management approach
UBS's funding strategy seeks to ensure that
business activities are funded at the lowest possible cost. With
a broad diversification of funding sources (by market, product
and currency), UBS maintains a well-balanced portfolio of
liabilities which generates a stable flow of financing and
additionally provides protection in the event of market
disruptions. In this context UBS's strong domestic retail
business is a very valuable, cost efficient and reliable source
of funding. Through the establishment of short, medium and
long-term funding programs in Europe, in the US and in Asia, UBS
can raise funds globally in a very efficient manner and minimize
its dependence on any particular source of funding.
Development during 2000
In the course of 2000, UBS's long-term debt
portfolio has decreased from CHF 56.3 billion at 31
December 1999 to CHF 54.9 billion at 31 December 2000 as
maturing issues were not fully replaced. The maturity profile of
the long-term debt portfolio is well balanced with a slight bias
towards shorter-term maturities. See note 21 to the Financial
Statements in UBS's Financial Report 2000 for further
information concerning long-term debt.
Currency
management
UBS reports its results in Swiss francs (CHF),
the currency of the country in which it is incorporated.
UBS's corporate currency management activities are designed
to protect the Group's equity and expected future foreign
currency cash flows from adverse currency movements against the
Swiss franc, while preserving the option of exploiting any
market opportunities which may arise.
While managing this risk the following
overarching principles are adhered to
–
Equity must be invested in Swiss francs.
–
Currency management processes must be designed to
	minimize exposures against the Swiss franc.
–
Core currency exposures must be actively managed
	to protect them against adverse currency movements.
Translation (balance sheet) currency
risk
UBS aims to maintain the flexibility to allow
foreign assets (a business unit or a non-financial asset) to be
divested at any time without adverse currency impacts. Foreign
currency assets are therefore match funded in the relevant
currency. The match-funding principle is also applied to the
financing of foreign investments, including foreign equity
investments. This strategy, together with the repatriation into
Swiss francs of foreign currency dividends and capital, ensures
that the Group's equity is always fully invested in Swiss
francs.
Transaction (revenues/costs) currency
risk
From 1 January 2001, a new process has been
implemented to improve and streamline the process of
transforming foreign currency results into Swiss francs,
creating greater transparency for the currency risk management,
budgeting and performance measurement processes.
The new process involves the regular conversion
of each month's profits or losses from the original
transaction currencies directly into Swiss francs at month end
instead of the previous, annual, two-step process initially
involving a conversion into the local reporting currency and
only then into Swiss francs. Foreign currency exposures will be
translated into Swiss francs at prevailing month end foreign
exchange rates rather than at the yearly average rates
previously used. The benefits of the
71
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new transaction currency risk management process
are
–
the monthly sell-down into Swiss francs will
	reduce volatility in the Group's earnings due to currency
	fluctuations;
–
the visibility of the break-down into the
	underlying original transaction currencies enables UBS to more
	effectively manage the currency exposures inherent in the
	Group's cost and revenue flows;
–
the foreign exchange rates used in the financial
	accounts will be the same as those used in management
	accounting.
While the new process will reduce the
susceptibility of annual earnings to adverse currency movements,
it will not completely immunize the Group against them. Group
Treasury will therefore proactively hedge significant currency
exposures (mainly USD, EUR and GBP), in accordance with the
instructions of the Group Executive Board and subject to the VaR
limit which has been established for this risk. Hedging
strategies employed include a cost-efficient option strategy,
providing a safety net against unfavorable currency fluctuations
while preserving the upside potential.
Process in use during 2000
The transaction currency risk management process
in use during 2000 was designed to protect the budgeted annual
foreign currency net profits against adverse currency movements
during the year. Foreign currency net profits in each currency
were actively managed by Group Treasury on behalf of the Group.
The non-trading foreign currency exposures were mainly hedged
with foreign exchange forward contracts, although foreign
exchange options were also used, particularly where there was a
measure of uncertainty about the magnitude of the underlying
income. During the year, actual results were continuously
monitored, and major budget deviations were communicated to
Group Treasury for potential additional hedge
transactions.
The table below summarizes the VaR usage in
relation to transaction currency risk in the course of
2000.
The net position of the budgeted net profits and
the corresponding hedges is the basis for the VaR calculation on
Group Treasury's non-trading currency position.
The principal contributors to non-trading
currency exposure are operations in the UK and the US. In
general under this previous process, the VaR position was
highest at the beginning of the year when the budgeted net
profits were transferred to Group Treasury and was gradually
reduced during the year, depending on the exact hedge strategy
being used. The underlying policy was to keep the VaR of the
non-trading currency position as low as practicable.
Non-trading currency risk VaR exposure in 2001 is
expected to be lower, thanks to the new currency management
process.
Non-trading Currency Risk VaR
Last value
CHF million
Minimum
Maximum
Average
of period
1999
1.4
77.8
37.1
59.7
2000
11.6
113.4
33.7
12.7
Capital Adequacy
CHF million, except ratios
31.12.00
31.12.99
31.12.98
BIS Tier 1 capital
31,892
28,952
28,220
BIS Tier 1 and Tier 2 capital
42,860
39,682
40,306
BIS Tier 1 capital ratio (%)
11.7
10.6
9.3
BIS Tier 1 and Tier 2 capital ratio (%)
15.7
14.5
13.2
Balance sheet assets
223,528
214,012
237,042
Off balance sheet and other positions
39,002
48,282
50,659
Market risk positions
10,760
10,813
16,018
Total BIS risk-weighted assets
273,290
273,107
303,719
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Capital
management
Capital management is undertaken by Group
Treasury as an integral part of the Group's asset and
liability management function. UBS's overall capital needs
are continually reviewed to ensure that our capital base can
appropriately support the anticipated needs of business units as
well as regulatory capital requirements.
As the table above shows, UBS is very well
capitalized. In the course of 2000, the BIS Tier 1 ratio
increased from 10.6% at 31 December 1999 to 11.7% at
31 December 2000. This improvement was possible despite the
merger with PaineWebber thanks to the increase in retained
earnings and the issuance of new equity and hybrid capital (a
share capital increase of 12 million new shares to help fund the
PaineWebber merger and the issuance of USD 1.5 billion Trust
Preferred Securities) and a substantial decrease from UBS's
in risk-weighted assets excluding the effect of adding
PaineWebber business.
The table above shows the key capital figures and
ratios as of 31 December 2000 and 31 December
1999.
The ratios measure capital adequacy by comparing
UBS's eligible capital with its risk-weighted assets, which
include balance sheet assets, net positions in securities not
held in the trading portfolio, off-balance sheet transactions
converted into their credit equivalents and market risk
positions at a weighted amount to reflect their relative
risk.
The calculation of capital requirements
applicable to UBS under Swiss Federal Banking Commission
regulations differs in certain respects from the calculation
under the BIS guidelines. Most importantly
–
where the BIS currently does not apply risk
	weightings above 100% to any asset category, the Swiss Federal
	Banking Commission applies risk weightings of greater than 100%
	to certain kinds of assets (for example real estate, bank
	premises, other fixed assets, equity securities and
	unconsolidated equity investments);
–
where the BIS guidelines apply 20% risk weighting
	to obligations of OECD banks, the Swiss Federal Banking
	Commission's regulations apply risk weightings of 25% to
	75% (depending on maturities) to debts from OECD banks.
As a result of these differences, UBS's
risk-weighted assets are higher, and its ratios of total capital
and Tier 1 capital are lower when calculated under the Swiss
Federal Banking Commission regulations as compared to BIS
guidelines. Nevertheless, UBS and its predecessor banks have
always had total capital and Tier 1 capital in excess of the
minimum requirements of both the BIS and the Swiss Federal
Banking Commission, since the regulations and guidelines were
first implemented in 1988.
Initiatives in 2000
UBS's capital management is primarily driven
by shareholder value considerations, respecting the need to
maintain strategic flexibility, sound capitalization and strong
ratings. During the course of 2000 several major measures were
taken to achieve these goals.
Share buy back and cancellation
In view of the continuous increase of capital
from retained earnings experienced during 1999, the Group
introduced a share buy-back program in January 2000, in
order to reduce the number of issued shares and enhance earnings
per share. The program ran until June 2000, during which
time a total of 18.4 million shares were repurchased at an
average price of CHF 217, representing a total expenditure of
CHF 4 billion and repurchase of about 4.3% of shares
outstanding. These shares will be cancelled in July 2001,
following the approval of shareholders at the Annual General
Meeting on 26 April 2001.
Stock Split
At the Annual General Meeting in April 2000,
shareholders approved a 2-for-1 stock split, effective 8
May 2000, reducing the par value of the share to the
minimum of CHF 10 then permissible under Swiss law. The
motivation behind the split was that, in absolute terms, the UBS
share was of relatively high value per share compared to stocks
of other European, and particularly US financial services
providers.
New York Stock Exchange
(NYSE) listing
On 16 May 2000 our shares were listed on the
NYSE in the form of global registered shares creating one global
share traded in Zurich, New York and Tokyo. As the first Swiss
com-
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pany to list a global share in New York, UBS
contributed to a significant enhancement in clearing and
settlement infrastructure, most notably the creation of a link
between the US and Swiss securities depositories to facilitate
cross-border settlement.
Equity funding of the PaineWebber
merger
UBS merged with Paine Webber Group Inc. on 3
November 2000. Half of the consideration was paid in UBS
shares, requiring a total of 41 million shares.
At an extraordinary general meeting on
7 September 2000, UBS shareholders approved the creation of
38 million new shares in the form of authorized capital for the
merger with PaineWebber and 17 million new shares in the form of
conditional capital for PaineWebber options outstanding beyond
the merger date. In order to minimize the dilutive effects of
the merger to existing shareholders, UBS issued only 12 million
new shares from authorized capital on the completion date. 7
million shares were re-issued out of the Group's Treasury
holdings and 22 million shares were borrowed.
On 6 November 2000 a new share buy-back
program was launched, which ran until 2 March 2001. Unlike
the program which ran in the first half of 2000 it was not
designed to result in cancellation of the repurchased shares. 22
million shares were purchased under this program between
November 2000 and January 2001, at an average price of CHF
262, and used to repay the shares borrowed to pay the
PaineWebber merger consideration. The remaining 8 million shares
purchased under this program will primarily be used to cover the
requirements of UBS's employee share schemes.
Capital management plans
for 2001
New second-line buy-back program
Given its continuing strong capital generation,
UBS intends again to repurchase shares for capital reduction
purposes under a "second-line" buyback program, aimed
at institutional investors, allowing tax efficient cancellation
of shares.
This new second-line program becomes available
from 5 March 2001 and may run until 5 March 2002. A
maximum of CHF 5 billion worth of shares may be repurchased
under the program. These shares will be cancelled following
approval by the Annual General Meeting in April 2002.
Share split and distribution by par
value reduction
The minimum par value allowed under law for a
Swiss share is CHF 10. The share split that UBS implemented in
May last year brought the par value of its share down to this
level, removing any further opportunity to split the
share.
Under new regulations, which are currently
passing through the Swiss legislative process and are expected
to become effective on 1 May 2001, the minimum par value is
expected to be reduced to CHF 0.01. UBS intends to utilize this
change to lower the market price per share to a level more in
line with that of its global peer group, and to make a tax
efficient payment to its shareholders in the form of a reduction
in the nominal value of its shares.
If shareholder approval is granted, a
distribution of CHF 1.60, in respect of the fourth quarter 2000,
will be paid in the form of a par value reduction. This is
treated in Switzerland as a return of capital to shareholders,
not as income, and is therefore tax efficient for shareholders
who pay tax in Switzerland. The par value reduction also has
advantages for shareholders outside Switzerland, as no Swiss
withholding tax is payable on it. Holders outside of Switzerland
should consult their tax advisors in determining the tax
implications in their country.
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The distribution will reduce the par value of the
share to CHF 8.40. UBS will then split its share 3 for 1,
resulting in a new par value of CHF 2.80 per share.
Because of the legal and regulatory processes
involved, the par value reduction is expected to take place on
16 July 2001, for payment on 18 July 2001 to holders
of record on 13 July 2001 if the relevant legislation has
come into force. The share split will also be implemented on 16
July 2001.
Proposed Changes to Par Value
CHF
Par value at 01.01.01
10.0
Proposed distribution in the form of par value reduction
1.6
New par value
8.4
Proposed stock split
3 for 1
New per value after proposed distribution and stock split
2.8
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Corporate Governance
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Corporate Governance
Corporate Organization
UBS is committed to meeting the highest
international standards of corporate governance in its
organizational structure. Corporate and executive bodies are
organized in line with the leading codes of best practice.
Corporate Organization
UBS's organizational structure, based on two
separate boards having different functions and responsibilities,
guarantees clear controls and a balance between the Board of
Directors (Board) and the Group Executive Board (GEB).
The functions of Chairman of the Board of
Directors (Chairman) and President of the Group Executive Board
(President) are conferred on two different people, guaranteeing
separation of powers.
Organizational
principles
The shareholders elect each member of the Board.
The Board appoints the Chairman, the Vice Chairmen and the
members of the various Board committees from among the elected
Board members. It also appoints the President and members of the
GEB and the Group Managing Board (GMB).
The Board is the highest corporate body with
responsibility for the ultimate direction and strategy of the
company and the appointment and supervision of its executive
management. A large majority of the Board members are
non-executive and fully independent. The Chairman and at least
one Vice Chairman have executive roles and assume supervisory
and leadership responsibilities for matters including strategy,
risk supervision, compensation principles and succession
planning.
The GEB has executive management responsibility
for the company. Together with the Chairman's Office it
assumes overall responsibility for the development of UBS's
strategies. It is responsible for the implementation and results
of those strategies. Its membership includes the CEOs of the
Business Groups, who are accountable to the President for the
financial results and management of their Business Groups. The
President and the GEB are accountable to the Chairman and his
Board for the Group results, and the Board in turn is
accountable to shareholders.
In order to ensure that the Board and GEB are
independent of each other, no member of one board may also be a
member of the other.
The Board of Directors
As at 31 December 2000, the Board consisted
of eight Directors (see list on page 81). Alex Krauer,
Chairman since 1998, and Andreas Reinhart will step down from
their functions at the Annual General Meeting of Shareholders
(AGM), to be held on 26 April 2001. The Board will propose
to the AGM that Marcel Ospel, currently Group Chief Executive
Officer, be elected to the Board, and has decided to then
appoint Marcel Ospel as its Chairman. In order to reflect
UBS's global reach at board level, the AGM will also be
asked to elect three new non-Swiss Directors: Sir Peter Davis
(born 1941), CEO of Sainsbury plc, London; Johannes Antonie de
Gier (1944), former Chairman and CEO of Warburg Dillon Read (now
UBS Warburg), London; Lawrence Allen Weinbach (1940), Chairman
and CEO of Unisys Corporation, New York.
The Board is organized as follows:
The Chairman operates a
Chairman's
Office
, including the Vice-Chairmen, which meets regularly
with the President and his appointees from the GEB to address
fundamental issues for the Group, such as overall strategy,
mid-term financial and business planning, mid-term succession
plans, global compensation principles, and the risk profile of
the Group. The Chairman's Office assumes special authority
in the credit approval process. It also acts as the
Audit
Supervisory Board
, with responsibility for the supervision
of Group Internal Audit, and as the
Nomination
Committee
.
Following the 2001 AGM, a separate
Compensation Committee
will be appointed, mainly from
among the non-executive directors. It will have responsibility
for setting the global compensation policy of the organization
and for determining the individual compensation and bonus for
the members of the Chairman's Office, GEB and GMB.
The Board appoints an
Audit Committee
from
among its non-executive members. The Audit Committee meets at
least three times a year to oversee the performance of the
external Group and Statutory Auditors. It also monitors
interaction between Group Internal Audit and the external
auditors. All three members  – Peter Böckli as
Chairman, Rolf Meyer and Andreas Reinhart  – are fully
independent from UBS. They are financially literate and familiar
with the accounting practices of international financial
services groups. The Audit Committee does not itself perform
audits, but supervises the auditing work done by internal and
external auditors. Its primary responsibility is thereby to
review the organization and efficiency of internal control
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Corporate Organization
procedures and the financial reporting
process.
Following the 2001 AGM, the Board will appoint a
Corporate Responsibility Committee
, composed of Board,
GEB and GMB members. The Committee will be responsible for
corporate social responsibility issues, for supervision of the
Group's adherence to relevant international standards, and
for appropriate associated reporting.
The Group Executive Board
From 1 January 2001, the Group Executive
Board (GEB) consisted of eight members (see list on page 
83). Joseph J. Grano joined the GEB on 1 January 2001,
following UBS's merger with PaineWebber. Marcel Ospel,
Chief Executive Officer, will step down from his function after
the 2001 AGM when he is to be proposed for election to the
Board. Luqman Arnold, currently Chief Financial Officer, will
assume the role of President of the GEB.
The GEB appoints the following major
committees:
The
Group Governance Committee
is
responsible for the co-ordination of the Group's interface
with central banks and regulators, and for minimizing the
Group's reputation risks.
The
Group Finance Committee
is responsible
for co-ordinating the Group's accounting, risk management
and control, treasury and financial communication processes,
aiming for the long-term maximization of shareholder value. The
Group Finance Committee includes the chairmen of the associated
functional committees: Group Risk Committee, Group Controlling
Committee, and Group Treasury Committee.
The
Group Communications and Marketing
Committee
ensures that communication to all stakeholders,
internally and externally, is transparent, accurate, concise,
timely and consistent.
The
Group Human Resources Committee
has
responsibility for the definition of human resources policies
and standards which contribute to the identification,
recruitment, development and retention of high-caliber
staff.
The
Group IT Committee
ensures Groupwide
coordination of policies and standards in the information
technology area.
The Group Managing Board
As of 1 March 2001 the Group Managing Board
(GMB) had 30 members all of whom hold high-level functions in
the business groups, or the Corporate Center (see list on
page  85).
The GMB, is regularly informed of important
decisions, and meets physically at least once a year to discuss
fundamental Group issues.
Audit
Group Internal Audit
To guarantee full independence, the head of Group
Internal Audit  – Walter Stürzinger until
31 December 2000, Markus Ronner from 1 January
2001  – reports directly to the Chairman of the
Board.
With 240 professionals worldwide, Group Internal
Audit provides an independent review of the effectiveness of the
system of internal controls and compliance with key rules and
regulations. All key issues raised by Group Internal Audit are
communicated to the management responsible, to the President and
to the Chairman's Office via formal Audit Reports. The
Audit Supervisory Board and the Audit Committee of the Board are
regularly informed of important findings.
Extensive coordination and close cooperation with
the external auditors enhances the efficiency of Group Internal
Audit's work.
External auditors
Ernst & Young Ltd., Basel, have been assigned
the mandate of global auditors for the UBS Group. They assume
all auditing functions according to laws, regulatory requests,
and the UBS Articles of Association (see also paragraph on
Relations with Regulators). Ernst & Young Ltd. meets all
independence requirements established by the Securities and
Exchange Commission (SEC). As part of its audit process, Ernst
& Young Ltd. informs the Audit Committee of the measures it
takes to ensure its and its employees' independence from
UBS, and outlines the nonaudit services which it delivers to
UBS.
At the Extraordinary General Meeting on
7 September 2000, UBS shareholders appointed Deloitte &
Touche Experta AG, Basel, as Special auditors according to
Article 31 paragraph  3 of the UBS Articles of
Associa-
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Corporate Organization
tion. The Special auditors provided an audit
opinion in respect of the details of the capital increase
required for the PaineWebber transaction, independently from the
normal auditors.
Senior management
compensation principles
Overall philosophy
UBS operates in extremely competitive labor
markets around the world. Accordingly, it seeks to attract,
retain, motivate and develop highly qualified employees at all
levels. In particular, it is critical to achieve this for
positions where performance is most important to the UBS's
overall success. UBS is prepared to provide superior
compensation opportunities in return for superior performance,
and has developed the measurement systems and decision processes
necessary to ensure that pay is tied directly to
performance.
Individual performance is measured on the basis
of business area, Business Group, or Groupwide results, as
appropriate to a particular executive's responsibilities.
In assessing performance, the Group considers both quantitative
and qualitative factors. It also makes a balanced assessment of
both current results and key performance indicators  –
longer-term value drivers crucial to the Group's ability to
deliver future performance and growth. This assessment is
closely linked to the value-based management process which UBS
is now implementing.
In conducting its assessments of executive
performance, UBS reviews changes to its overall performance and
the performance of its business units over time, against
specifically established performance targets, and against the
performance of our competitors, to the extent that such data are
available.
Components of compensation
Compensation of senior executives consists of
base salary and discretionary (performance-based) bonus, a
significant portion of which is paid in the form of forfeitable
restricted stock and employee stock option grants. Annual
examination of competitors' pay practices is conducted to
ensure that UBS's compensation policies and practices
continue to support the objectives of attracting outstanding new
executives, and motivating and retaining valuable
employees.
Bonuses are discretionary, and generally
represent a substantial portion of total compensation for
UBS's senior management.
Share ownership commitment
It is UBS's long-standing policy to strongly
encourage significant levels of stock ownership among its senior
management, aligning the interests of management closely with
those of our shareholders. Share ownership is encouraged in the
following ways:
–
A significant portion of each senior
	executive's annual performance-based compensation is
	delivered in the form of UBS shares or employee stock options,
	on a mandatory basis.
–
Additional incentives are provided for senior
	managers who voluntarily elect to take an even greater portion
	of their annual performance-based compensation in the form of
	shares or employee stock options.
–
Below the senior executive level, significant
	numbers of employees are required to take a significant portion
	of their annual performance-based compensation in the form of
	shares, employee stock options, or other UBS equity-linked
	vehicles. Additionally, they are provided with opportunities to
	own stock through various programs.
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Corporate Governance
Directors and Officers of UBS
Directors and
Officers of UBS
The Board of
Directors
Each member of the Board is elected at the Annual
General Meeting of Shareholders for a four-year term. The
initial term of office for each Director is, however, fixed in
such a way as to ensure that about a quarter of all the members
have to be newly elected or reelected every year.
The table below shows information about the Board
of Directors as at 31  December 2000.
Expiration of
Year of initial
current term
Name and business address
Position held
appointment
of office
Alex Krauer
UBS AG
Bahnhofstrasse 45
CH-8098 Zurich
Chairman
Member of the Audit Supervisory Board
1998
2002
1
Alberto Togni
UBS AG
Bahnhofstrasse 45
CH-8098 Zurich
Vice Chairman
Chairman of the Audit Supervisory Board
1998
2001
Markus Kündig
Bundesplatz 10
CH-6304 Zug
Vice Chairman
Member of the Audit Supervisory Board
1998
2002
Peter Böckli
Böckli Bodmer & Partners
St. Jakobs-Strasse 41
P.O. Box 2348
CH-4002 Basel
Chairman of the Audit
	Committee
1998
2003
Rolf A. Meyer
Heiniweidstrasse 18
CH-8806 Bäch
Member of the Audit Committee
1998
2003
Hans Peter Ming
Sika Finanz AG
Wiesenstrasse 7
CH-8008 Zurich
Board Member
1998
2004
Andreas Reinhart
Volkart Brothers Holding Ltd.
P.O. Box 343
CH-8401 Winterthur
Member of the Audit Committee
1998
2004
1
Eric Honegger
SAirGroup
CH-8058 Zurich-Airport
Board Member
1999
2003
1
Alex
	Krauer and Andreas Reinhart will step down from their functions
	at the Annual General Meeting in April 2001.
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Directors and Officers of UBS
Alex Krauer
,
Chairman of the Board of Directors since 1998, joined the Board
of Directors of Swiss Bank Corporation in 1988. In 1994, he
became First Vice Chairman of Swiss Bank Corporation, and
following the merger between Swiss Bank Corporation and Union
Bank of Switzerland was named Vice Chairman of UBS AG in 1998.
Mr. Krauer previously held various management functions in
Ciba Ltd. and subsequently Ciba-Geigy Ltd. He was Chairman and
CEO of Ciba-Geigy Ltd. from 1987 to 1996, and after the merger
between Ciba-Geigy Ltd. and Sandoz Ltd. Chairman of Novartis
Inc. from 1996 to 1999. He also served as a member of the Boards
of Directors of Bâloise Holding from 1980 to 1999 and of
Chiron Corporation from 1995 to 1999. Mr. Krauer was born
on 3 June 1931.
Alberto Togni
, Vice
Chairman of the Board of Directors, has been with UBS and SBC
since 1959. From 1994 to 1997 he was Chief Risk Officer and a
member of the Group Executive Committee of Swiss Bank
Corporation. He previously held various functions in the
Commercial division, becoming its head in 1993. In 1987 he was
named General Manager and member of the Executive Board. Prior
to that, he assumed different management roles in Zurich, New
York, Tokyo and as representative for the Middle East in Beirut.
Mr. Togni serves as a director of Unilever (Schweiz) AG,
Zurich; Thomson Multimedia Ltd., Zurich; and Swiss National
Bank, Zurich. Mr. Togni was born on 30 October
1938.
Markus Kündig
,
Vice Chairman of the Board of Directors, is also the Chairman of
the Board of Directors of LZ Medien Holding AG and the Vice
Chairman of the Board of Directors of Clariant. He is a member
of the Boards of Directors of Metro International AG, Merck AG
and Pelikan Holding AG. Until 1999, Mr. Kündig was the
proprietor of Kündig Printers Ltd. Mr. Kündig was
born on 12 October 1931.
Peter Böckli
,
Chairman of the Audit Committee, is a partner in the law office
of Böckli Bodmer & Partners and a part-time professor
of tax and business law at the University of Basel. He is a
member of the Boards of Directors of Nestlé S.A., and
Firmenich. In addition, he is the Vice Chairman of the Board of
Directors of Manufacture des Montres Rolex S.A.
Mr. Böckli was born on 7 May 1936.
Rolf A. Meyer
, a
member of the Audit Committee, was until recently Chairman and
CEO of Ciba Specialty Chemicals. He is now a consultant and is
also a member of the Board of Siber Hegner AG. Mr. Meyer
was born on 31 October 1943.
Hans Peter Ming
, a
member of the Board, is the Chairman of the Board of Directors
of Sika Finanz AG. He is also a member of the Board of Directors
of Swiss Steel and sits on the Board of the Swiss Society of
Chemical Industries. Mr. Ming was born on 12 October
1938.
Andreas Reinhart
, a
member of the Audit Committee, is proprietor and Chairman of
Volkart Group and a member of the Board of Directors of Volkart
Foundation and Volkart Vision. He is Chairman of SAM
Sustainability Group and of Non-Violence Project AG. He is a
member of the Board of Directors of Scalo Publishers.
Mr. Reinhart was born on 24 December 1944.
Eric Honegger
, a
member of the Board, is the Chairman of the Board of Directors
of SAirGroup. He is also the Chairman of the Board of Directors
of Neue Zürcher Zeitung. Before joining SAirGroup
Mr. Honegger was a member of the Zurich Government.
Mr. Honegger was born on 29 April 1946.
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Directors and Officers of UBS
The Group Executive Board
The table below shows the membership of the Group
Executive Board at 1 January 2001, following the
appointment to the board of Joseph J. Grano.
Year of initial
Name
Position held
appointment
Marcel Ospel
President and Group Chief Executive
	Officer
1998
Luqman Arnold
Chief Financial Officer
1999
Georges Gagnebin
Chief Executive Officer, UBS Private
	Banking
2000
Joseph J. Grano Jr.
President and CEO, UBS
	PaineWebber
2001
Markus Granziol
Chairman and Chief Executive Officer,
	UBS Warburg
1999
Stephan Haeringer
Chief Executive Officer, UBS
	Switzerlands
1998
Pierre de Weck
Chief Executive Officer, UBS
	Capital
1998
Peter A. Wuffli
Chairman and Chief Executive Officer,
	UBS Asset Management
1998
The business address of all members of the Group
	Executive Board is UBS AG, Bahnhofstrasse 45, Zurich,
	Switzerland.
Marcel Ospel
, Group
Chief Executive Officer, was the President and Group Chief
Executive Officer of Swiss Bank Corporation (SBC), from 1996 to
1998. He was made CEO of SBC Warburg in 1995, having been a
member of the Executive Board of SBC since 1990. From 1987 to
1990, he was in charge of Securities Trading and Sales at SBC.
From 1984 to 1987 Mr. Ospel was Managing Director with
Merrill Lynch Capital Markets; and from 1980 to 1984, he worked
at SBC London and New York in the Capital Markets division. He
began his career at Swiss Bank Corporation in the Central
Planning and Marketing Division in 1977. Mr. Ospel was born
on 8 February 1950.
Luqman Arnold
previously served as Chief Operating Officer of Warburg Dillon
Read. Mr. Arnold joined SBC Warburg in 1996 as Chairman of
the Asia/ Pacific division and was later named Chief Executive
Officer of the successor organization in Asia/ Pacific. From
1993 to 1996 he was employed by Banque Paribas and was appointed
to the Executive and Management Committees. Between 1983 and
1992 Mr. Arnold held various senior management positions at
Credit Suisse First Boston. From 1973 to 1983 he worked at
Manufacturers Hanover Corporation and at First National Bank in
Dallas. Mr. Arnold was born on 16 April 1950.
Georges Gagnebin
is
the CEO of the Private Banking unit of UBS Switzerland. Before
holding this function, he was the Head of the International
Clients Europe, Middle East & Africa business area in the
Private Banking division. In 1994, he was named General Manager
and Member of the SBC Group Executive Board, and in 1992, he
became Deputy General Manager and a Member of the Executive
Board. Between 1987 and 1992, he served as Head of Finance &
Investment at SBC in Berne and Lausanne. In 1982, he was named
Head of the Finance & Investment unit of SBC in Berne.
Mr. Gagnebin began his career in 1969 at SBC in Berne.
Mr. Gagnebin was born on 3 March 1946.
Joseph J. Grano,
Jr.
, President and CEO of UBS
PaineWebber, joined the UBS AG Group Executive Board on
1 January 2001. In 1994, he was named President of
PaineWebber Inc. He joined PaineWebber in 1988 as President of
Retail Sales and Marketing. Before working for PaineWebber,
Mr. Grano was with Merrill Lynch for 16 years holding
various senior management positions including director of
National Sales for Merrill Lynch Consumer Markets. Prior to
joining Merrill Lynch in 1972, Mr. Grano served in the
US Special Forces. Mr. Grano was born on 7 March
1948.
Markus Granziol
,
Chairman and CEO of UBS Warburg, served from 1998 to 1999 as
Global Head Equities and Fixed Income at Warburg Dillon Read and
was a member of the Group Managing Board. From 1996 to
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Corporate Governance
Directors and Officers of UBS
1998, he was General Manager and member of the
SBC Group Executive Board. Between 1995 and 1996 he served with
SBC Warburg as the Joint Global Head of Equities. In 1994, he
became Global Head of Equities at SBC in Hong Kong.
Mr. Granziol joined SBC in 1987 as Head of the Securities
Department at SBC in Zurich. Prior to that, he was Chief of
Staff at the Swiss National Bank, and was also lecturer in
macroeconomics and financial theory at the University of Zurich.
Mr. Granziol was born on 21 January 1952.
Stephan Haeringer
,
CEO of UBS Switzerland and of its Private and Corporate Clients
business unit, has held several positions with UBS during the
last three decades. From 1996 to 1998, he was Chief Executive
Officer Region Switzerland. From 1991 to 1996, he served as
Division Head, Private Banking and Institutional Asset
Management. In 1991, he was appointed member of the Group
Executive Board, and in 1987 he became Executive Vice President
and served as Head of the Financial division. During the years
1967 to 1988, Mr. Haeringer assumed various management
roles within the areas of Investment Counseling, Specialized
Investments, Portfolio Management, Securities Administration and
Collateral Loans. Mr. Haeringer was born on 6 December
1946.
Pierre de Weck
, CEO
of UBS Capital, has assumed several functions at UBS. Until
1999, he served as Chief Credit Officer and Head of Private
Equity. From 1995 to 1998, he served as a member of the Group
Executive Board and Division Head Corporate and Institutional
Finance. In 1994, Mr. de Weck was named Executive Vice President
and member of the Group Executive Board while heading the
Corporate Finance, Primary Markets and Merchant Banking
division. Between 1992 and 1994 he was Chief Executive Officer
Europe and between 1991 and 1992 Chief Executive Officer North
America. In 1987, Mr. de Weck became Branch Manager in New York.
He joined UBS in 1985 as Head of Project Finance in Zurich.
Between 1976 and 1985 he held various positions at Citicorp in
Zurich and New York. Mr. de Weck was born on 15 July
1950.
Peter A. Wuffli
is
the Chairman and CEO of UBS Asset Management. Most recently, he
was Group Chief Financial Officer of UBS. From 1994 to 1998, he
was the Chief Financial Officer at SBC and a member of
SBC's Group Executive Committee. In 1984, he joined
McKinsey & Co as management consultant and in 1990 became a
partner of the McKinsey Switzerland senior management.
Mr. Wuffli was born on 26 October 1957.
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Directors and Officers of UBS
Group Managing
Board
In addition to the members of the Group Executive
Board, the following members belonged to the Group Managing
Board as at 1 March 2001:
Colin Buchan
Global Head Equities, UBS Warburg
Crispian Collins
Vice Chairman, UBS Asset Management
John Costas
President and Chief Operating Officer, UBS Warburg
Arthur Decurtins
Head Business Area Asia, UBS Private Banking
Jeffrey J. Diermeier
Chief Investment Officer, UBS Asset Management
Regina Dolan
Chief Administrative Officer, UBS PaineWebber
Thomas K. Escher
Head Business Area IT, UBS Switzerland
John A. Fraser
Head Business Area Asia Pacific, UBS Asset Management
Robert Gillespie
Joint Global Head, Corporate Finance, UBS Warburg
Jürg Haller
Head Business Area Risk Transformation and Capital Management,
	UBS Switzerland
Eugen Haltiner
Head Business Area Corporate Clients, UBS Switzerland
Gabriel Herrera
Head Business Area Europe, Middle East and Africa, UBS Asset
	Management
Alan C. Hodson
Head of European Equities, UBS Warburg
Benjamin F. Lenhardt, Jr.
Head Business Area Americas, UBS Asset Management
Donald Marron
Chairman UBS Americas
Urs. B. Rinderknecht
Group Mandates
Alain Robert
Head Business Area Individual Clients, UBS Switzerland
Marcel Rohner
Chief Operating Officer, Deputy CEO, UBS Private Banking
Gian Pietro Rossetti
Head Business Area Swiss Clients, UBS Private Banking
Hugo Schaub
Group Controller
Jean Francis Sierro
Head Business Area Resources, UBS Switzerland
Robert H. Silver
Head Operations and Systems, UBS PaineWebber
J. Richard Sipes
Joint Head Business Area Europe, UBS Private Banking
Clive Standish
CEO Asia Pacific, UBS Warburg
Walter Stürzinger
Group Chief Risk Officer
Marco Suter
Group Chief Credit Officer
Mark B. Sutton
Head US Private Clients, UBS PaineWebber
Rory Tapner
Joint Global Head, Corporate Finance, UBS Warburg
Raoul Weil
Joint Head Business Area Europe, UBS Private Banking
Stephan Zimmermann
Head Business Area Operations, UBS Switzerland
Auditors
External auditors
Ernst & Young, Ltd., Basel
Auditors for the Parent Bank and for the Group
(term expires AGM 2001, proposed for reelection)
Deloitte&Touche Experta, Ltd., Basel
Special auditors (term expires AGM 2003)
Internal Audit
Markus Ronner
Head of Group Internal Audit
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Corporate Governance
Relations with Regulators
Relations with Regulators
The Group Governance
Committee
The Group Governance Committee, chaired by the
President of the GEB, ensures that adequate policies and
procedures to minimize the Group's reputational risks exist
and are enforced. The Committee co-ordinates the Group's
public policy interface with governments, central banks and
regulators. The permanent members of the committee are the Group
Controller, Group Chief Risk Officer and Group Chief Credit
Officer, the head of Group Internal Audit, the Group General
Counsel and the Business Groups' heads of Corporate
Governance and of Legal and Compliance.
As a Swiss-registered company, UBS's main
regulator is the Swiss Federal Banking Commission, but it is
also regulated by key regulators worldwide. UBS aims to comply
with all local and regional provisions and to work closely with
the regulators in all jurisdictions where it has offices,
branches and subsidiaries.
Regulation and
supervision
UBS's operations throughout the world are
regulated and supervised by the relevant central banks and
regulatory authorities in each of the jurisdictions in which it
has offices, branches and subsidiaries. These authorities impose
reserve and reporting requirements and controls on banks,
including those relating to capital adequacy, depositor
protection and prudential supervision. In addition, a number of
countries where UBS operates impose additional limitations on or
affecting foreign-owned or controlled banks and financial
institutions, including
–
restrictions on the opening of local offices,
	branches or subsidiaries and the types of banking and
	non-banking activities that may be conducted by those local
	offices, branches or subsidiaries;
–
restrictions on the acquisition or level of
	ownership of local banks; and
–
restrictions on investment and other financial
	flows entering or leaving the country.
Changes in the supervisory and regulatory regimes
of the countries where UBS operates will determine, to some
degree, its ability to expand into new markets, the services and
products that it will be able to offer in those markets and how
it structures specific operations.
The following sections describe the regulation
and supervision of UBS's business in Switzerland, and, to
extend discussion of our regulatory relationships, we also
discuss regulation of our business in the United States and the
United Kingdom, where a total of 49% of our staff are
employed.
Regulation and supervision
in Switzerland
UBS is regulated in Switzerland under a system
established by the Swiss Federal Law relating to Banks and
Savings Banks of 8 November 1934, as amended, and the
related Implementing Ordinance of 17 May 1972, as amended,
known as the Federal Banking Law (FBL). Under the FBL, banks in
Switzerland are permitted to engage in a full range of financial
services activities, including commercial banking, investment
banking and funds management. Banking groups may also engage in
insurance activities, but these must be undertaken through a
separate subsidiary.
The FBL establishes a framework for supervision
by the Federal Banking Commission (FBC). The FBC implements this
framework through the issuance of Ordinances or Circular Letters
to the banks that it supervises. In addition, the regulatory
framework in Switzerland relies on self-regulation through the
Swiss Bankers Association (SBA). The SBA issues guidelines to
banks on conduct of business issues, such as
–
The Due Diligence Convention, which established
	know your customer standards to protect against money
	laundering;
–
Risk Management Guidelines for Trading and for
	the Use of Derivatives, which set out standards based on the
	recommendations on this subject from the Group of Thirty, The
	Basel Committee on Banking Supervision and The International
	Organization of Securities Commissions;
–
Portfolio Management Guidelines, which set
	standards for banks when managing customer funds and
	administering assets on their behalf;
–
Guidelines for the Management of Country Risk;
	and
–
Guidelines on the Treatment of Dormant Accounts,
	Custody Accounts and Safe Deposit Boxes held in Swiss
	Banks.
In its capacity as a securities broker, UBS is
governed by the Swiss Federal Law on Stock Exchanges and Trading
in Securities of
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Corporate Governance
Relations with Regulators
24 March 1995, as amended, which appoints
the FBC as prime regulator for these activities. Certain aspects
of securities broking, such as the organization of trading, are
subject to self-regulation through the SWX Swiss Exchange and
the SBA, but under the overall supervision of the FBC.
Mandatory annual audits
The approach to supervising banks in Switzerland
places a particular emphasis on the role of the external
auditor. UBS's auditors, who must be approved by the FBC to
perform this role, are required to submit an annual report to
the FBC that assesses UBS's financial situation and its
compliance with the regulations and self-regulatory guidelines
that are applicable to its business. If the audit reveals
violations or other irregularities, the independent auditors
must (1) inform the FBC if a correction is not carried out
within a designated time limit or (2) inform the FBC immediately
in the case of serious violations or irregularities. The FBC may
issue directives as necessary to require a bank to address any
issues identified by the auditors and may also appoint an expert
to act as an observer of a bank if the claims of the bank's
creditors appear to be seriously jeopardized.
Supervision by the FBC
In July 1999, the FBC established a
dedicated unit called the Large Banking Groups Department which
focuses solely on the supervision of UBS AG and the Credit
Suisse Group. The group, which consists of experts covering all
the main business activities in which UBS operates, supervises
UBS directly through regular meetings with management and
on-site visits. The group also co-ordinates the activities of
the FBC with those of UBS's main overseas supervisors and
the external auditors.
The FBC also monitors UBS's compliance with
capital and liquidity requirements. These are described in
detail in the Asset and Liability Management section, on pages
70 to 71 and 73 to 74.
Disclosures to the Swiss National
Bank
Although the primary responsibility for
supervision of banks under the FBL lies with the FBC, UBS also
submits an annual statement of condition and detailed monthly
interim balance sheets to the Swiss National Bank, which it uses
to monitor compliance with liquidity rules. The Swiss National
Bank may require further disclosures from UBS concerning its
financial condition and other information relevant to its
regulatory oversight.
Regulation and supervision
in the United States
Banking regulation
UBS's operations in the United States are
subject to a variety of regulatory regimes. UBS maintains
branches in California, Connecticut, Illinois and New York and
agencies in Florida and Texas. UBS refers to these as its US
"banking offices". UBS's California branches are
located in Los Angeles and San Francisco and are licensed by the
Office of the Comptroller of the Currency. Each of UBS's
other US banking offices is licensed by the state banking
authority of the state in which it is located. Each US banking
office is subject to regulation and examination by its licensing
authority. In addition, the Board of Governors of the Federal
Reserve System exercises examination and regulatory authority
over UBS's statelicensed US banking offices. None of
UBS's US banking offices are insured by the Federal Deposit
Insurance Corporation. The regulation of UBS's US banking
offices imposes restrictions on the activities of those offices,
as well as prudential restrictions, such as limits on extensions
of credit to a single borrower, including UBS
subsidiaries.
The licensing authority of each US banking office
has the authority to take possession of the business and
property of the office it licenses in certain circumstances.
Such circumstances generally include violations of law, unsafe
business practices and insolvency. So long as UBS maintains one
or more federal branches, such as its California branches, state
insolvency regimes that would otherwise be applicable to its
state licensed offices may be preempted by US federal law. As a
result, if the Office of the Comptroller of the Currency
exercised its authority over UBS's US banking offices
pursuant to federal law in the event of a UBS insolvency, all of
UBS's US assets would be applied first to satisfy creditors
of its US banking offices as a group, and then made available
for application pursuant to any Swiss insolvency
proceeding.
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In addition to the direct regulation of its US
banking offices, operating its US banking offices subjects UBS
to regulation by the Board of Governors of the Federal Reserve
System under various laws, including the International Banking
Act of 1978, as amended, and the Bank Holding Company Act of
1956, as amended. The Bank Holding Company Act imposes
significant restrictions on UBS's US non-banking operations
and on its worldwide holdings of equity in companies operating
in the United States. Historically, UBS's US non-banking
activities were principally limited to activities that the Board
of Governors of the Federal Reserve System found to be so
"closely related to banking as to be a proper incident
thereto". Moreover, prior approval by the Board of
Governors of the Federal Reserve System has been required to
engage in new activities and to make acquisitions in the United
States.
The Gramm-Leach-Bliley Financial Modernization
Act of 1999 was enacted last year, liberalizing the restrictions
on the non-banking activities of banking organizations,
including non-US banks operating US banking offices. Among other
things, the Gramm-Leach-Bliley Act
–
allows bank holding companies meeting management
	and capital standards to engage in a substantially broader range
	of non-banking activities than previously was permissible,
	including insurance underwriting and making merchant banking
	investments;
–
allows insurers and other financial services
	companies to acquire banks;
–
removes various restrictions that previously
	applied to bank holding company ownership of securities firms
	and mutual fund advisory companies; and
–
revises the overall regulatory structure
	applicable to bank holding companies, including those that also
	engage in insurance and securities operations.
These provisions of the Gramm-Leach-Bliley Act
became effective on 11 March 2000. On 10 April 2000,
UBS AG was designated a "financial holding company"
under the Gramm-Leach-Bliley Act, which generally permits it to
exercise the new powers granted by that act.
The Gramm-Leach-Bliley Act also modifies other
current financial laws, including laws related to the conduct of
securities activities by US banks and US banking offices. As a
result, UBS will relocate certain activities now conducted by
its US banking offices to a UBS subsidiary or elsewhere.
Other US regulation
In the United States, UBS's US registered
broker-dealer entities, including Paine Webber, Incorporated,
are subject to regulations that cover all aspects of the
securities business, including
–
sales methods,
–
trade practices among broker-dealers,
–
use and safekeeping of customers' funds and
	securities,
–
capital structure,
–
record-keeping,
–
the financing of customers' purchases,
	and
–
the conduct of directors, officers and
	employees.
These entities are regulated by a number of
different government agencies and self-regulatory organizations,
including the Securities and Exchange Commission and the
National Association of Securities Dealers. Depending upon the
specific nature of a broker-dealer's business, it may also
be regulated by some or all of the New York Stock Exchange, the
Municipal Securities Rulemaking Board, the US Department of the
Treasury, the Commodities Futures Trading Commission, and other
exchanges of which it may be a member. These regulators have
available a variety of sanctions, including the authority to
conduct administrative proceedings that can result in censure,
fines, the issuance of cease-and-desist orders of the suspension
or expulsion of the broker-dealer or its directors, officers or
employees.
UBS subsidiaries in the United States, including
the former PaineWebber businesses, are also subject to
regulation by applicable federal and state regulators of their
activities in the investment advisory, trust company, mortgage
lending and insurance businesses.
Regulation and supervision
in the United Kingdom
UBS operates in the United Kingdom under a
regulatory regime that is undergoing comprehensive restructuring
aimed at establishing the Financial Services Authority (FSA), as
the
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Relations with Regulators
United Kingdom's unified regulator. The Bank
of England's responsibilities for regulation of banking
activities were transferred to the FSA by the Bank of England
Act 1998.
During 2000, UBS was regulated by the FSA in
respect of its banking activities, the Securities and Futures
Authority in respect of its investment banking, individual asset
management, brokerage and principal trading activities, and by
the Investment Management Regulatory Organization in respect of
its institutional asset management and fund management
activities.
Full implementation of the Financial Services and
Markets Act 2000, the legislation establishing the complete role
of the FSA, is currently anticipated in the second half of 2001.
When it is fully implemented the responsibilities of the
Securities and Futures Authority and Investment Management
Regulatory Organization will be taken over by the FSA.
Some of UBS's subsidiaries and affiliates
are also regulated by the London Stock Exchange and other United
Kingdom securities and commodities exchanges of which UBS is a
member.
The investment services that are subject to
oversight by United Kingdom regulators are regulated in
accordance with European Union directives requiring, among other
things, compliance with certain capital adequacy standards,
customer protection requirements and conduct of business rules.
These standards, requirements and rules are similarly
implemented, under the same directives, throughout the European
Union and are broadly comparable in scope and purpose to the
regulatory capital and customer protection requirements imposed
under applicable US law.
A number of UBS's United Kingdom
incorporated subsidiaries have the benefit of the
"passport" conferred by European Directives, enabling
them to establish branches in, and provide services cross-border
into, other European Union countries without the need to comply
with local (or "host state") licensing requirements,
although host state customer protection requirements will often
apply.
Basel Committee on Banking
Supervision
UBS supports the current initiative of the Basel
Committee on Banking Supervision to reform the Capital Accord
introduced in 1988, and is an active participant in industry
dialogue with the Committee and with international regulators on
this reform. It is critically important that the revision of the
Capital Accord achieves a more flexible and risk-sensitive
assessment of capital requirements, without undue complexity,
and particularly that banks are not disadvantaged relative to
securities firms that are not subject to the same capital
requirements.
Relations with
shareholders
UBS has almost 250,000 registered shareholders,
ranging from sophisticated investment institutions to individual
investors. All registered shareholders receive an illustrated
Annual Review providing an overview of the Group during the
year, and a short letter each quarter outlining new initiatives
and UBS's financial performance during the quarter. More
detailed financial reports are produced each quarter and each
year, and can be received on request. All registered
shareholders are informed by mail about extraordinary general
meetings, or other special events.
Shareholder rights
Shareholders, as the owners of the company, have
specific rights under Swiss law. UBS is committed to make it as
easy as possible for shareholders to take part in its
decision-making processes. There are no restrictions with regard
to share ownership and voting rights, except for nominees and
trustees, whose voting rights are limited to a maximum of 5% of
the outstanding shares. This limitation exists in order to avoid
the risk of unknown shareholders with extensive holdings being
entered in the share register. An exception from the strict 5%
rule exists for securities clearing organizations such as the
Depository Trust Company (DTC) in New York and
SegaInterSettle (SIS) in Switzerland, which both fulfil a
special fiduciary function for UBS shareholders.
UBS Annual General Meetings (AGMs) are open for
participation to all shareholders. Per-
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Relations with Regulators
sonal invitations are sent to every registered
shareholder at least 20 days ahead of the meeting.
Shareholders may, if they do not wish to attend in person, issue
instructions to accept, reject or abstain on each individual
item on the agen da. They may also appoint UBS, another bank or
the Independent Proxy to vote on their behalf AGMs offer the
opportunity to shareholders to raise any questions regarding the
development of the company and the events of the year under
review. The members of the Board and Group Executive Board as
well as the internal and external auditors are present to answer
these questions. Decisions are normally taken by the majority of
votes cast and in some cases, defined by law or UBS Articles of
Association, a two-third majority of the votes represented at
the AGM is required.
Shareholders representing shares with an
aggregate par value of one million Swiss francs may submit
proposals for matters to be placed on the agenda for
consideration by the AGM, provided that their proposals are
submitted in writing within the deadline published by the
company. Shareholders representing at least ten percent of the
share capital, may ask that an Extraordinary General Meeting be
convened to deal with a specific issue put forward by these
shareholders.
UBS Group legal entity
structure
The legal entity group structure of UBS is
designed to support the Group's businesses within an
efficient legal, tax, regulatory and funding framework. Neither
the Business Groups of UBS (UBS Warburg, UBS Switzerland and UBS
Asset Management) nor the Corporate Center operate through their
own individual legal entities but rather they generally operate
out of the parent bank, UBS AG, through its Swiss and foreign
branches.
The goal of the focus on the parent bank
structure is to capitalize on the synergies offered by the use
of a single legal platform, enable the flexible use of capital
in an efficient manner and to provide a structure where the
activities of the Business Groups may be carried on without the
need to set up separate subsidiaries beforehand.
Where it is either not possible or not efficient
to operate out of the parent bank, usually due to local legal,
tax or regulatory rules or due to additional legal entities
joining the UBS Group via acquisition, then the businesses
operate through local subsidiary companies. The significant
operating subsidiary companies in the Group are listed in
note 38 to the financial statements, in UBS's
Financial Report 2000.
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Corporate Governance
Financial Disclosure Principles
UBS's financial disclosure policies
aim to achieve a fair market value for the UBS share by
communicating transparently, openly and consistently with
investors and the financial markets at all times.
Financial Disclosure
Principles
UBS believes that the market accords a
"transparency premium" to the share prices of
companies who provide clear, consistent and informative
disclosure about their business. UBS aims to communicate its
strategy and results in such a way that investors can gain a
full and accurate understanding of how the company works, what
its growth prospects are and what risks there are that this
growth will not be realized.
To continue to achieve these goals, UBS applies
the following principles:
–
Transparency:
disclosure aims to enhance the understandability of the economic
	drivers and detailed results of the business building trust and
	credibility;
–
Consistency:
disclosure should be consistent and comparable within each
	reporting period and between reporting periods;
–
Simplicity:
disclosure of information is made in as simple a manner as
	possible to facilitate the required level of understanding of
	business performance;
–
Relevance:
information is disclosed only when relevant to UBS's
	stakeholders, or required by regulation or statute;
–
Best practice:
disclosure is in line with and, if possible, leads industry
	norms.
UBS reports its results quarterly, including a
breakdown of results by business unit and extensive disclosures
relating to credit and market risk. The quantity of disclosure
and the quality of analysis and comment provided put UBS's
reporting among the leaders in the banking sector,
worldwide.
UBS also aims to take a prominent role in
developing industry standards for disclosure. The Group is
actively represented in committees and similar bodies helping to
develop new accounting standards and risk disclosure
standards.
UBS recently took the lead in proposing a new
standard for measuring and reporting client assets. This has
been well received by investors, analysts and peers and UBS is
optimistic that the International Accounting Standards Committee
will include such a standard in its revised publication of
IAS 30 relating to bank-specific disclosure.
Performance measures and
targets
Group targets
UBS focuses on four key performance targets,
designed to ensure that it delivers continually improving
returns to its shareholders. UBS's performance against
these targets is reported each quarter:
–
UBS seeks to increase the value of the Group by
	achieving a sustainable, after-tax return on equity of
	15–20%, across periods of varying market conditions.
–
UBS aims to increase shareholder value through
	double-digit average annual earnings per share (EPS) growth,
	across periods of varying market conditions.
–
Through cost reduction and earnings enhancement
	initiatives UBS aims to reduce the Group's cost/income
	ratio, to a level that compares positively with best-in-class
	competitors.
–
UBS aims to achieve a clear growth trend in net
	new money in its private client businesses.
The first three targets are all reported
pregoodwill amortization, and adjusted for significant financial
events (see page 92).
Business unit key performance
indicators
UBS reports carefully chosen key performance
indicators for each of its business units. These do not carry
explicit targets, but are indicators of the business units'
success in creating value for shareholders. They include
financial metrics, such as the cost/income ratio and
non-financial metrics such as client assets.
The key performance indicators are used for
internal performance measurement as well as external reporting.
This ensures that management have a clear responsibility to lead
their businesses towards achieving success in the externally
reported value drivers and reduce the risk of managing to purely
internal performance measures.
Financial reporting
policies
Accounting principles
UBS Group prepares its accounts according to
International Accounting Standards, and provides additional
information to reconcile its accounts to U.S. GAAP. A detailed
explana-
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Financial Disclosure Principles
tion of the basis of UBS's accounting is
given in Note 1 to the Financial Statements, which are
published in the Financial Report 2000.
Significant financial events
UBS's financial targets and the analysis of
financial results which is provided in quarterly and annual
reports, concentrate on figures which have been adjusted by the
exclusion of what UBS calls
Significant Financial Events
.
This facilitates meaningful comparisons between different
reporting periods, illustrating the underlying operational
performance of the business, insulated from the impact of
one-off gains or losses outside the normal course of
business.
Treatment of an item as a significant financial
event is at the discretion of the Group Executive Board, but in
general the item should be:
–  Non-recurring
–  Event specific
–  Material at Group level
–  UBS-specific, not
industry-wide
and should not be a consequence of the normal run
of business.
Examples of items that are treated as significant
financial events include the gain or loss on the sale of a
significant subsidiary or associate, such as the divestment in
1999 of UBS's stake in Swiss Life/ Rentenanstalt, or the
restructuring costs associated with a major integration, such as
the merger with PaineWebber.
Significant financial events are not a recognized
accounting concept under International Accounting Standards, and
are therefore not separately reflected in our financial
statements. The use of numbers which have been adjusted for
significant financial events is restricted to the business group
and business unit reporting and to the analysis of the Group
results and the accompanying illustrative tables. All adjusted
figures are clearly identified as such, and the pre-tax amount
of each individual significant financial event is disclosed in
the quarter in which it is recorded, and in the annual report
for that year, as is the net tax benefit or loss associated with
the significant financial events recorded in each period.
Restatement of results
As required under IAS, UBS is committed to
maintaining the transparency of its reported results and to
ensuring that analysts and investors can make meaningful
comparisons with previous periods. If there is a major
reorganization of its business units or if changes to accounting
standards or interpretations lead to a material change in the
Group's reported results, UBS restates results for previous
periods to show how they would have been reported according to
the new basis, and provides clear explanations of all
changes.
Disclosure
channels
UBS meets with its institutional investors
regularly throughout the year, holding results presentations,
specialist investor seminars, roadshows and one-on-one or group
meetings across the world. Where possible, these events involve
UBS senior management in addition to the UBS Investor Relations
team. UBS is also developing the use of technology to further
broaden access to its presentations through webcasting, audio
links and cross-location video-conferencing for external
audiences.
UBS fully subscribes to the principle of equal
treatment of all shareholders. To ensure fair access to
information, all UBS publications are made available to
shareholders at the same time and key documents are generally
available in both English and German. Shareholder letters and
media releases are also translated into French and Italian.
Letters to shareholders and material information related to
corporate events are posted direct to all shareholders, while
other information is distributed via press release and posted to
UBS's website, at www.ubs.com/investorrelations.
US regulatory disclosure
requirements
As a Swiss company listed on the New York Stock
Exchange, UBS complies with disclosure requirements of the
Securities and Exchange Commission (SEC) and the NYSE for
foreign issuers with registered securities listed on the NYSE.
These include the requirement to make certain filings with the
SEC. As a foreign issuer, some of the SEC's regulations and
requirements which apply to domestic issuers are not applicable
to UBS. Instead, UBS files its regular quarterly reports with
the SEC under cover of Form 6-K, and files an annual report
on Form 20-F. These reports, as well as materials sent to
shareholders in connection with annual and special meetings, are
all available on our website, at www.ubs.com/
investor-relations.
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Information
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UBS Share Information
The Global Registered Share
The Global Registered Share
UBS ordinary shares are registered shares with a
par value of CHF 10 per share, fully paid up and
non-assessable. As outlined in the Capital Management section on
page 74, UBS plans to reduce the par value of its shares
through a distribution and share split, which are expected to
take place on 16 July 2001. If these plans are implemented
the par value of the share will be reduced to
CHF 2.80.
UBS is the first Swiss company pioneering the use
of Global Registered Shares (GRS), which allows for cross-market
portability at minimal cost to investors. The concept behind
American Depository Receipts (ADRs), the most popular
alternative to the GRS for accessing the US market, is the
creation of tailor-made securities for individual unlinked
markets, following local regulations. UBS believes that, with
the globalization of financial markets, this concept is becoming
less valid, and that securities will increasingly be traded in
multiple markets. UBS also believes that a global fungible
security can best track the changing patterns of liquidity
across the world.
A Global Registered Share is a security that
provides direct and equal ownership for all shareholders. It can
be traded and transferred across applicable borders without the
need for conversion, with identical shares traded on different
stock exchanges in different currencies. For example, the same
share purchased on the New York Stock Exchange (NYSE) can be
sold on the SWX Swiss Exchange or vice versa. The UBS GRS is
listed on the New York, Zurich and Tokyo Stock Exchanges.
The UBS ADR program was terminated at the time of
the listing of the GRS on the New York Stock Exchange
(NYSE) – 16 May 2000. UBS ADR owners still have
the option to exchange any outstanding ADRs for UBS shares. The
exchange ratio is 10 ADRs for 1 GRS. This option is
open until May 2001, after which only a cash equivalent will be
available.
Registration
A single register exists for UBS ordinary shares,
split into two parts  – a Swiss register, which is
maintained by UBS acting as Swiss transfer agent, and a US
register, which is maintained by The Bank of New York, as US
transfer agent. A shareholder is entitled to hold shares
registered in their name on either register and transfer shares
from one register to the other upon giving proper instruction to
the transfer agents.
Share liquidity and currency effects
For the foreseeable future, because of the
greater volume of UBS shares traded on the SWX Swiss Exchange,
Swiss trading will be the primary determinant of the share price
and liquidity on the SWX Swiss Exchange will be higher.
During the hours in which both the SWX and NYSE
are simultaneously open (currently 1530 to 1700 CET), price
differences are likely to be arbitraged away by professional
market makers. The NYSE price will therefore depend on both the
SWX price and the prevailing USD/CHF exchange rate. When the SWX
is closed, traded volumes will be lower, however the specialist
firm making a market in UBS shares on the NYSE, Van der Moolen,
will facilitate sufficient liquidity and an orderly
market.
As a global financial services firm, UBS earns
profits in many currencies. Since UBS prepares its accounts in
CHF, changes in currency exchange rates, particularly CHF/USD
and CHF/GBP, may have an effect on reported earnings.
With the PaineWebber merger the USD earnings
component of UBS will increase.
The UBS dividend
UBS normally pays its regular annual dividend to
shareholders registered as of the date of the Annual General
Meeting (the record date). Payment is usually scheduled 3
business days thereafter.
Following an AGM, UBS shares typically begin
trading ex-dividend. As a result of this structure, shareholders
that sell shares on the SWX Swiss Exchange two business days
prior to the payment date are required to compensate the
purchaser for the amount of the dividend. An automated
compensation system properly allocates the dividend for those
transactions and allows SegaInterSettle participants to execute
transactions between the record date and the payment date.
These practices differ from the US norm of
declaring dividends at least ten days in advance of the
applicable record date and the commencement of ex-dividend
trading two days before the record date. To ensure Swiss
shareholders and US shareholders are simi-
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UBS Share Information
The Global Registered Share
larly treated in connection with dividend
payments, and to avoid disparities between the two markets, NYSE
trading will be with due bills for the two business day period
preceding the dividend record date.
UBS pays dividends in Swiss francs. For UBS
ordinary shares held in street name through The Depository Trust
Company, any dividend will be converted into US dollars. Holders
of UBS ordinary shares registered on the US register will
receive dividend payments in US dollars, unless they provide
notice to The Bank of New York, UBS's US transfer agent,
that they wish to receive dividend payments in Swiss franc
UBS will fix the USD dividend amount on the basis
of the DJ Interbank Foreign Exchange rate for sale of CHF
against USD. The date for this fixing will be set at the same
time as the respective ex-dividend, record and payment dates are
set.
Holders of UBS shares who are US taxpayers are
normally subject to 35% withholding tax on dividends they
receive from UBS, although they can normally reclaim part of
this, bringing their withholding tax rate down to 15%. UBS is
currently in discussions with the Swiss tax authorities to
change the withholding tax treatment of Global Registered
Shares, so that either tax is only withheld at 15% for US tax
payers, or to allow approved processors to file bulk
reclamations on behalf of qualified UBS shareholders. Despite
our efforts, there can be no assurance that this withholding tax
will be reduced or eliminated.
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UBS Share Information
UBS Shares 2000
UBS Shares 2000
UBS Share Data
For the year ended
Registered shares in 1000 units
31.12.00
31.12.99
31.12.98
Total shares outstanding
444,380
430,893
429,953
Total shares ranking for dividend
425,958
430,893
429,953
Treasury shares (average)
31,199
27,882
18,601
Treasury shares (year end)
18,422
36,874
24,457
Weighted average shares (for basic EPS calculation)
403,029
404,742
405,222
Weighted average shares (for diluted EPS calculation)
408,526
408,375
412,881
Per share data CHF
Basic earnings per share
19.33
15.20
7.33
Basic earnings per share before goodwill
20.99
16.04
8.18
Diluted earnings per share
19.04
15.07
7.20
Diluted earnings per share before goodwill
20.67
15.90
8.03
Distribution
6.10
5.50
5.00
Market capitalization – CHF billion
Year-end
112.7
92.6
90.7
% change year-on-year
21.70
2.09
0.55
As a % of the Swiss Market Index (SMI)
10.80
10.62
11.76
As a % of the Swiss Performance Index (SPI)
9.08
8.51
9.56
Trading volumes – 1000 units
SWX total
403,767
346,405
244,080
SWX daily average
1,609
1,364
1,878
NYSE total
27,767
NYSE daily average
175
UBS share price performance in 2000
UBS's share price performed strongly in
2000, rising 23% through the year and generating a total return
of 28% to investors if dividends are included.
UBS believes that three key factors underly this
strong performance. Firstly UBS firmly demonstrated its
commitment to achieving its strategic goals, improving
investors' confidence in the Group's ability to
revitalize under-performing businesses and position itself
excellently to tap growth markets and opportunities. Secondly,
financial results demonstrated the attractiveness of the
Group's mix of businesses, and its ability to weather
deteriorating international market conditions during the year
and maintain its strong financial performance. Finally, UBS has
maintained its commitment to manage its capital for the benefit
of its shareholders, minimizing the dilution to existing
shareholders that resulted from the PaineWebber merger and
buying back over 18 million shares for cancellation.
The year started poorly for most banking stocks,
including UBS, following concerns over the sustainability of the
"new economy" paradigm. Opening the year at
CHF 215, the share price fell to its lowest point for the
year of CHF 190.75 on 25 January. However, the stock
recovered quickly and went on to reach CHF 250 in mid June
as UBS began to deliver on its strategic commitments, with
particularly positive reactions to the New York Stock Exchange
listing and the communication of e-commerce strategy in May, and
to our record first quarter results.
Announcement of the merger with PaineWebber
brought a temporary technical arbitrage driven drop in the stock
price, to CHF 224, but by 18 August the price
recovered to a year-to-date high of CHF 264 as arbitrage
pressures reduced. Investor concerns over losses in the
investment banking sector, and increasing signs of a weakening
US economy began to put downward pressure on the share price,
which fell to CHF 213.50 on 11 October.
The shares recovered to close at a year's
high of 264.50 as strong third quarter results demonstrated the
resilience of UBS's earnings, and investors saw the
benefits of exposure to the strong Swiss economy as a hedge
against a potential downturn in international markets.
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UBS Shares 2000
Stock Exchange Prices
1
SWX Swiss Exchange
New York Stock Exchange
High
Low
Period end
High
Low
Period end
(CHF)
(CHF)
(CHF)
(USD)
(USD)
(USD)
2000
264.50
190.75
264.50
153.00
129.85
163.40
Fourth quarter 2000
264.50
213.50
264.50
163.40
141.80
163.40
Third quarter 2000
264.00
224.00
230.00
153.25
135.19
135.45
Second quarter 2000
250.00
209.50
239.00
153.00
129.85
147.00
First quarter 2000
218.50
190.75
218.50
1999
264.00
202.50
215.00
Fourth quarter 1999
239.75
202.50
215.00
Third quarter 1999
246.75
202.50
211.50
Second quarter 1999
264.00
221.00
232.00
First quarter 1999
246.00
207.25
232.50
1998
2
326.50
135.00
211.00
1
The share
prices and volumes have been adjusted for the two-for-one stock
split that became effective on 8 May 2000.
2
2 As a result of the 1998 merger of Union Bank
of Switzerland and Swiss Bank Corporation, shares of UBS AG
began trading on 29 June 1998. UBS ordinary shares did not
trade at any time prior to that date.
UBS Shares and Market Capitalization
Number of shares
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Total ordinary shares issued
1
444,379,729
430,893,162
429,952,612
3
Less second trading line treasury
	shares
18,421,783
Net shares outstanding
425,957,946
430,893,162
429,952,612
(1
)
Market capitalization (CHF
	million)
112,666
92,642
90,720
22
Second trading line treasury shares
18,421,783
Other treasury shares
0
36,873,714
24,456,698
(100
)
Total number of treasury
	shares
18,421,783
36,873,714
24,456,698
(50
)
1
Excludes
9,481,596 of shares to be delivered against borrowed own equity
contracts, at 31 December 2000.
97
Table of Contents
UBS Share Information
UBS Shares 2000
Distribution of UBS Shares at 31
December 2000
Shareholders registered
Shares registered
Total shares
Number of shares registered
Number
%
Number
% of shares issued
issued
1–100
110,697
49.0
5,744,131
1.3
101–1,000
102,038
45.1
31,548,461
7.1
1,001–5,000
10,962
4.8
21,951,728
4.9
5,001–10,000
1,176
0.5
8,242,804
1.9
10,001–50,000
924
0.4
19,204,403
4.3
50,001–100,000
127
0.1
8,663,750
2.0
100,001–2,583,506 (1%)
207
0.1
115,639,346
26.0
1–2%
1
4,516,000
1.0
2–3%
0
0
3–4%
1
14,852,677
3.3
4–5%
0
0
Over 5%
1
3
27,987,339
6.3
Total registered
226,134
100.0
258,350,639
58.1
258,350,639
Non-registered
2
186,029,090
Total
444,379,729
1
46,705,889
shares registered do not carry voting rights.
2
Shares not entered in the share register at
31.12.2000.
3
As at 31.12.2000, Chase Nominees
Ltd., London, was entered as a trustee/nominee holding 6.3% of
all shares issued. No beneficial owner held more than 5% of the
total of outstanding shares.
Details on shareholders and shares
registered
Shareholders
Shares
Number
%
Number
%
Individual shareholders
216,549
95.7
67,703,420
26.2
Legal entities
8,969
4.0
120,451,892
46.6
Nominees, fiduciaries
616
0.3
70,195,327
27.2
Total
226,134
100.0
258,350,639
100.0
Switzerland
210,860
93,3
144,552,709
56.0
Europe
9,580
4,2
63,850,105
24.7
North America
2,980
1,3
31,112,987
12.0
Other countries
2,714
1,2
18,834,838
7.3
Total
226,134
100.0
258,350,639
100.0
UBS employees held approximately 8% of all shares
issued, and options equivalent to about 6%.
98
Table of Contents
Cautionary statement regarding forward-looking
statements
This communication contains statements that
constitute "forward-looking statements", including,
without limitation, statements relating to the implementation of
strategic initiatives, including the implementation of the new
European wealth management strategy and the implementation of a
new business model for UBS Capital, and other statements
relating to our future business development and economic
performance. While these forward-looking statements represent
our judgments and future expectations concerning the development
of our business, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from our expectations.
These factors include, but are not limited to,
(1) general market, macro-economic, governmental and
regulatory trends, (2) movements in local and international
securities markets, currency exchange rates and interest rates,
(3) competitive pressures, (4) technological
developments, (5) changes in the financial position or
credit-worthiness of our customers, obligors and counterparties,
(6) legislative developments and (7) other key factors
that we have indicated could adversely affect our business and
financial performance which are contained in our past and future
filings and reports, including those with the SEC.
More detailed information about those factors is
set forth in documents furnished by UBS and filings made by UBS
with the SEC. UBS is not under any obligation to (and expressly
disclaims any such obligations to) update or alter its
forward-looking statements whether as a result of new
information, future events, or otherwise.
For information contact:
UBS AG, Investor Relations G41B, P.O. Box,
CH-8098 Zurich
Phone: +41-1-234 41 00, Fax: +41-1-234 34
15
E-mail: SH-investorrelations@ubs.com, Internet:
www.ubs.com/investor-relations
Change of address
UBS AG, Shareholder Services GUMV, P.O. Box,
CH-8098 Zurich
Phone: +41-1-235 62 02, Fax: +41-1-235 31
54
E-mail: SH-shareholder-services@ubs.com
Published by UBS AG
Edited by: UBS AG, Investor Relations
Languages: English, German. Copyright: UBS
AG.
Table of Contents
UBS AG
P.O. Box, CH-8098 Zurich
P.O. Box, CH-4002 Basel
www.ubs.com
Table of Contents
Table of Contents
Our Information Portfolio
This Financial Report 2000 contains our audited
financial statements for the year 2000 and accompanying detailed
analysis. It is available in English and German
(SAP-80531-0101). It is supplemented by the following
documents:
Annual Review 2000
Our Annual Review provides brief descriptions of
our business groups and a summary review of the year 2000. It is
available in English, German, French, Italian and Spanish
(SAP-80530-0101).
Handbook 2000/2001
Our Handbook contains detailed descriptions of
our business groups and other in-depth information about UBS,
including risk management and control, asset and liability
management, corporate governance and our financial disclosure
principals. It is available in English and German
(SAP-80532-0101).
Environmental
reporting:
The Handbook also contains
information on UBS and the environment.
Quarterly Reports
UBS provides detailed quarterly financial
reporting and analysis, including comment on the progress of its
businesses and key strategic initiatives.
Our Commitment 1999/2000
The Report "Our Commitment 1999/2000"
illustrates how we create value for our clients, employees,
shareholders and the community and how we meet our
responsibility to all our stakeholder groups. It is available in
English, German and French (SAP-81011-0001).
Each of these reports is available on the
internet at: www.ubs.com/investor-relations.
Alternatively, printed copies of these reports
can be ordered, quoting the SAP number and language preference,
from: UBS AG, Information Center, CA50-XMB, P.O. Box, CH-8098
Zurich, Switzerland.
Table of Contents
Introduction
2
Information for Readers
3
UBS Group Financial Highlights
7
Group Financial Review
9
Review of Business Group Performance
23
Principles
24
UBS Switzerland
26
UBS Asset Management
32
UBS Warburg
38
Corporate Center
52
UBS Group Financial Statements
55
Table of Contents
56
Financial Statements
58
Notes to the Financial Statements
63
Report of the Group Auditors
143
UBS AG (Parent Bank) Financial Statements
146
Table of Contents
147
Parent Bank Review
148
Financial Statements
149
Notes to the Financial Statements
152
Report of the Statutory Auditors
156
Information for Shareholders
157
1
Table of Contents
Introduction
Introduction
The UBS Financial Report 2000, published for the
first time in this format, forms an essential part of UBS's
reporting portfolio. It includes the audited consolidated
financial statements of UBS Group for 2000 and 1999, prepared
according to International Accounting Standards and reconciled
to U.S. GAAP, and the audited financial statements of the UBS
Parent Bank for 2000, prepared according to Swiss Banking Law
requirements. It contains the discussion and analysis of the
results of UBS Group required for the US Securities and Exchange
Commission's Form 20-F.
The UBS Financial Report 2000 is complemented by
another new publication, the UBS Handbook 2000/2001, which
describes the Group's strategy and organization, the
businesses it operates, the way it manages risk and its
arrangements for corporate governance.
In addition, UBS publishes Quarterly Financial
Reports, analyzing its performance during each quarter of the
year, and an Annual Review, which provides a brief summary of
the Group and its financial performance in 2000.
We hope that you will find the information in
these documents useful and informative. We believe that UBS is
among the leaders in corporate disclosure, but we would be very
interested to hear your views on how we might improve the
content and presentation of our information portfolio.
Please contact UBS Investor Relations with any
enquiries:
UBS AG
Investor Relations G41B
P.O. Box, CH-8098 Zurich
Phone +41-1-234 41 00
Fax +41-1-234 34 15
E-mail SH-investorrelations@ubs.com
www.ubs.com/investor-relations
2
Table of Contents
Information for Readers
Information for Readers
The discussion and analysis in the Group
Financial Review and Review of Business Group Performance should
be read in conjunction with the UBS Group's consolidated
financial statements and the related notes, which are shown in
pages 58 to 142 of this document.
Parent Bank
Pages 147 to 154 contain the financial statements
for the UBS AG Parent Bank – the Swiss company,
including branches worldwide, which owns all the UBS Group
companies, directly or indirectly. Except in those pages, or
where otherwise explicitly stated, all references to
"UBS" refer to the UBS Group and not to the Parent
Bank.
Accounting
standards
The UBS Group's consolidated financial
statements have been prepared in accordance with International
Accounting Standards (IAS). As a US listed company, UBS provides
a description in Note 41 to its consolidated financial
statements of the significant differences which would arise were
our accounts to be presented under U.S. GAAP, and a specific
reconciliation of the two methods of calculating
shareholders' equity and net profit.
Unless otherwise stated, all of UBS Group's
financial information presented in this document is presented on
a consolidated basis under IAS.
The Parent Bank's financial statements have
been prepared in accordance with Swiss Banking Law
requirements.
All references to 2000, 1999 and 1998 refer to
the UBS Group and the Parent Bank's fiscal years ended 31
December 2000, 1999 and 1998, respectively. The financial
statements for the UBS Group and the Parent Bank for each of
these periods have been audited by Ernst & Young Ltd., as
described in the Reports of the Independent Auditors on pages
143 and 155.
Accounting changes and
restatements
For comparative purposes, UBS Group's 1999
and 1998 figures have been restated to conform to the 2000
presentation, reflecting certain changes in accounting standards
and methods of presentation, including
–
the removal from net trading income of profit on
	UBS ordinary shares held for trading purposes;
–
the treatment of these shares as treasury shares,
	reducing both the number of shares and the shareholders'
	equity used in ratio calculations;
–
the reclassification of trading-related interest
	and dividend revenues from net trading income to net interest
	income; and
–
the removal of the credit to net interest income
	and matching debit to net trading income for the cost of funding
	trading positions.
Note 1 of UBS's consolidated financial
statements includes a complete explanation of these and other
accounting changes.
PaineWebber
Except where otherwise stated, all 2000 figures
for UBS Group throughout this report, include the impact of the
merger with Paine Webber Group, Inc., which was completed on 3
November 2000. Under purchase accounting rules, the results
reflect PaineWebber's income and expenses for two months
only, from 3 November 2000 until year end.
Restructuring
provision
The 1998 merger of Swiss Bank Corporation and
Union Bank of Switzerland, which was completed on 29
June 1998, was accounted for under the
"pooling-of-interests" method of accounting. Under the
pooling-of-interests method, a single uniform set of accounting
policies was adopted and applied retrospectively for the
restatement of comparative information.
After the merger was effected, UBS began
integrating the operations of the two banks. This process
included streamlining operations, eliminating duplicate
information technology infrastructure, and consolidating banking
premises. At the time of the merger, UBS established a
restructuring provision of CHF 7 billion to cover its
expected costs associated with the integration process.
An additional pre-tax restructuring charge of
CHF 300 million in respect of the merger,
3
Table of Contents
Information for Readers
Restructuring Provision Used
For the year ended
CHF million
Personnel
IT
Premises
Other
31.12.00
31.12.99
31.12.98
UBS Switzerland
176
32
4
16
228
916
821
UBS Asset Management
7
0
0
0
7
15
22
UBS Warburg
0
0
0
0
0
348
2,423
Corporate Center
5
31
395
33
464
565
761
Group total
188
63
399
49
699
1,844
4,027
Initial restructuring provision in 1997
7,000
Additional provision in 1999
300
Used in 1998
4,027
Used in 1999
1,844
Used in 2000
699
Total used through 31.12.2000
6,570
Restructuring provision remaining at 31.12.2000
730
representing about 4% of the original CHF 7
billion provision, was recognized in December 1999. The
majority of the additional provision was due to revised
estimates of the cost of lease breaks and property
disposals.
UBS has now largely completed the integration and
restructuring process relating to the merger and, at 31
December 2000, had used approximately CHF 6.6 billion of
the CHF 7.3 billion restructuring provision. UBS expects to have
utilized the entire provision by the end of 2001.
Significant financial
events
UBS analyses its performance on a reported basis
determined in accordance with International Accounting
Standards, and on a normalized basis which excludes from the
reported amounts certain items UBS calls
significant
financial events
.
Figures adjusted for significant financial events
are used to illustrate the underlying operational performance of
the business, insulated from the impact of one off gains or
losses outside the normal run of business. In particular,
UBS's financial targets have been set in terms of adjusted
results, excluding significant financial events. A policy
approved by the Group Executive Board defines which items may be
classified as significant financial events.
The use of numbers which have been adjusted for
significant financial events is restricted to UBS's
business unit reporting and to the discussion and analysis of
the Group's results and the accompanying illustrative
tables. All segmental reporting includes tables showing both
reported figures and adjusted ones, if applicable.
All adjusted figures are clearly identified as
such, and the pre-tax amount of each individual significant
financial event is clearly disclosed, as is the net tax benefit
or loss associated with all the significant financial events in
each period.
UBS introduced the concept of significant
financial events for the first time in its 1999 Reporting, and
did not define significant financial events for 1998. The
comparison of results for 1999 against 1998 therefore considers
only unadjusted figures.
Significant financial events during 1999 and 2000
are shown in the table on page 5 and described in more
detail below.
–
During 2000, UBS recorded restructuring charges
	and provisions of CHF 290 million pre-tax relating to the
	integration of PaineWebber into UBS.
–
During 1999, UBS recognized pre-tax gains of CHF
	1,490 million on the sale of its 25% stake in Swiss Life/
	Rentenanstalt; CHF 110 million on the disposal of Julius Baer
	registered shares; CHF 200 million on the sale of its
	international Global Trade Finance business; and CHF 38 million
	from its residual holding in Long Term Capital Management.
–
In fourth quarter 1999, UBS recognized a one-time
	credit of CHF 456 million in
con-
4
Table of Contents
Information for Readers
Significant Financial Events
For the year ended
CHF million
31.12.00
31.12.99
Operating income as reported
36,402
28,425
1
Julius Baer registered shares divestment
(110
)
International Global Trade Finance divestment
(200
)
Swiss Life / Rentenanstalt divestment
(1,490
)
LTCM gain
(38
)
Adjusted operating income
36,402
26,587
Operating expenses as reported
26,203
20,532
US Global Settlement Fund provision
(150
)
(154
)
Pension Fund accounting credit
456
UBS / SBC Restructuring provision
(300
)
PaineWebber integration costs
(290
)
Adjusted operating expenses
25,763
20,534
Adjusted operating profit before tax and minority
	interests
10,639
6,053
Tax expense
2,320
1,686
Tax effect of significant financial events
100
(352
)
Adjusted tax expense
2,420
1,334
Minority interests
(87
)
(54
)
Adjusted net profit
8,132
4,665
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see Note 1:
Summary of Significant Accounting Policies).
nection with excess pension fund employer
pre-payments.
–
In fourth quarter 1999, UBS recognized an
	additional pre-tax restructuring charge of CHF 300 million in
	respect of the 1998 merger between Union Bank of Switzerland and
	Swiss Bank Corporation.
–
During 1998, UBS established a provision of CHF
	842 million in connection with the US Global Settlement of World
	War II related claims. UBS recognized additional pre-tax
	provisions relating to this claim of CHF 154 million in 1999 and
	CHF 150 million in 2000.
Risk factors
As a global financial services firm, UBS's
businesses are affected by the external environment in the
markets in which UBS operates. In particular, the results of
UBS's business in Switzerland, and notably the results of
its credit-related activities, would be adversely affected by
any deterioration in the state of the Swiss economy because of
the impact this would have on UBS's customers'
creditworthiness. More generally, global economic and political
conditions can impact UBS's results and financial position
by affecting the demand for UBS's products and services,
and the credit quality of UBS's borrowers and
counterparties. Similarly, any prolonged weakness in
international securities markets would affect UBS's
business revenues through its effect on UBS's clients'
investment activity and the value of portfolios under
management, which would in turn reduce UBS's revenues from
its private banking and asset management businesses.
Competitive forces
UBS faces intense competition in all aspects of
its business. UBS competes with asset managers, retail and
commercial banks, private banking firms, investment banking
firms, brokerage firms and other investment services firms. In
addition, the trend toward consolidation in the global financial
services industry is creating competitors with broader ranges of
product and service offerings, increased access to capital, and
greater efficiency and pricing power.
5
Table of Contents
Information for Readers
Fluctuations in currency exchange rates and
interest rates
Because UBS prepares its accounts in Swiss
francs, changes in currency exchange rates, particularly between
the Swiss franc and the US dollar, may have an effect on the
earnings that it reports. UBS's approach to managing this
risk is explained in the Currency Management section of the
discussion of Asset and Liability Management in the UBS Handbook
2000/2001.
In addition, changes in financial market
structures can affect UBS's earnings. For example, the
establishment of the euro during 1999 affected foreign exchange
markets in Europe by reducing the extent of foreign exchange
dealings among member countries and generating more harmonized
financial products. Movements in interest rates can also affect
UBS's results. UBS's interest income is affected by
changes in interest rates, although the precise mechanisms are
complicated. Interest rate movements can also affect UBS's
fixed income trading portfolio and the investment performance of
its asset management businesses. For further discussion of the
effect of interest rate changes on UBS's business see the
Interest Rate Risk Management section of the discussion of Asset
and Liability Management in the UBS Handbook 2000/2001.
Operational risks
UBS's businesses are dependent on its
ability to process a large number of complex transactions across
numerous and diverse markets in different currencies and subject
to many different legal and regulatory regimes. UBS's
systems and processes are designed to ensure that the risks
associated with UBS's activities are appropriately
controlled, but UBS recognizes that any weaknesses in these
systems could have a negative impact on its results of
operations.
As a result of these and other factors beyond its
control, UBS's revenues and operating profit have been and
are likely to continue to be subject to a measure of variability
from period to period. Therefore UBS's revenues and
operating profit for any particular fiscal period may not be
indicative of sustainable results, may vary from year to year
and may impact UBS's ability to achieve its strategic
objectives.
For a discussion of UBS's risk management
and control procedures see the Risk Management and Control
section of the UBS Handbook 2000/2001.
6
Table of Contents
UBS Group
Financial Highlights
UBS Group
Financial Highlights
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income statement key figures
Operating income
36,402
28,425
22,247
28
Operating expenses
26,203
20,532
18,376
28
Operating profit before tax
10,199
7,893
3,871
29
Net profit
7,792
6,153
2,972
27
Cost / income ratio (%)
2
72.2
69.9
79.2
Cost / income ratio before goodwill (%)
2, 3
70.4
68.7
77.7
Per share data (CHF)
Basic earnings per share
4, 7
19.33
15.20
7.33
27
Basic earnings per share before
	goodwill
3, 4, 7
20.99
16.04
8.18
31
Diluted earnings per share
4, 7
19.04
15.07
7.20
26
Diluted earnings per share before
	goodwill
3, 4, 7
20.67
15.90
8.03
30
Return on shareholders' equity (%)
Return on shareholders' equity
5
21.5
22.4
10.7
Return on shareholders' equity before goodwill
3,5
23.4
23.6
12.0
CHF million, except where indicated
% change from
As of
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Balance sheet key figures
Total assets
1,087,552
896,556
861,282
21
Shareholders' equity
44,833
30,608
28,794
46
Market capitalization
112,666
92,642
90,720
22
BIS capital ratios
Tier 1 (%)
11.7
10.6
9.3
Total BIS (%)
15.7
14.5
13.2
Risk-weighted assets
273,290
273,107
303,719
0
Total assets under management (CHF billion)
2,469
1,744
1,573
42
Headcount (full time equivalents)
6
71,076
49,058
48,011
45
Long-term ratings
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa1
Aa1
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
Earnings adjusted for significant financial
events
8
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.99
Operating income
36,402
26,587
37
Operating expenses
25,763
20,534
25
Operating profit before tax
10,639
6,053
76
Net profit
8,132
4,665
74
Cost / income ratio before goodwill (%)
2, 3
69.2
73.3
Basic earnings per share before goodwill
	(CHF)
3, 4, 7
21.83
12.37
76
Diluted earnings per share before goodwill
	(CHF)
3, 4, 7
21.50
12.26
75
Return on shareholders' equity before goodwill
	(%)
3, 5
24.3
18.2
1
The 1999 and
1998 figures have been restated to reflect retroactive changes
in accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see Note 1:
Summary of Significant Accounting
Policies).
2
Operating expenses / operating
income before credit loss recovery /
(expense).
3
The amortization of goodwill and
other intangible assets is excluded from the
calculation.
4
For EPS calculation, see Note 10
to the Financial Statements.
5
Net profit /
average shareholders' equity excluding
dividends.
6
The Group headcount does not include
the Klinik Hirslanden AG headcount of 1,839 and 1,853 for 31
December 2000 and 31 December 1999,
respectively.
7
1999 and 1998 share figures are
restated for the two-for-one share split, effective 8
May 2000.
8
Details of Significant Financial
Events can be found on pages 4 and 5.
Except where otherwise stated, all 31
December 2000 figures throughout this report include the
impact of the acquisition of PaineWebber, which occurred on 3
November 2000.
7
Table of Contents
(This page intentionally left blank)
Table of Contents
Group Financial
Review
Table of Contents
Group Financial Review
Group Performance
Group Performance
Introduction
UBS is a global integrated investment services
firm and the leading bank in Switzerland. We are the
world's leading provider of private banking services and
one of the largest asset managers globally. In the investment
banking and securities businesses we are among the select
bracket of major global houses. In Switzerland we are the clear
market leader in corporate and retail banking. As an integrated
group, not merely a holding company, we create added value for
clients by drawing on the combined resources and expertise of
all our businesses.
UBS operates through three Business Groups and
its Corporate Center. The three Business Groups are:
–
UBS Switzerland, which is made up of two business
	units: Private and Corporate Clients and Private Banking;
–
UBS Asset Management, which, until
	January 2001, consisted of two business units:
	Institutional Asset Management and Investment Funds/ GAM;
	and,
–
UBS Warburg, which, until January 2001, was
	composed of five business units: Corporate & Institutional
	Clients, UBS Capital, US Private Clients, International Private
	Clients and e-services.
Within each Business Group, business units share
senior management, infrastructure and other resources.
A full description of UBS and its Business Groups
can be found in the UBS Handbook 2000/2001.
The financial impact on UBS
of the PaineWebber merger
Restructuring costs
UBS has incurred a total of CHF 746 million
(USD 431 million) of restructuring costs and other one-off
merger-related costs as a result of the PaineWebber
merger.
In accordance with IAS purchase accounting rules,
CHF 456 million of these costs have been accounted for as a
pre-acquisition liability of PaineWebber and were therefore
added to the goodwill amount for the transaction.
The remaining expenses, of CHF 290 million,
were charged in fourth quarter 2000, and treated as a
significant financial event. CHF 152 million was charged in
UBS Warburg's e-services business unit, representing the
costs of closure of telephone call centers and the write-down of
capitalized software no longer required in light of changes in
the strategy due to the PaineWebber acquisition. CHF 106
million was charged in the Corporate and Institutional Clients
business unit, principally covering severance and other
personnel costs. The remaining CHF 32 million was charged
in Corporate Center.
Goodwill
The amount of goodwill and intangible assets
resulting from the merger was USD 10.0 billion, or
CHF 17.5 billion.
Within this total USD 2.7 billion relates to
identified intangible assets, including the value of
PaineWebber's brand and infrastructure.
The goodwill and intangible assets will be
amortized over 20 years. Amortization costs amounted to
CHF 138 million in the fourth quarter 2000.
Retention payments
As part of the merger, UBS agreed to make
retention payments to PaineWebber financial advisors, senior
executives, and other staff, subject to these employees'
continued employment and other restrictions. The value of these
payments is expected to amount to a total of USD 875
million (CHF 1,541 million), the vast majority of which
will be paid in the form of UBS shares. The payments will vest
over periods of up to four years from the merger. USD 76
million (CHF 128 million) was charged in fourth quarter
2000, and approximately USD 280 million (approximately
CHF 458 million at year end 2000 exchange rates) is
expected to be charged in 2001.
Cash consideration
The cash portion of the merger consideration was
USD 6.0 billion, or CHF 10.6 billion. UBS took
advantage of the focus on the company in US markets as a result
of the PaineWebber transaction to make its inaugural US public
offering, issuing USD 1.5 billion of 8.622% Trust Preferred
Securities on 10 October 2000.
10
Table of Contents
Group Financial Review
Group Performance
Issue of shares to finance the PaineWebber
merger
At an Extraordinary General Meeting on
7 September 2000, UBS shareholders approved a resolution to
create 38 million shares of authorized capital in
connection with the PaineWebber merger. UBS shareholders also
granted the Board of Directors a "green shoe option"
giving them the flexibility to issue some of these shares at the
time of the merger, and then to issue additional shares as
required during the three months following completion of the
merger, up to the 38 million shares limit.
As announced at the completion of the merger,
40.6 million shares were delivered to PaineWebber shareholders
as part of the merger consideration. UBS chose to fund this
amount by issuing 12 million new ordinary shares,
re-issuing 7 million shares held in Treasury and borrowing
the remaining 21.6 million ordinary shares that were
required.
On 6 November 2000, following completion of
the merger, UBS launched a new treasury share buy-back program
in Switzerland, designed principally to repurchase shares to
cover the borrowings. When the program was completed on
2 March 2000, a total of 30 million shares had been
repurchased at an average price of CHF 266. By 31 December
2000, 14.2 million shares had been purchased through this
program, and 13.8 million of them had been delivered to cover
the borrowed shares, leaving 7.8 million borrowed shares still
outstanding. UBS completed the repurchase of sufficient shares
to cover all the borrowed shares on 24 January 2001, having
paid an average price of CHF 262 per share.
With no requirement to issue further shares in
connection with the PaineWebber merger, the green shoe option
lapsed. UBS has met its commitment to minimize the dilution of
earnings and voting power, by keeping the final number of new
UBS shares issued as small as possible. The weighted average
number of shares in the fourth quarter was 5% higher than if the
PaineWebber transaction had not occurred.
The Annual General Meeting on 26 April 2001
will be asked to give formal approval for the elimination of the
remaining 26 million shares of authorized capital which
were not required for the transaction. It will also be asked to
reduce the conditional capital created to cover future exercise
of options held by PaineWebber staff from 16.3 million to the
5.6 million required to cover the remaining outstanding
options.
11
Table of Contents
Group Financial Review
Group Performance
UBS Group Performance against
Targets
For the year ended
31.12.00
31.12.99
1
RoE (%)
as reported
21.5
22.4
before goodwill and adjusted for significant financial
	events
2
24.3
18.2
Basic EPS (CHF)
as reported
3
19.33
15.20
before goodwill and adjusted for significant financial
	events
2, 3
21.83
12.37
Cost / income ratio (%)
as reported
72.2
69.9
before goodwill and adjusted for significant financial
	events
2
69.2
73.3
Assets under Management
Net new
Net new
money
4
money
4
CHF billion
31.12.00
31.12.99
2000
1999
UBS Group
2,469
1,744
UBS Switzerland
Private and Corporate Clients
440
439
0
Private Banking
681
671
(1
)
1
UBS Asset Management
Institutional Asset Management
5
496
574
(67
)
(50
)
Investment Funds / GAM
219
225
4
1
UBS Warburg
US Private Clients
6
794
8
International Private Clients
33
36
10
4
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting Policies).
2
The amortization of goodwill and other
intangible assets is excluded from the calculation.
3
1999 share figures are restated for the
two-for-one share split, effective 8 May 2000.
4
Excludes interest and dividend income.
5
Includes non-institutional assets also
reported in the Investment Funds / GAM business unit.
6
Client Assets were CHF 890 billion at
3 November 2000.
Group results 2000
Group targets
UBS focuses on four key performance targets,
designed to drive us to deliver continually improving returns to
our shareholders.
–
UBS seeks to achieve a sustainable, after-tax
	return on equity of 15-20%, across periods of varying market
	conditions.
–
UBS aims to increase shareholder value through
	double-digit average annual earnings per share
	(EPS) growth, across periods of varying market
	conditions.
–
Through cost reduction and earnings enhancement
	initiatives, UBS aims to reduce the Group's cost/ income
	ratio to a level that compares positively with best-in-class
	competitors.
–
UBS aims to achieve a clear growth trend in net
	new money in its private client businesses.
The first three targets are all measured
pre-goodwill amortization, and adjusted for significant
financial events.
Adjusted for significant financial events, our
pre-goodwill return on equity for the year 2000 was 24.3%,
clearly above our target range of 15-20%. Pre-goodwill earnings
per share, again on an adjusted basis, were CHF 21.83 in 2000,
representing an increase of 76% over 1999, well in excess of our
target of double-digit growth over the cycle. Continued focus on
cost control has brought the pre-goodwill cost/ income ratio,
adjusted for significant financial events, down to 69.2% in
2000, from 73.3% in 1999.
12
Table of Contents
Group Financial Review
Group Performance
Net new money in the private client businesses
(Private Banking, US Private Clients and International Private
Clients) was CHF 18 billion for the year, compared to CHF
4 billion in 1999, and including CHF 8 billion of net
new money in PaineWebber in only two months. PaineWebber's
net new money growth since completion of the merger demonstrates
the strength of its franchise and the momentum that it brings to
UBS's asset gathering performance.
Net profit
Full year net profit was CHF 7,792 million, up
27% from the CHF 6,153 million reported in 1999. When adjusted
for significant financial events, net profit for 2000 was CHF
8,132 million, up 74% from the CHF 4,665 million achieved in
1999. These results reflect the very strong and consistent
performance recorded by the Group in every quarter of
2000.
Operating income and expense includes income and
expense of the former PaineWebber businesses from
3 November 2000, the date of the completion of the merger
with PaineWebber.
Operating income
Total operating income increased 28% from 1999,
to CHF 36,402 million, from CHF 28,425 million. Adjusted for
significant financial events, total operating income increased
37%, to CHF 36,402 million, from CHF 26,587 million in 1999.
This strong performance relative to 1999, was driven by
excellent trading results, improved credit conditions in the
Swiss market, much higher fee and commission income, and a
successful year for the Group's investment banking
business.
The principal significant financial events
affecting the income comparison were from the one-off sales of
businesses and investments in 1999, including pre-tax gains of
CHF 1,490 million on the sale of UBS's 25% stake in Swiss
Life/ Rentenanstalt and CHF 110 million on the disposal of
Julius Baer registered shares, recorded in Net gains from
disposal of associates and subsidiaries, and CHF 200 million on
the sale of UBS's international Global Trade Finance
business, which was recorded in Other income. In addition UBS
recognized a CHF 38 million gain in 1999 from its residual
holdings in Long Term Capital Management, L.P., which was also
recorded in Other income.
Net interest income
before credit loss increased by CHF 2,221 million, or 38%, from
CHF 5,909 million in 1999 to CHF 8,130 million in 2000. This was
principally the result of much stronger trading-related
perform-
Net Interest Income
CHF million
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Interest income
Interest earned on loans and advances to banks
5,615
6,105
7,687
(8
)
Interest earned on loans and advances to customers
14,692
12,077
14,111
22
Interest from finance leasing
36
49
60
(27
)
Interest earned on securities borrowed and reverse repurchase
	agreements
19,088
11,422
10,380
67
Interest and dividend income from financial investments
202
160
372
26
Interest and dividend income from trading portfolio
11,842
5,598
3,901
112
Other
270
193
931
40
Total
51,745
35,604
37,442
45
Interest expense
Interest on amounts due to banks
6,155
5,515
8,205
12
Interest on amounts due to customers
9,505
8,330
9,890
14
Interest on securities lent and repurchase agreements
14,915
8,446
7,543
77
Interest and dividend expense from trading portfolio
5,309
2,070
1,741
156
Interest on medium and long term debt
7,731
5,334
5,045
45
Total
43,615
29,695
32,424
47
Net interest income
8,130
5,909
5,018
38
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
13
Table of Contents
Group Financial Review
Group Performance
Net Fee and Commission Income
CHF million
% change from
For the year ended
31.12.00
31.12.99
31.12.98
31.12.99
Credit-related fees and commissions
310
372
559
(17
)
Security trading and investment activity fees
Underwriting fees
1
1,434
905
1,122
58
Corporate finance fees
1
1,772
1,298
1,016
37
Brokerage fees
5,792
3,934
3,670
47
Investment fund fees
2,821
1,915
1,778
47
Fiduciary fees
351
317
349
11
Custodian fees
1,439
1,583
1,386
(9
)
Portfolio and other management and advisory fees
1
3,677
2,612
2,891
41
Other
50
57
110
(12
)
Total
17,336
12,621
12,322
37
Commission income from other services
802
765
776
5
Total fee and commission income
18,448
13,758
13,657
34
Fee and commission expense
Brokerage fees paid
1,084
795
704
36
Other
661
356
327
86
Total
1,745
1,151
1,031
52
Net fee and commission income
16,703
12,607
12,626
32
1
In prior
periods, Corporate finance related advisory fees were included
in Portfolio and other management and advisory fees. These fees
are now reported in the new disclosure line Corporate finance
fees together with merger and acquisition fees which were
previously reported in Underwriting and corporate finance fees.
All previous periods have been restated accordingly.
ance, as a result of buoyant markets, and the
return of the balance sheet to more normal proportions after the
contraction implemented as part of the Group's precautions
against potential Year 2000 related problems.
Net interest income from loans and advances to
banks and amounts due to banks fell from CHF 590 million in 1999
to a net expense of CHF 540 million in 2000 due to increased
average liabilities as UBS used its unsecured funding power to
take advantage of opportunities for investments in low risk
assets such as collateralized lending. Net interest income from
collateralized lending – repos, reverse repos, securities
borrowing and lending – increased 40%, or CHF 1,197 million
to CHF 4,173 million in 2000.
Interest paid on medium and long term debt
(including commercial paper) increased 45% or CHF 2,397 million
from CHF 5,334 million in 1999 to CHF 7,731 million in 2000 as
interest rates rose and UBS's funding requirements
increased, due to balance sheet growth in more active markets.
UBS also changed the mix of its debt to include a higher
proportion of short-term financing.
Credit loss expense.
As a result of the significant recovery of the Swiss economy in
2000 and especially its effect on the real estate and
construction markets, UBS was able to write back CHF 695 million
of credit loss provisions in UBS Switzerland in 2000. These
write-backs were offset by additional provisions for the UBS
Warburg portfolio of CHF 565 million, leading to an overall net
credit recovery of CHF 130 million for 2000, compared to an
expense of CHF 956 million in 1999.
Net fee and commission income
increased by CHF 4,096 million, or
32%, from CHF 12,607 million in 1999 to CHF 16,703 million in
2000. This was principally the result of high levels of
brokerage fees, due to increased client activity in strong
markets, especially in the first quarter of 2000, and the
addition of PaineWebber. In addition, two other new businesses,
Global Asset Management (GAM), acquired at the end of 1999, and
O'Connor, created in June 2000, contributed to the
increase, as did the strong performance of UBS's investment
banking business during 2000.
Credit-related fees and commissions decreased CHF
62 million in 2000 mainly as a result of the sale of
UBS's international Global Trade Finance business in
1999.
14
Table of Contents
Group Financial Review
Group Performance
Underwriting fees increased by 58% over 1999 with
strong results in both fixed income and equity underwriting,
despite UBS's relatively limited involvement in the
Technology, Media and Telecoms (TMT) sector, which led to lower
equity league table rankings in 2000 than in 1999. Corporate
Finance fees grew 37%, or CHF 474 million, from
CHF 1,298 million in 1999 to CHF 1,772 million in
2000, reflecting good results in Europe and a strong performance
in Mergers and Acquisitions, where our league table rankings
improved compared to 1999.
Net brokerage fees were 50% higher in 2000 than
in 1999 as a result of high levels of client activity in the
exuberant markets of the early part of the year, and the
inclusion of two months of results from PaineWebber. The
increase of 47% in Investment fund fees from 1999 to 2000
resulted from higher average volumes in 2000 and a shift in the
product mix, with a higher proportion of assets under management
invested in higher margin equity funds. In addition, Investment
fund fees in 2000 benefited from the inclusion of GAM and
PaineWebber's contribution in the last two months.
Custodian fees and portfolio and other management and advisory
fees increased by a total of CHF 921 million, or 22%, from
1999, due to higher asset-related fees in 2000 and the inclusion
of PaineWebber and the new O'Connor business.
Net trading income
increased CHF 2,234 million, or
29%, to CHF 9,953 million for 2000, compared to
CHF 7,719 million for 1999, driven by strong growth in
equity trading income as a result of increased global market
activity, especially in the first quarter of 2000, and the
increasing strength of UBS Warburg's secondary client
franchise.
Net trading income from foreign exchange
increased CHF 179 million, or 16%, from 1999 to 2000
despite difficult trading conditions at the start of the year,
with lower levels of market activity and narrowing margins on
derivative products, compared to 1999.
This income statement line does not fully capture
the revenues of UBS Group's foreign exchange business,
which is amongst the largest in the world. The revenues
generated by all business areas of the UBS Group from sales and
trading of foreign exchange, precious metals, and banknotes
products in 2000 were CHF 1,519 million as compared to
CHF 1,155 million in 1999.
Net trading income from fixed income decreased
CHF 1,691 million, or 65%, from CHF 2,603 million in
1999 to CHF 912 million in 2000. Fixed income net trading
income does not reflect the full picture of trading-related
income in the Fixed Income business, which also includes a
considerable contribution from coupon income, which is managed
as an integral part of the trading portfolio and is reported as
part of net interest income. The relative revenue contributions
of mark-to-market gains, coupon income and other factors are
somewhat volatile, because they depend on trading strategies and
the instrument composition of the portfolio. In 2000, while
fixed income trading income fell, net coupon income, which is
reported in net interest income, rose from CHF 2,918 million to
CHF 5,545 million.
Net trading income from equities increased
CHF 3,746 million, or 93%, from 1999 to 2000. Positive
markets led to an exceptionally good first quarter of 2000, with
record client volumes. Performance in subsequent quarters of
2000 fell slightly in more varied market conditions, but was
still well ahead of the same periods in 1999.
Net gains from disposal of associates and
subsidiaries
fell 95% from
CHF 1,821 million to CHF 83 million. 1999 included
gains from the sales of our holdings in SwissLife/ Rentenanstalt
and Julius Baer registered shares.
Net Trading Income
CHF million
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Foreign exchange
1,287
1,108
1,992
16
Fixed income
912
2,603
162
(65
)
Equities
7,754
4,008
1,159
93
Net trading income
9,953
7,719
3,313
29
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
15
Table of Contents
Group Financial Review
Group Performance
Other income
increased CHF 78 million, or 6%, from
CHF 1,325 million in 1999 to CHF 1,403 million in 2000, with
income from investments in associates lower, following sales in
1999, more than offset by higher income from the sale of private
equity investments and a reduction of losses on property
sales.
Operating expenses
Total operating expenses increased 28% from CHF
20,532 million to CHF 26,203 million in 2000. Adjusted for
significant financial events, total operating expenses increased
25% to CHF 25,763 million from CHF 20,534 million in 1999. The
increase was principally due to increased personnel expenses,
reflecting higher performance-related pay driven by UBS's
excellent results in 2000, the inclusion of PaineWebber and the
cost of retention payments for PaineWebber staff.
The principal significant financial events
affecting the comparison of operating expenses are the CHF 150
million additional provision for the US Global Settlement of
World War II related claims, recorded in 2000 in General
and administrative expenses, and CHF 290 million of costs from
the integration of PaineWebber, also recorded in 2000. Of this
CHF 290 million, CHF 118 million were charged to Personnel
expenses and amortization, CHF 93 million to General and
administrative expenses and CHF 79 million to
Depreciation.
The various significant financial events
affecting expenses in 1999, described on pages 4 and 5,
resulted in an increase in expense of CHF 2 million, made
up of a CHF 456 million increase to personnel expenses and a
decrease of CHF 454 million in General and administrative
expenses.
Personnel expenses
increased CHF 4,586 million, or 36%,
from CHF 12,577 million in 1999 to CHF 17,163 million in 2000.
This increase was driven by increased bonus compensation, in
line with the Group's excellent results, and CHF 1,083
million resulting from the inclusion of PaineWebber.
Approximately 48% of the annual total represented bonus and
other variable compensation.
As part of the merger, UBS agreed to make
retention payments to PaineWebber financial advisors, senior
executives and other staff, subject to these employees'
continued employment and other restrictions. These payments are
expected to amount to a total of USD 875 million (CHF 1,541
million), the vast majority of which will be paid in the form of
UBS shares. The payments will vest over periods of up to four
years from the merger. USD 76 million (CHF 128 million) was
charged in fourth quarter 2000, and approximately USD 280
million (CHF 458 million at year-end 2000 rates) is expected to
be charged in 2001. Because they are a regular and continuing
cost of the business, these payments are not treated as
significant financial events.
UBS's
headcount
grew 45% over the
year from 31 December 1999, to 71,076. The vast majority of
this change was due to the inclusion of 23,000 PaineWebber
staff.
Headcount
1
(Full-time equivalents)
31.12.00
31.12.99
Change in %
UBS Switzerland
28,785
31,354
(8
)
Private and Corporate Clients
21,100
24,098
(12
)
Private Banking
7,685
7,256
6
UBS Asset Management
2,860
2,576
11
Institutional Asset Management
1,728
1,653
5
Investment Funds / GAM
1,132
923
23
UBS Warburg
38,445
14,266
169
Corporate and Institutional Clients
15,262
12,694
20
UBS Capital
129
116
11
US Private Clients
21,490
e-services
410
70
486
International Private Clients
1,154
1,386
(17
)
Corporate Center
986
862
14
Group total
71,076
49,058
45
1
The Group
headcount does not include the Klinik Hirslanden AG headcount of
1,839 as of 31 December 2000 and 1,853 as of
31 December 1999.
16
Table of Contents
Group Financial Review
Group Performance
General and administrative expenses
increased CHF 667 million, or
11%, from CHF 6,098 million in 1999 to CHF 6,765
million in 2000.
General and administrative expenses in 2000
included a final provision of CHF 150 million related to
the US Global Settlement of World War II related claims,
and CHF 93 million of PaineWebber integration costs, which
were both treated as significant financial events. General and
administrative expenses in 1999 included a provision of
CHF 154 million related to the US global settlement of
World War II related claims, and CHF 300 million of
additional provisions in respect of the 1998 merger of Union
Bank of Switzerland and Swiss Bank Corporation.
Adjusting for these effects, General and
administrative costs rose 16%, reflecting the incremental costs
from the inclusion of PaineWebber offset by the success of
UBS's continued efforts to control non-revenue driven
costs.
Depreciation and amortization
expenses increased CHF 418
million, or 23%, from CHF 1,857 million in 1999 to
CHF 2,275 million in 2000, mainly due to the PaineWebber
merger.
Tax expense
increased CHF 634 million, or
38%, from CHF 1,686 million in 1999 to CHF 2,320
million in 2000, principally due to increased operating profit.
The effective tax rate of 22.8% in 2000 is slightly higher than
the 21.4% effective tax rate in 1999, reflecting increased
income in higher taxation jurisdictions.
UBS Group's performance without the
impact of PaineWebber
There are limitations to our ability to track the
effect of the PaineWebber merger on the Group's
performance. Principally this is because of the full integration
of PaineWebber's capital markets business into the
Corporate and Institutional Clients unit. This was carried out
very soon after the merger was completed on 3 November
2000, with staff and revenues completely integrated into the
existing UBS Warburg structure. It is therefore not possible to
identify clearly the specific impact of the capital markets
business on results. However, the remaining PaineWebber
businesses are reported as a separate business unit: US Private
Clients. It is possible therefore to distinguish their
contribution to Group profits. If additional adjustments are
made for
–
goodwill amortization,
–
funding costs,
–
the share issuance, borrowing and subsequent
	repurchase,
–
restructuring costs, and
–
retention payments,
it is possible to make an approximate estimate of
the underlying performance of UBS for 2000.
Although this analysis should not be relied on as
a definitive indication of the performance of the continuing UBS
businesses during the year, it demonstrates the very positive
underlying performance of the Group in 2000.
Earnings Adjusted for Significant Financial
Events and
the Estimated Impact of the PaineWebber
Merger
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
31.12.99
Operating income
35,309
26,587
33
Operating expenses
24,319
20,534
18
Operating profit before tax
10,990
6,053
82
Net profit
8,403
4,665
80
Cost / income ratio before goodwill (%)
67.6
73.3
Basic earnings per share before goodwill (CHF)
22.44
12.37
81
Diluted earnings per share before goodwill (CHF)
22.16
12.26
81
Return on shareholders' equity before goodwill (%)
27.5
18.2
17
Table of Contents
Group Financial Review
Group Performance
Dividend and distribution by par value
reduction
In October 2000, UBS paid a dividend of
CHF 4.50 per share in respect of the first three quarters
of 2000, as part of the arrangements for the merger with
PaineWebber. The Board of Directors recommended a distribution
in respect of the fourth quarter of 2000 of CHF 1.60 per
share, in the form of a par value reduction. This brings the
total distribution for the year to CHF 6.10 per share,
compared to the dividend of CHF 5.50 per share for
1999.
Until this year, the minimum par value allowed
under law for a Swiss share was CHF 10. The share split
that UBS implemented in May last year brought the par value of
its share down to this level, removing any further opportunity
to split the share.
Under new regulations, which are currently
passing through the Swiss legislative process and are expected
to become effective on 1 May 2001, the minimum par value is
expected to be reduced to CHF 0.01. UBS intends to utilize
this change to lower the market price per share to a level more
in line with that of its global peer group, and to make a
payment to its shareholders in the form of a reduction in the
nominal value of its shares.
If shareholder approval is granted, and the
legislation becomes effective, the distribution of CHF 1.60
per share, in respect of the fourth quarter 2000, will be paid
in the form of a par value reduction. This is treated in
Switzerland as a return of capital to shareholders, not as
income, and is therefore tax efficient for shareholders who pay
tax in Switzerland. Treatment in other jurisdictions will vary,
although under US tax regulations the distribution will be
treated as income. However, the par value reduction does still
have advantages for shareholders outside Switzerland, as no
Swiss withholding tax is payable. Each shareholder should
consult with a tax advisor for applicable tax implications of
this distribution.
The distribution will reduce the par value of the
share to CHF 8.40. UBS then intends to split its share 3
for 1, resulting in a new par value of 2.80 per share.
Because of the legal and regulatory processes
involved, the distribution is expected to take place on
18 July 2001, for holders of record on 13 July 2001.
The shares are expected to start trading at the new par value on
16 July 2001.
Balance sheet
Total assets increased CHF 191 billion, or
21%, from CHF 897 billion at 31 December 1999 to
CHF 1,088 billion at 31 December 2000, including
CHF 99 billion as a result of the merger with PaineWebber.
The remainder of the increase was principally a result of the
unwinding of precautionary measures taken at the end of 1999 in
preparation for the millennium, and the currency impact of the
weakness of the Swiss franc. The increase in cash collateral on
securities borrowed, reverse repurchase agreements and trading
portfolio assets was partially offset by decreases in cash and
balances with central banks and money market paper, as liquidity
levels were adjusted following Y2K, and a reduction in positive
replacement values due to netting, thanks to improved systems
and new reporting practices. Goodwill and intangible assets
increased CHF 16 billion, due to goodwill and intangible
assets resulting from the PaineWebber merger.
Total liabilities increased 20%, from
CHF 866 billion at 31 December 1999, to CHF 1,040
billion at 31 December 2000, reflecting the unwinding of
millennium related precautions. The increase in amounts due
under repurchase agreements, cash collateral on securities lent
and trading portfolio liabilities and an increase in money
market paper issued, was offset in part by a decrease in
negative replacement values, again principally due to
netting.
UBS's long-term debt portfolio decreased
from CHF 56.3 billion at 31 December 1999 to
CHF 54.8 billion at 31 December 2000. During this year
CHF 14.9 billion of long-term securities were issued while
CHF 24.6 billion matured. UBS believes the maturity profile
of the long-term debt portfolio is well balanced with a slight
bias towards shorter-term maturities to match the maturity
profile of UBS's assets.
Shareholders' equity increased CHF 14
billion, or 46%, from 31 December 1999 to
18
Table of Contents
Group Financial Review
Group Performance
31 December 2000, reflecting the increase in
capital required for the PaineWebber merger, increased retained
earnings and the reduced holding of treasury shares.
UBS maintains a significant percentage of liquid
assets, including collateralized receivables and trading
portfolios that can be converted into cash on relatively short
notice and without adversely affecting UBS's ability to
conduct its ongoing businesses, in order to meet short-term
funding needs. Collateralized receivables include reverse
repurchase agreements and cash collateral on securities
borrowed, and marketable corporate debt and equity securities
and a portion of UBS's loans and due from banks which are
secured primarily by real estate. The value of UBS's
collateralized receivables and trading portfolio will fluctuate
depending on market conditions and client business. The
individual components of UBS's total assets, including the
proportion of liquid assets, may vary significantly from period
to period due to changing client needs, economic and market
conditions and trading strategies.
Consolidated cash flows
In the twelve-month period to December 2000,
cash equivalents decreased by CHF 8,907 million,
principally as a result of investment activities, which
generated negative cash flow of CHF 19,135 million. This
was mainly due to CHF 10,722 million of cash required for
the PaineWebber merger and the purchase of CHF 8,770
million of financial investments.
The positive cash flow of CHF 11,697 million
from operating activities principally resulted from net profit
of CHF 7,792 million, a net increase in amounts due to
customers and amounts due from customers of CHF 12,381
million, CHF 11,553 million from an increase in the size of
the trading portfolio and a net cash inflow of CHF 10,236
million from other assets and liabilities and accrued income and
expenses. These were partially offset by a net cash outflow of
CHF 30,292 million for repurchase and reverse repurchase
agreements and cash collateral on securities borrowed and
lent.
Financing activities generated net cash outflow
of CHF 1,581 million. CHF 10,125 million from the issuance
of money market paper. CHF 14,884 million from long-term
debt and CHF 2,594 million from the issuance of trust
preferred securities was offset by CHF 24,640 million for
repayment of long-term debt and CHF 3,928 million for
dividend payments.
Group results
1999
UBS's current performance targets were first
implemented at the beginning of 2000. Performance against
targets is not therefore discussed in relation to 1999.
Operating income
Net interest income
before credit loss expense increased
by CHF 891 million, or 18%, from CHF 5,018 million in
1998 to CHF 5,909 million in 1999. Increased
trading-related interest income and higher interest margins in
the domestic loan portfolio in 1999 derived from more consistent
application of UBS's risk-adjusted pricing model were
partially offset by the sale of business activities which had
contributed to net interest income in 1998, as well as the
impact of lower returns on invested equity and the reduction of
the international loan portfolio.
Credit loss expense
recorded a slight increase of
CHF 5 million from CHF 951 million in 1998 to
CHF 956 million in 1999. During 1999, UBS experienced
general improvements in the economy and in the credit
performance of its loan portfolio, and a reduction in impaired
loans in the aggregate. Although impaired loans decreased,
additional provisions were required for some of the impaired
domestic loans remaining in the portfolio.
Net fee and commission income
decreased by CHF 19 million from
CHF 12,626 million in 1998 to CHF 12,607 million in
1999. Excluding the effect of divestments in 1998, the decrease
was roughly 1%.
Credit-related fees and commissions decreased in
1999 in line with reduced emerging market exposures and the sale
of UBS's international Global Trade Finance operations.
Underwriting and corporate finance fees increased 3% relative to
exceptionally strong performance in 1998. Brokerage fees were
higher in 1999 than in 1998 mainly due to strong volumes in the
UK, US and Asia. A CHF 137 million increase in investment
fund fees was attributable to higher volumes and
19
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Group Financial Review
Group Performance
pricing adjustments from the integration of the
two pre-1998 merger product platforms. Strong increases in
custodian fees reflected higher custodian assets and a new
pricing model.
Net trading income
increased CHF 4,406 million, or
133%, from CHF 3,313 million in 1998 to CHF 7,719
million in 1999.
Net trading income from foreign exchange
decreased CHF 884 million, or 44%, from 1998 to 1999 mostly
as a result of lower volumes in key markets. The reduced levels
of activity resulted from the introduction of the euro and
narrowing margins from increased competition in global
markets.
Net trading income from fixed income increased
CHF 2,441 million from CHF 162 million in 1998 to
CHF 2,603 million in 1999. During 1998, net trading income
from fixed income was negatively impacted by the pre-tax
CHF 793 million write-down of UBS's trading position
in Long Term Capital Management, L.P. and approximately
CHF 690 million in losses in UBS's emerging markets
trading portfolios. Excluding those write-downs from the 1998
results, net trading income from fixed income increased
approximately 58% in 1999 over 1998. Fixed income trading
revenues were strong across all major products during 1999, led
by swaps and options and investment grade debt.
Net trading income from equities increased
CHF 2,849 million or 246% from 1998, to CHF 4,008
million in 1999. During 1998, net trading income was negatively
impacted by pre-tax CHF 762 million in losses from the
Global Equities Derivatives business area. In 1999, net trading
income benefited from very strong customer volumes in equity
products globally.
Other income,
including net gains from disposal of associates and
subsidiaries, increased CHF 905 million, or 40%, from
CHF 2,241 million in 1998 to CHF 3,146 million in
1999. Total net gains on disposal of associates and subsidiaries
were CHF 1,821 million in 1999 compared to disposal-related
pre-tax gains of CHF 1,119 million in 1998. The first-time
consolidation of Klinik Hirslanden in 1999, resulting in Other
income of CHF 395 million, was partially offset by lower
income from investments in associates as a result of the
divestments as well as lower income from other properties. The
CHF 367 million portion of the Long Term Capital Management
write-down negatively impacted other income in 1998.
Operating expenses
Personnel expenses
increased CHF 2,761 million, or
28%, from CHF 9,816 million in 1998 to CHF 12,577
million in 1999, despite only a minor increase in headcount from
48,011 at 31 December 1998 to 49,058 at 31 December
1999. At the end of 1997, UBS foresaw the probability of a
shortfall in profit in its investment banking business as a
result of the then-pending 1998 merger. In order to protect its
investment banking franchise, UBS realized it would probably
need to make payments to personnel in excess of amounts
determined by normal compensation methodologies. An amount of
approximately CHF 1 billion was recorded as part of
the merger-related restructuring reserve for this purpose. By
the end of 1998, this shortfall had materialized, and
CHF 1,007 million of accrued payments to personnel were
charged against the restructuring reserve in 1998 as planned.
The shortfall in profits noted above was aggravated by losses
associated with Long Term Capital Management and the Global
Equity Derivatives portfolio. Adjusting the prior year for the
CHF 1,007 million, personnel expenses in 1999 increased by
16%, which was primarily attributable to higher
performance-related compensation based on the good investment
banking result in 1999. Personnel expense in 1999 was reduced by
the recognition of CHF 456 million in pre-paid employer
pension contributions.
General and administrative expenses
decreased CHF 637 million, or 9%,
from CHF 6,735 million in 1998 to CHF 6,098 million in
1999. General and administrative expenses in 1998 include the
provision of CHF 842 million for the US Global Settlement
of World War II related claims. In 1999, the following were
included:
–
the additional restructuring provision of
	CHF 300 million;
–
an additional provision of CHF 154 million
	for the US Global Settlement of World War II related
	claims; and
–
CHF 130 million from the first-time
	consolidation of Klinik Hirslanden.
Excluding the impact of these items in 1998 and
1999, General and administrative ex-
20
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Group Financial Review
Group Performance
penses decreased 6% year-on-year, reflecting
stringent cost reduction programs.
Depreciation and amortization
increased CHF 32 million, or 2%,
from CHF 1,825 million in 1998 to CHF 1,857 million in
1999. Excluding the impact of the first-time consolidation of
Klinik Hirslanden in 1999, depreciation and amortization
remained flat.
Tax expense
increased CHF 782 million, or
87%, from CHF 904 million in 1998 to CHF 1,686 million
in 1999, principally due to increased operating profit. The
effective tax rate of 21.4% is lower than 23.4%, the effective
rate in 1998, primarily due to the utilization of tax loss carry
forwards.
Outlook for
2001
The year 2000 was an outstanding one for UBS, and
a good one overall for the markets. Moving into 2001, the
prospects for markets and for the international credit
environment are particularly difficult to predict. The recent
upswing in the economic cycle in Switzerland may, however,
afford UBS some protection.
We believe that our credit business is well
positioned, thanks to our avoidance of balance sheet-led
earnings growth, although we do not expect to see the net credit
loss write-backs we experienced this year. UBS Asset Management
is cautiously optimistic about prospects for growth as its core
price/ value investment style demonstrates its strengths in less
bullish markets, and UBS Warburg has already demonstrated the
quality and sustainability of its earnings in the less positive
conditions of the second half of 2000.
The biggest opportunity for UBS in 2001 lies in
realizing the full transforming value of the PaineWebber merger,
not only in the US, but through leveraging the marketing and
client skills, product innovation and energy of our new partners
to build the best wealth management firm in the world.
21
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Table of Contents
Review of
Business Group
Performance
Table of Contents
Review of
Business Group Performance
Principles
Principles
Management accounting
principles
The following discussion reviews the 1999 and
2000 results by Business Group and business unit.
UBS's management reporting system and
policies determine the revenues and expenses directly
attributable to each business unit. Internal charges and
transfer pricing adjustments are reflected in the performance of
each business unit.
Inter-business unit revenues and expenses
include transfers between business
units and between geographical locations. Revenue sharing
agreements are used to allocate external customer revenues to
Business Groups on a reasonable basis. Transactions between
Business Groups are conducted at arms length. Inter-business
unit charges are recorded as a reduction to expenses in the
business unit providing the service. Corporate Center expenses
are allocated to the operating business units, to the extent
possible.
Interest revenues
are apportioned to business units
based on the opportunity costs of funding their activities.
Accordingly, all assets and liabilities are refinanced with the
Group Treasury based on market rates. Revenues relating to
balance sheet products are calculated on a fully-funded basis.
As a result, business units are additionally credited with the
risk-free return on the average equity used.
Commissions
are
credited to the business unit with the corresponding customer
relationship.
Regulatory equity
is
allocated to business units based on the average regulatory
capital requirement during the period. Only utilized equity is
taken into account, and a buffer of 10% is added. The remaining
equity, mainly covering real estate, and any unallocated equity,
remains in Corporate Center.
Assets under management
are defined as third-party on- and
off-balance sheet assets for which the Group has investment
responsibility. This includes both discretionary assets, where
the Group has a mandate to invest and manage the assets, as well
as assets where the Group advises clients on their investment
decisions. Where two business units share responsibility for
management of funds (such as UBS investment funds held within
private client portfolios), the assets under management are
included in both business segments. Wholesale custody-only
assets are excluded.
During 2001, UBS expects to introduce a new way
of defining and measuring the client assets it has
responsibility for, replacing assets under management with a new
concept, distinguishing those assets held with UBS for
investment purposes.
Net new money
is
defined as the net inflow or outflow of assets under management
during a period, excluding interest and dividend income and the
effects of market or currency movements.
Headcount
includes
trainees and staff in management development programs, but not
contractors.
Credit loss expense
Credit loss expense represents the charges to the
profit and loss account relating to amounts due to UBS from
loans and advances or other off-balance sheet products,
including OTC derivatives, that have had to be written-down
because they are impaired or uncollectable.
UBS determines the amounts of Credit loss expense
in its financial accounts and in the business unit reporting on
different bases. In the Group financial accounts, UBS reports
its results according to International Accounting Standards
(IAS) definitions. Under these rules, Credit loss expense
is the total of net new allowances and direct write-offs less
recoveries. Losses are recognized and charged to the financial
accounts in the period when they arise. In contrast, in its
segment and business unit reporting, UBS applies a different
approach to the measurement of credit risk which reflects the
average annual cost that UBS anticipates will arise from
transactions that become impaired. In order to manage exposure
to credit risk more effectively, UBS prices transactions with a
view to earning – over time – sufficient
income to compensate for the losses that are expected to be
caused by value adjustments for impaired assets. The basis for
measuring these inherent risks in the credit portfolios is the
concept of "Expected Loss" (see the Credit Risk
section of the UBS Handbook 2000/2001). UBS therefore quantifies
the Credit loss expense at business unit level based on the
Expected Loss rather than
24
Table of Contents
Review of
Business Group Performance
Principles
the actual loss reported in its financial
accounts.
As each business unit is ultimately responsible
for its credit decisions, the difference between the actual
credit losses and the annual
expected credit loss calculated for management
reporting purposes will be charged or credited back to the
business units over a three-year period, so that the risks and
rewards of credit decisions are fully reflected in their
results.
Credit Loss
Expected credit loss
IAS Actual credit expense
CHF million
31.12.00
31.12.9
9 31.12.98
31.12.0
0 31.12.
99 31.12.98
UBS Switzerland
784
1,071
1,186
(695
)
965
445
UBS Asset Management
0
0
0
0
0
0
UBS Warburg
247
333
510
565
0
506
Corporate Center
0
(9
)
0
Total
1,031
1,404
1,696
(130
)
956
951
Balancing item in Corporate Center
(1,161
)
(448
)
(745
)
UBS reconciles the difference between the Credit
loss expense in its financial accounts and the Expected Loss
shown in business unit reporting with a balancing item in the
Corporate Center. UBS also shows the allocation of actual Credit
loss expense to the business units in the footnotes to
Note 3a of the financial statements.
Key performance
indicators
UBS reports carefully chosen key performance
indicators for each of its business units. These do not carry
explicit targets, but are intended as indicators of the business
units' success in creating value for shareholders. They
include both financial metrics, such as the cost/income ratio,
and non-financial metrics, such as Assets under
management.
The key performance indicators are used for
internal performance measurement as well as external reporting.
This ensures that management have a clear responsibility to lead
their businesses towards achieving success in the Group's
key value drivers and reduces any risk of managing to purely
internal performance measures.
Business Group tax
rates
The Business Groups of UBS do not represent
separate legal entities. Business Group results are prepared
through the application of UBS's management accounting
policies to the results of the entities through which they
operate.
Indicative business unit tax rates are calculated
on an annual basis based on the results and statutory tax rates
of the previous financial year. These rates are approximate
calculations, based upon the application to the year's
adjusted earnings of statutory tax rates for the locations in
which the Business Groups operated. These tax rates therefore
give guidance on the tax cost to each Business Group of doing
business during 2000 and on a standalone basis, without the
benefit of tax losses brought forward from earlier years:
UBS Switzerland
21%
Private and Corporate Clients
21%
Private Banking
22%
UBS Asset Management
22%
Institutional Asset Management
23%
Investment Funds/ GAM
22%
UBS Warburg
22%
Corporate and Institutional Clients
23%
UBS Capital
26%
US Private Clients
37%
International Private Clients
32%
e-services
30%
These tax rates are not necessarily indicative of
future tax rates for the businesses or UBS Group as a
whole.
25
Table of Contents
Review of
Business Group Performance
UBS Switzerland
UBS Switzerland
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
14,182
12,761
13,958
11
Credit loss expense
2
(784
)
(1,071
)
(1,186
)
(27
)
Total operating income
13,398
11,690
12,772
15
Personnel expenses
4,759
4,691
4,448
1
General and administrative expenses
2,394
2,308
2,226
4
Depreciation
508
460
771
10
Amortization of goodwill and other intangible assets
62
23
4
170
Total operating expenses
7,723
7,482
7,449
3
Business Group performance before tax
5,675
4,208
5,323
35
Additional information
Assets under management (CHF billion)
1,121
1,110
1,013
1
Cost / income ratio (%)
3
54
59
53
Cost / income ratio before goodwill (%)
3, 4
54
58
53
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
10,500
10,059
9,519
4
Headcount (full time equivalents)
28,785
31,354
30,589
(8
)
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
2
In management accounts, statistically derived
adjusted expected loss rather than net IAS credit loss
(expense) / recovery is reported in the business units (see
Note 3a).
3
Operating expenses /
operating income before credit loss expense.
4
The amortization of goodwill and other
intangible assets is excluded from this calculation.
Components of Operating Income
______________________________________________________________________________
Private and Corporate Clients derives its
        operating income principally from
–
net interest income from its loan portfolio and
        customer deposits;
–
fees for investment management services;
        and
–
transaction fees.
As a result, Private and Corporate Clients'
        operating income is affected by movements in interest rates,
        fluctuations in assets under management, client activity levels,
        investment performance and changes in market conditions.
Private Banking derives its operating income
        from
–
fees for financial planning and wealth management
        services;
–
fees for investment management services;
        and
–
transaction-related fees.
Private Banking's fees are based on the
        market value of assets under management and the level of
        transaction-related activity. As a result, Private
        Banking's operating income is affected by such factors as
        fluctuations in assets under management, changes in market
        conditions, investment performance and inflows and outflows of
        client funds.
26
Table of Contents
Review of
Business Group Performance
UBS Switzerland
Private and Corporate
Clients
Business Unit Reporting
% change from
CHF million, except where indicated
31.12.00
31.12.99
1
31.12.98
1
31.12.99
For the year ended
Individual clients
5,026
4,553
4,785
10
Corporate clients
1,975
1,855
1,728
6
Risk transformation and capital management
307
330
0
(7
)
Operations
205
313
448
(35
)
Other
(70
)
142
64
Income
7,443
7,193
7,025
3
Credit loss expense
2
(759
)
(1,050
)
(1,170
)
(28
)
Total operating income
6,684
6,143
5,855
9
Personnel expenses
3,187
3,363
3,238
(5
)
General and administrative expenses
1,058
1,123
1,025
(6
)
Depreciation
419
384
680
9
Amortization of goodwill and other intangible assets
27
2
4
Total operating expenses
4,691
4,872
4,947
(4
)
Business unit performance before tax
1,993
1,271
908
57
KPI's
Assets under management (CHF billion)
3
440
439
434
0
Net new money (CHF billion)
0.4
Cost/income ratio (%)
4
63
68
70
Cost/income ratio before goodwill (%)
4,5
63
68
70
Non-performing loans/Gross loans outstanding (%)
5.0
6.6
Additional information
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
8,550
8,550
8,250
0
Headcount (full time equivalents)
21,100
24,098
24,043
(12
)
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
2
In management accounts, statistically derived
adjusted expected loss rather than net IAS credit loss (expense)
/ recovery is reported in the business units (see Note 3a).
3
Bank transaction accounts are included.
4
Operating expenses / operating income before
credit loss expense.
5
The amortization of
goodwill and other intangible assets is excluded from this
calculation.
2000
There were no significant financial events that
affected this business unit in 1999 or 2000.
Key performance
indicators
Assets under management increased slightly by
CHF 1 billion from CHF 439 billion in 1999 to
CHF 440 billion during 2000, including net new money of
CHF 0.4 billion. Market performance was slightly positive
over the year, offsetting transfers of CHF 5 billion to
other business units.
The pre-goodwill cost / income ratio in
2000, at 63%, improved significantly from 68% in 1999. This was
principally due to lower operating expenses resulting from
continuing strict cost control, as the benefits of the 1998
merger between Union Bank of Switzerland and Swiss Bank
Corporation continued to be realized.
The quality of the Private and Corporate
Clients' loan portfolio improved considerably during the
year, resulting in a non-performing loans / total
loans ratio of 5.0% at 31 December 2000, compared to 6.6%
at the end of 1999. This improvement was due in part to the
unexpected strengthening of the Swiss economy, and also to
Private and Corporate
27
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Review of
Business Group Performance
UBS Switzerland
Clients' efforts to further enhance the
risk/return profile of its loan portfolio through selective
origination, secondary market transactions, the disposal of
subsidiaries, and the continued work-out of the recovery
portfolio, which decreased from CHF 21 billion to
CHF 15 billion during the year.
Although UBS Switzerland's non-performing
loans ratio is somewhat higher than some comparable banks
particularly in the US, the comparison reflects different
structural practices rather than underlying asset quality. In
general, Swiss practice is to write off loans entirely only on
final settlement of bankruptcy proceedings, the sale of the
underlying assets or a formal debt forgiveness. In contrast, US
practice is to write off non-performing loans much sooner,
reducing the amount of such loans and corresponding provisions
recorded at any given date.
Results
Record pre-tax profit for the year, at
CHF 1,993 million, was an increase of CHF 722 million,
or 57%, over 1999, clearly demonstrating the substantial
benefits of the merger between UBS and SBC for the combined
domestic banking franchise.
Operating income
Private and Corporate Clients' operating
income in 2000 was CHF 6,684 million, CHF 541 million, or
9%, higher than in 1999. This improved performance primarily
reflected higher fee income, particularly in the first half of
the year, and reduced expected loss as the quality of the loan
portfolio improved.
Both of Private and Corporate
Clients' two main operating business areas recorded
increases in their operating income in 2000 as compared to
1999.
–
Individual Clients:
Operating income in 2000 was CHF 5,026
	million, an increase of CHF 473 million, or 10%, from
	CHF 4,553 million in 1999. This was primarily due to
	increases in brokerage and investment fund fees resulting from
	increased investment activity, and minor gains on sales of
	subsidiaries and participations.
–
Corporate Clients:
Operating income in 2000 was
	CHF 1,975 million, an increase of CHF 120 million, or
	6%, from CHF 1,855 million in 1999, primarily due to higher
	interest income resulting from improved margins as well as
	increased fee and commission income.
On the other hand, the two support areas saw
their incomes reduce.
–
Risk Transformation and Capital Management:
Income was CHF 307 million in
	2000. This was a decrease of CHF 23 million, or 7%, from
	the CHF 330 million recorded in 1999, primarily as a result
	of the reduced average size of the recovery loan portfolio,
	managed by this unit.
–
Operations:
Revenues
	in 2000 were CHF 205 million, a decrease of CHF  108
	million, or 35%, from CHF 313 million in 1999. Operations
	revenues were affected by lower interest revenues as a result of
	reduced correspondent bank overdraft balances, partially offset
	by small one-off revenues from the revaluation of minority
	holdings in other companies.
Operating expenses
Full year operating expenses in 2000 were
CHF 4,691 million, down 4%, or CHF 181 million, from
1999. This was primarily due to falling personnel costs as
headcount was reduced.
Operating Income Before Credit Loss Expense by
Business Area
CHF million
For the year ended
31.12.00
31.12.99
31.12.98
Individual Clients
5,026
4,553
4,785
Corporate Clients
1,975
1,855
1,728
Risk transformation and Capital Management
307
330
Operations
205
313
448
Other
(70
)
142
64
Total
7,443
7,193
7,025
Personnel expense fell by CHF 176 million,
or 5%, from CHF 3,363 million in 1999 to CHF 3,187
million in 2000. Increased performance-related compensation,
reflecting the good
28
Table of Contents
Review of
Business Group Performance
UBS Switzerland
results, was more than offset by a substantial
reduction in headcount during the year.
General and administrative expenses fell 6% over
the year, despite our continued investments in online services,
reflecting continued cost control efforts.
Depreciation expense increased by CHF 35
million, or 9%, to CHF 419 million, primarily due to the
implementation of IAS 38, relating to the capitalization of
software costs.
Amortization of goodwill and other intangible
assets increased CHF 25 million, from CHF 2 million in
1999 to CHF 27 million in 2000. This increase was primarily
due to the acquisition of a credit card portfolio during second
quarter 2000.
Headcount
Private and Corporate Clients' headcount
declined by almost 3,000 in 2000 from 24,098 at the end of 1999
to 21,100 at 31 December 2000. This reduction includes 948
staff transferred with Systor, which became an independent
company at the start of 2000, 413 staff of Solothurner Bank,
which was sold during 2000, and the transfer of 148 financial
planning and wealth management staff to Private Banking. The
remaining reduction of 1,489 staff demonstrates UBS's
continued success in realizing UBS/ SBC merger-related
synergies.
________________________________________________________________________________
1999
Operating income
Operating income before credit loss expense
increased CHF 168 million, or 2%, from CHF 7,025
million in 1998 to CHF 7,193 million in 1999. This
improvement was primarily due to higher margins on
interest-related business, such as mortgages, as well as the
first full-year impact of the amalgamation and repricing of
products from the two former banks. In conjunction with the
creation of the Risk Transformation and Capital Management
business area in October 1999, the business areas within Private
and Corporate Clients were realigned in 1999. These realignments
and the resulting effects on 1999 operating income were as
follows:
–
The Business Client segment was transferred from
	Individual Clients to Corporate Clients, resulting in a decrease
	in operating income from Individual Clients from 1998 to
	1999.
–
Operating income from Corporate Clients increased
	from 1998 to 1999, primarily due to the transfer in of the
	Business Client segment, the transfer in of the Swiss Global
	Trade Finance business from UBS Warburg, and improving interest
	margins. The transfer out of the Recovery portfolio to Risk
	Transformation and Capital Management partially offset these
	increases.
–
Operating income from Operations decreased
	compared to 1998. This was the net effect of the transfer of
	emerging market bank activities from UBS Warburg into UBS
	Private and Corporate Clients and the transfer of industrialized
	bank activities to UBS Warburg during 1999.
Private and Corporate Clients' expected loss
decreased CHF 120 million, or 10%, from CHF 1,170
million in 1998 to CHF 1,050 million in 1999 as a result of
the accelerated reduction of impaired positions and the movement
to higher quality businesses. This was partially offset by
increased expected loss primarily resulting from the transfer of
the remainder of the Swiss Global Trade Finance business from
UBS Warburg during 1999.
Operating expenses
Personnel, general and administrative expenses
increased CHF 223 million, or 5%, from CHF 4,263
million in 1998 to CHF 4,486 million in 1999. This increase
was due primarily to merger related IT integration work, work
relating to the Year 2000 transition and the costs associated
with the shift of the Swiss Global Trade Finance business from
UBS Warburg. This business, with approximately 400
professionals, was transferred from UBS Warburg in early 1999.
These increases were partially offset by cost savings resulting
from the closure of redundant branches.
Depreciation and amortization expense decreased
CHF 298 million, or 44%, from CHF 684 million in 1998
to CHF 386 million in 1999, primarily due to reduced assets
employed subsequent to the 1998 merger.
29
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Review of
Business Group Performance
UBS Switzerland
Private
Banking
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
6,739
5,568
6,933
21
Credit loss expense
2
(25
)
(21
)
(16
)
19
Total operating income
6,714
5,547
6,917
21
Personnel expenses
1,572
1,328
1,210
18
General and administrative expenses
1,336
1,185
1,201
13
Depreciation
89
76
91
17
Amortization of goodwill and other intangible assets
35
21
0
67
Total operating expenses
3,032
2,610
2,502
16
Business unit performance before tax
3,682
2,937
4,415
25
KPI's
Assets under management (CHF billion)
681
671
579
1
Net new money (CHF billion)
3
(0.7
)
0.7
Gross AuM margin (bps)
98
90
9
Cost / income ratio (%)
4
45
47
36
Cost / income ratio before goodwill (%)
4, 5
44
46
36
Additional information
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
1,950
1,509
1,269
29
Headcount (full time equivalents)
7,685
7,256
6,546
6
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
2
In management accounts, statistically derived
adjusted expected loss rather than net IAS credit loss
(expense) / recovery is reported in the business units
(see Note 3a).
3
Excludes dividend and
interest income.
4
Operating
expenses / operating income before credit loss
expense.
5
The amortization of goodwill and
other intangible assets is excluded from this calculation.
2000
There were no significant financial events that
affected this business unit in 1999 or 2000.
Key performance
indicators
Assets under management increased slightly by CHF
10 billion, or 1%, from CHF 671 billion to CHF 681 billion
during 2000, primarily reflecting market performance and
currency effects. Net new money during the year was
disappointing, with net outflows of CHF 0.7 billion.
Gross margin for the year, at 98 basis points,
partly reflects the very strong performance in the exceptional
markets of the first quarter. The more recent rates of 95 basis
points in second and fourth quarters, and 94 basis points in
third quarter, represent a solid improvement over the average of
90 basis points recorded in 1999, as we introduce more
value-added products to our client base.
The pre-goodwill cost / income ratio of 44%
improved slightly from 46% in 1999, principally due to
significantly higher revenues.
Results
Net profit before tax for the year increased
significantly, by CHF 745 million, or 25%, to CHF 3,682 million,
from CHF 2,937 million in 1999. This reflects strong markets in
the early part of 2000, and the margin-enhancing benefits of
introducing more added-value products during the year.
Operating income
The increase in gross margin to 98 basis points
resulted in operating income of CHF 6,714 million, which
was 21%, or CHF 1,167 million, higher than in 1999. Revenue
quality has also improved with asset-
30
Table of Contents
Review of
Business Group Performance
UBS Switzerland
based fees growing faster over the year than
transaction-based fees.
Operating expenses
Full year operating expenses were CHF 3,032
million, CHF 422 million or 16% higher than in 1999.
Personnel expenses increased CHF 244
million, or 18%, partly due to increased hiring in
client-focused areas, the transfer of financial planning and
wealth management staff from the Private and Corporate Clients
unit, as well as higher performance-related compensation.
General and administrative expenses increased
CHF 151 million, or 13%, primarily due to recruitment and
training expenses, volume-driven transaction processing costs,
as well as project-related technology costs.
Depreciation expense increased by CHF 13
million, or 17%, due to increased investments in both software
and the refurbishment of premises.
Headcount
Headcount at year end 2000 was 7,685,
representing an increase of 429 during the year. This was mainly
the result of the transfer of 148 financial planning and wealth
management staff from the Private and Corporate Clients business
unit and the completion in first quarter 2000 of previous
initiatives to strengthen product capabilities.
It is Private Banking's policy to shift the
balance of its staff towards client-facing roles, reducing the
number of support staff. During the year there were net
increases of 302 staff in client-focused market areas and 127 in
product areas, such as financial planning, Active Advisory, and
portfolio management.
1999
Operating income
Operating income decreased CHF 1,370
million, or 20%, from CHF 6,917 million in 1998 to
CHF 5,547 million in 1999. This significant decrease
principally reflected lower transaction-based revenues due to
lower levels of client transaction activity. CHF 1,058
million gains from the divestitures of Banca della Svizzera
Italiana (BSI) and Adler, as well as CHF 268 million of
operating income relating to BSI's operations, are included
in operating income for 1998 and did not recur in 1999.
Notwithstanding the decrease in operating income,
assets under management increased during 1999 by CHF 92
billion, or 16%. Strong markets, especially in Europe, in the
United States, and in the technology sector, as well as the
stronger US dollar, led to a performance increase of CHF 80
billion for 1999. In addition, the acquisition of the
international private banking operations of Bank of America
accounted for an additional CHF 5 billion, while
inter-business unit transfers resulted in another CHF 6
billion. This increase was partially offset, however, by
decreased volumes from existing clients during the second half
of 1999.
Operating expenses
Operating expenses, adjusted for CHF 125
million in divestiture-related operating expenses, increased 4%,
or CHF 108 million, to CHF 2,610 million in 1999, to a
large extent as a result of UBS's expansion in the
front-line staff as well as infrastructure related
investments.
Personnel, general and administrative
expenses increased CHF 102 million, or 4%, from
CHF 2,411 million in 1998 to CHF 2,513 million 1999.
Personnel costs increased 10%, or CHF 118 million, to
CHF 1,328 million in 1999 due to an increase in headcount
of 710 from 6,546 at 31 December 1998 to 7,256 at
31 December 1999. Headcount growth resulted from the
acquisition in 1999 of Bank of America's international
private banking operations, enhancement of UBS's logistics
capabilities and support for the introduction of new portfolio
monitoring and advisory capabilities. Operating expenses in 1998
also included CHF 125 million related to BSI that did not
occur in 1999.
As a result of the acquisition of the
international private banking operations of Bank of America,
goodwill amortization increased to CHF 21 million in 1999.
Depreciation decreased CHF 15 million, or 16%, from
CHF 91 million in 1998 to CHF 6 million in 1999.
31
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Review of
Business Group Performance
UBS Asset Management
UBS Asset Management
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
1,953
1,369
1,358
43
Credit loss expense
0
0
0
Total operating income
1,953
1,369
1,358
43
Personnel expenses
880
516
515
71
General and administrative expenses
439
271
228
62
Depreciation
49
32
35
53
Amortization of goodwill and other intangible assets
263
113
78
133
Total operating expenses
1,631
932
856
75
Business Group performance before tax
322
437
502
(26
)
Additional information
Assets under management (CHF billion)
522
598
532
(13
)
Cost / income ratio (%)
2
84
68
63
Cost / income ratio before goodwill (%)
2, 3
70
60
57
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
1,250
162
102
672
Headcount (full time equivalents)
2,860
2,576
1,863
11
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
2
Operating expenses / operating income before
credit loss expense.
3
The amortization of
goodwill and other intangible assets is excluded from this
calculation.
Components of Revenue
______________________________________________________________________________
UBS Asset Management generates most of its
	revenue from the asset management services it provides to
	institutional clients, and from the distribution of investment
	funds. Fees charged to institutional clients and on investment
	funds are based on the market value of assets under management.
	As a result, UBS Asset Management's revenues are affected
	by changes in market levels as well as flows of client
	funds.
32
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Review of
Business Group Performance
UBS Asset Management
Institutional Asset
Management
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Institutional
1,103
906
968
22
Non-institutional
198
193
195
3
Income
1,301
1,099
1,163
18
Credit loss expense
0
0
0
Total operating income
1,301
1,099
1,163
18
Personnel expenses
631
458
465
38
General and administrative expenses
243
178
154
37
Depreciation
27
25
29
8
Amortization of goodwill and other intangible assets
173
113
78
53
Total operating expenses
1,074
774
726
39
Business unit performance before tax
227
325
437
(30
)
KPI's
Assets under management (CHF billion)
496
574
531
(14
)
Net new money (CHF billion)
2
(66.6
)
(50.1
)
Gross AuM margin (bps)
3
33
25
32
Cost / income ratio (%)
4
83
70
62
Cost / income ratio before goodwill (%)
4, 5
69
60
56
Additional information
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
500
160
100
213
Headcount (full time equivalents)
1,728
1,653
1,497
5
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
2
Excludes dividend and interest income.
3
Revenues divided by average assets under
management, for the institutional portion of the business only.
4
Operating expenses / operating
income before credit loss expense.
5
The
amortization of goodwill and other intangible assets is excluded
from this calculation.
2000
There were no significant financial events that
affected this business unit in 1999 or 2000.
Key performance
indicators
Assets under management decreased 14%, or CHF 78
billion, from CHF 574 billion at 31 December 1999 to
CHF 496 billion at 31 December 2000, with the majority
of the decline due to client losses in the institutional
business, particularly in the earlier part of the year.
Net new money for the year saw a net outflow of
CHF 66.6 billion. Net new money outflows moderated as the
year progressed, as losses of equity mandates continued to
decline. Client losses continued to be concentrated primarily
within US and to a lesser degree UK mandates, reflecting past
investment performance issues.
The gross margin in 2000 was 33 basis points, an
increase of 8 basis points over 1999. This rise reflects the
contributions from two new higher margin businesses:
O'Connor, created in June 2000, and UBS Realty Investors
(formerly Allegis), purchased in December 1999.
The cost/income ratio before goodwill increased
to 69% in 2000 from 60% in 1999, principally as a result of the
inclusion of
33
Table of Contents
Review of
Business Group Performance
UBS Asset Management
O'Connor and UBS Realty Investors (which
generate higher gross margins than the rest of the business, but
at higher cost), spending on strategic initiatives to expand
global reach, and lower asset-based revenues towards the end of
the year.
Investment performance in
2000
The return of global equity markets towards
fundamental values was the predominant development during 2000.
This trend accelerated during the fourth quarter as the US
economy began to slow, and many companies within the Technology,
Media and Telecommunications (TMT) sector posted disappointing
earnings. Within this challenging environment, strategic
positions benefiting from the decline in the TMT sector, the
associated drop in equity markets, the under-performance of the
very largest capitalization equities, and the year-end
turnaround in the euro, helped Institutional Asset Management
deliver the best relative annual investment performance in its
history.
US equity strategies outperformed
benchmarks by wide margins. Global, international and UK equity
strategies were also significantly positive. Phillips & Drew
was ranked the top-performing pension fund manager in Britain
for the year 2000 by Combined Actuarial Performance Services
(CAPS), the leading UK performance measurement consultancy.
Phillips & Drew's flagship Managed Exempt fund
(equities mixed with property) outperformed the average fund
manager by more than 10% for the full year. Phillips &
Drew's strong performance in 2000 also benefited their
balanced fund's three and five year records, moving its
ranking up from fourth quartile at the end of 1999 to second
quartile at the end of 2000.
Results
The full year pre-tax profit of CHF 227 million
was 30% lower than 1999. Despite asset losses in the core
institutional business, income increased as a result of the
launch of the O'Connor business and the acquisition of
Allegis; but this was more than offset by higher
performance-related personnel expenses, goodwill amortization
relating to Allegis and increased general and administrative
expenses.
Operating income
Operating income increased CHF 202 million, or
18%, from CHF 1,099 million in 1999 to CHF 1,301 million in
2000. Despite the decrease in assets under management, operating
income increased as a result of the acquisition of Allegis and
the creation of the new O'Connor alternative asset
management business, partially offset by lost revenue from
client losses.
Operating expenses
Full year expenses increased by CHF 300 million,
to CHF 1,074 million. Personnel expenses increased 38%, or CHF
173 million, from CHF 458 million in 1999 to CHF 631 million in
2000 and General and administrative expenses increased 37%, or
CHF 65 million, over 1999 to CHF 243 million in 2000. Both
categories of expense increased as a result of the acquisition
of Allegis, the addition of the new O'Connor business and
currency movements.
Depreciation and amortization expense
increased CHF 62 million, or 45%, from CHF 138 million in 1999
to CHF 200 million in 2000, including CHF 46 million from the
acquisition of Allegis.
Headcount
Headcount increased 5% from 1,653 at 31
December 1999 to 1,728 at 31 December 2000, primarily as a
result of the creation of the new O'Connor business in
June 2000.
1999
Operating income
Operating income decreased CHF 64 million, or 6%,
from CHF 1,163 million in 1998 to CHF 1,099 million in 1999.
Assets under management increased 8%, or CHF 43 billion, to CHF
574 billion at 31 December 1999 from CHF 531 at 31 December
1998, with increases in both institutional and non-institutional
categories year-on-year. Despite the 4% increase in
institutional assets under management, which primarily resulted
from investment performance, the acquisition of Allegis and
growth in private client mandates, institu-
34
Table of Contents
Review of
Business Group Performance
UBS Asset Management
tional revenues decreased. This decrease from CHF
968 million in 1998 to CHF 906 million in 1999 reflects a slight
decline in average institutional assets under management from
1998 to 1999, as gains from performance and currency were offset
by loss of clients and performance issues in certain mandate
types. Average non-institutional assets increased by 16% during
1999; however, non-institutional revenues declined slightly to
CHF 193 million as a result of new interbusiness unit fee
arrangements with UBS Private Banking.
Operating expenses
Personnel, general and administrative expenses
increased CHF 17 million, or 3%, from CHF 619 million
in 1998 to CHF 636 million in 1999. Headcount increased
from 1,497 as of 31 December 1998 to 1,653 as of
31 December 1999, primarily as a result of the acquisition
of Allegis in December 1999. Personnel expenses decreased
slightly from CHF 465 million in 1998 to CHF 458
million in 1999 reflecting decreased incentive compensation.
General and administrative expenses increased 16% from
CHF 154 million in 1998 to CHF 178 million in 1999 as
a result of revisions in cost-sharing arrangements between
Institutional Asset Management and other business units of
UBS.
Depreciation and amortization expense increased
CHF 31 million, or 29%, from CHF 107 million in 1998
to CHF 138 million in 1999, reflecting increased goodwill
amortization related to the buy-out of UBS's joint venture
with the Long-Term Credit Bank of Japan.
35
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Review of
Business Group Performance
UBS Asset Management
Investment Funds/GAM
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
652
270
195
141
Credit loss expense
0
0
0
Total operating income
652
270
195
141
Personnel expenses
249
58
50
329
General and administrative expenses
196
93
74
111
Depreciation
22
7
6
214
Amortization of goodwill and other intangible assets
90
0
0
Total operating expenses
557
158
130
253
Business unit performance before tax
95
112
65
(15
)
KPI's
Assets under management (CHF billion)
219
225
176
(3
)
Net new money (CHF billion)
2
4.4
1.3
Gross AuM margin (bps)
3
38
24
58
Cost/ income ratio (%)
4
85
59
67
Cost/ income ratio before goodwill(%)
4,5
72
59
67
% change
Additional information
As of
31.12.00
31.12.99
31.12.98
from
31.12.99
Regulatory equity used (avg)
750
2
2
Headcount (full time equivalents)
1,132
923
366
23
1
The 1999 and
1998 figures have been restated to reflect retroactive changes
in accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting Policies).
2
Excludes dividend and interest income.
3
All non-institutional revenues, including those
booked in Institutional Asset Management, divided by average
assets under management.
4
Operating expenses/
operating income before credit loss expense.
5
The
amortization of goodwill and other intangible assets is excluded
from this calculation.
2000
There were no significant financial events that
affected this business unit in 1999 or 2000.
Key performance
indicators
Assets under management decreased 3% from CHF 225
billion at 31 December 1999 to CHF 219 billion at year end
2000, largely a result of currency and market movements, partly
offset by net new money of CHF 4.4 billion.
The cost/income ratio before goodwill increased
from 59% to 72% mainly as a result of the inclusion of Global
Asset Management (GAM), but also reflecting spending on new
business initiatives, chiefly targeted at marketing investment
funds outside UBS's own client base.
The gross margin for the year, at 38 basis
points, is significantly higher than the 24 basis points
recorded in 1999, principally due to the contribution from
GAM.
Results
Net profit for 2000 fell 15%, or CHF 17
million, to CHF 95 million in 2000, reflecting the
additional costs of spending on new business initiatives,
chiefly targeted at marketing investment funds
outside UBS.
Operating income
Operating income increased CHF 382 million,
or 141%, from CHF 270 million in 1999 to
36
Table of Contents
Review of
Business Group Performance
UBS Asset Management
CHF 652 million in 2000, primarily as a
result of the GAM acquisition.
Operating expenses
Personnel expenses increased 329%, or
CHF 191 million, from CHF 58 million in 1999 to
CHF 249 million in 2000 due to the acquisition of GAM, and
increased headcount for growth initiatives in the Investment
Funds area. General and administrative expenses increased 111%,
from CHF 93 million in 1999 to CHF 196 million in
2000, as a result of the acquisition of GAM and marketing and
distribution initiatives in the Investment Funds area.
Depreciation and amortization expense increased
CHF 105 million, from CHF 7 million in 1999 to
CHF 112 million in 2000, reflecting goodwill amortization
following the acquisition of GAM.
Headcount
Headcount increased 23% from 923 at
31 December 1999 to 1,132 at 31 December 2000,
primarily a result of an increase of staff to support
distribution initiatives in the Investment Funds area.
1999
Operating income
Operating income increased CHF 75 million,
or 38%, from CHF 195 million in 1998 to CHF 270
million in 1999. This was principally due to higher Investment
Funds assets and the transfer from Private Banking of some
client responsibility and related income. The acquisition of GAM
did not significantly impact income or expenses in 1999.
Assets under management increased 28%, or
CHF 49 billion, to CHF 225 billion at 31
December 1999 from CHF 176 billion at 31 December
1998. CHF 24 billion of this increase was due to the
acquisition of GAM in December 1999. The remainder was mainly
due to positive investment performance.
Operating expenses
Personnel, general and administrative expenses
increased CHF 27 million, or 22%, from CHF 124 million
in 1998 to CHF 151 million in 1999. Headcount increased
from 366 as of 31 December 1998 to 923 as of
31 December 1999, primarily as a result of the acquisition
of GAM in December 1999. Excluding GAM, headcount increased by
69, as a result of efforts to build the Investment Funds
business, including the launching of new funds and expansion of
distribution efforts. Personnel expenses increased 16% from
CHF 50 million in 1998 to CHF 58 million in 1999 in
line with the increase in headcount. General and administrative
expenses increased 26% to CHF 93 million in 1999 reflecting
increased investment in international distribution and the costs
of launching new funds, offset by synergies from the 1998
merger, including reduced fees for market data systems and the
combination of fund valuation and management systems.
Depreciation and amortization expense increased
CHF 1 million, or 17%, from CHF 6 million in 1998 to
CHF 7 million in 1999, as a result of changes in the
holding structure of some of the business unit's real
estate funds.
37
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Review of
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UBS Warburg
UBS Warburg
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
19,779
4
13,241
7,691
49
Credit loss expense
2
(247
)
(333
)
(510
)
(26
)
Total operating income
19,532
12,908
7,181
51
Personnel expenses
11,002
7,278
4,641
51
General and administrative expenses
3,501
2,680
2,625
31
Depreciation
731
659
549
11
Amortization of goodwill and other intangible assets
298
4
154
173
94
Total operating expenses
15,532
10,771
7,988
44
Business Group performance before tax
4,000
2,137
(807
)
87
Additional information
Assets under management (CHF billion)
6
827
36
27
Cost / income ratio (%)
7
79
81
104
Cost / income ratio before goodwill (%)
7, 8
77
80
102
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
24,900
10,679
13,779
133
Headcount (full time equivalents)
38,445
14,266
14,638
169
Business Group Reporting Adjusted for
Significant Financial Events
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
19,779
4
13,041
5
7,691
52
Credit loss expense
2
(247
)
(333
)
(510
)
(26
)
Total operating income
19,532
12,708
7,181
54
Personnel expenses
10,916
3
7,278
4,641
50
General and administrative expenses
3,408
3
2,680
2,625
27
Depreciation
652
3
659
549
(1
)
Amortization of goodwill and other intangible assets
298
4
154
173
94
Total operating expenses
15,274
10,771
7,988
42
Business Group performance before tax
4,258
1,937
(807
)
120
Additional information
Cost / income ratio (%)
7
77
83
104
Cost / income ratio before goodwill (%)
7, 8
76
81
102
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
2
In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note 3a).
3
The year ended 31
December 2000 Personnel, General and administrative expenses and
Depreciation were adjusted for the significant financial events
in respect of the PaineWebber integration costs by CHF 86
million, CHF 93 million and CHF 79 million,
respectively.
4
Goodwill funding costs of
CHF 132 million and amortization of goodwill and other
intangible assets of CHF 138 million in respect of the
PaineWebber acquisition are included in UBS Warburg results but
are not reflected in any of the individual business
units.
5
Year ended 31 December 1999 has
been adjusted for the Significant Financial Event of CHF 200
million for the sale of the international Global Trade Finance
business.
6
US Private Clients' Client
Assets at 3 November 2000 were CHF 890
billion.
7
Operating expenses / operating
income before credit loss expense.
8
The
amortization of goodwill and other intangible assets is excluded
from this calculation.
38
Table of Contents
Review of
Business Group Performance
UBS Warburg
Goodwill costs
UBS Warburg's Business Group operating
expenses include CHF 138 million amortization of goodwill and
intangible assets and CHF 132 million of goodwill funding costs
relating to the merger with PaineWebber which are recorded at
the Business Group level, but are not allocated to the
individual business units.
In particular, the results of the US Private
Clients business unit, which includes the former PaineWebber
private client businesses, do not reflect goodwill amortization
or funding costs relating to the merger.
Components of Operating Income
The
Corporate and Institutional Clients
unit generates operating income from
–
commissions on agency transactions and spreads or
	markups on principal transactions;
–
fees from debt and equity capital markets
	transactions, leveraged finance, and the structuring of
	derivatives and complex transactions;
–
mergers and acquisitions and other advisory
	fees;
–
interest income on principal transactions and
	from the loan portfolio; and
–
gains and losses on market making, proprietary,
	and arbitrage positions.
As a result, Corporate and Institutional
	Clients' operating income is affected by movements in
	market conditions, interest rate swings, the level of trading
	activity in primary and secondary markets and the extent of
	merger and acquisition activity. These and other factors have
	had and may in the future have a significant impact on results
	of operations from year to year.
UBS Capital's
primary source of operating income is
	capital gains from the disposal or sale of its investments,
	which are recorded at the time of ultimate divestment. As a
	result, appreciation in fair market value is recognized as
	operating income only at the time of sale. The level of annual
	operating income from UBS Capital is directly affected by the
	level of investment disposals that take place during the
	year.
The private clients business units,
US Private
	Clients
and
International Private Clients,
principally derive their operating income from
–
fees for financial planning and wealth management
	services;
–
fees for discretionary services; and
–
transaction-related fees.
These fees are based on the market value of
	assets under management and the level of transaction-related
	activity. As a result, operating income is affected by such
	factors as fluctuations in assets under management, changes in
	market conditions, investment performance and inflows and
	outflows of client funds.
39
Table of Contents
Review of
Business Group Performance
UBS Warburg
Corporate and Institutional
Clients
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Corporate Finance
2,701
2,054
1,665
31
Equities
10,429
5,724
3,253
82
Fixed income
2,969
2,464
(267
)
20
Treasury products
1,653
1,805
2,351
(8
)
Non-core business
281
482
2
(96
)
(42
)
Income
18,033
12,529
2
6,906
44
Credit loss expense
3
(243
)
(330
)
(500
)
(26
)
Total operating income
17,790
12,199
6,406
46
Personnel expenses
9,284
4, 5
6,861
4,333
35
General and administrative expenses
2,779
4
2,429
2,483
14
Depreciation
555
4
629
535
(12
)
Amortization of goodwill and other intangible assets
149
134
157
11
Total operating expenses
12,767
10,053
7,508
27
Business unit performance before tax
5,023
2,146
(1,102
)
134
KPI's
Compensation / income (%)
51
55
63
Cost / income ratio (%)
6
71
80
109
Cost / income ratio before goodwill (%)
6, 7
70
79
106
Non-performing loans / Gross loans outstanding (%)
3.4
2.2
1.5
Average VaR (10-day 99%)
242
213
295
8
League table rankings
9
For the year ended
31.12.00
31.12.99
Global Mergers and Acquisitions completed
10
Rank
6
6
Market share
16.7
20.3
International Equity New Issues
11
Rank
7
11
Market share
5.1
3.8
International Bonds
11
Rank
5
5
Market share
7.9
8.0
Eurobonds
11
Rank
1
1
Market share
8.8
8.7
Additional information
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
10,000
10,050
13,300
0
Headcount (full time equivalents)
15,262
12,694
13,794
20
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
2
Year ended 31
December 1999 income was adjusted for the Significant
Financial Event of CHF 200 million related to the sale of the
international Global Trade Finance
business.
3
In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note 3a).
4
The year ended
31 December 2000 Personnel, General and administrative
expenses and Depreciation were adjusted for the Significant
Financial Events in respect of the PaineWebber integration by
CHF 86 million, CHF 13 million and CHF 7 million,
respectively.
5
The year ended 31
December 2000 Personnel expenses include CHF 11 million of
the CHF 128 million retention payments in respect of the
PaineWebber acquisition.
6
Operating
expenses / operating income before credit loss
expense.
7
The amortization of goodwill and
other intangible assets is excluded from this
calculation.
8
VaR average for 1998 is from
the date of the UBS / SBC merger, 26 June 1998, until 31
December 1998.
9
The league table
rankings reflect recent industry
consolidation.
10
Source: Thomson Financial
Securities data.
11
Source: Capital Data
Bondware.
40
Table of Contents
Review of
Business Group Performance
UBS Warburg
2000
The results for Corporate and Institutional
Clients include the costs and revenues for November and
December 2000 of the former PaineWebber capital markets
businesses, which were integrated into this business unit from
the completion of the merger on 3 November 2000.
PaineWebber integration costs were
treated as a significant financial event, and are not shown in
the table. The amounts involved were: personnel expenses
CHF 86 million, general and administrative expenses
CHF 13 million and depreciation CHF 7 million.
In addition, a CHF 200 million gain on the
sale of UBS's international Global Trade Finance business
in 1999 was treated as a significant financial event and is not
reflected in the operating income shown in the table.
Key performance
indicators
UBS Warburg measures its expense base primarily
in terms of percentage of revenues, looking at both personnel
costs and non-personnel costs on this basis.
Continued strong revenue performance
and active cost management led to a pre-goodwill cost/income
ratio of 70%, from 79% in the previous year, representing the
result of significant cost management efforts on both personnel
and non-personnel expenses.
Corporate and Institutional
Clients' ratio of personnel cost to income fell to 51% in
2000, from 55% last year. UBS Warburg continues to invest in top
quality professionals to help expand its capabilities and client
reach and aims to compensate its employees at similar levels to
its global competitors.
Changes in non-personnel costs are
less directly related to changes in income than personnel
costs.
As a percentage of income,
non-personnel costs decreased to 19% in 2000, from 25% in 1999.
Improvements in overall cost management were offset by increased
expenditure on technology and professional fees and the
incremental costs of the PaineWebber capital markets
business.
The value of Corporate and
Institutional Clients' non-performing loans rose CHF 933
million, or 59%, from CHF 1,586 million at 31 December 1999
to CHF 2,519 million at 31 December 2000, reflecting the
weaker credit environment in the US. At the same time, the gross
loans outstanding rose from CHF 72,717 million at
31 December 1999 to CHF 74,253 million at 31 December
2000. As a result, the ratio of non-performing loans to total
loans increased to 3.4% at the end of 2000 from 2.2% at the end
of 1999. UBS Warburg does not believe that extensive lending is
critical to the expansion of its client franchise and does not
intend to engage in balance sheet led earnings growth.
Market risk utilization, as measured
by average Value at Risk, continued to remain well within the
limit of CHF 450 million, although increasing from an
average of CHF 213 million in 1999 to an average of
CHF 242 million in 2000, reflecting the exceptional trading
opportunities in the early part of 2000.
Results
UBS Warburg's Corporate and Institutional
Clients business unit delivered record financial results in
2000, with each quarter performing significantly above the
levels in the comparable quarter of 1999. Pre-tax profit of
CHF 5,023 million was more than double the CHF 2,146
million achieved in 1999, itself a good year.
Operating income
Corporate and Institutional Clients generated
revenues of CHF 18,033 million in 2000, an increase of 44%
over 1999.
Equities
revenues during 2000
were CHF 10,429 million, or 82% higher than 1999's
revenues of CHF 5,724 million reflecting the strength of
UBS Warburg's global client franchise and increased market
share in significantly stronger secondary markets, and strong
market-making and trading revenues. UBS Warburg's secondary
equity sales business continues to be ranked as one of the
global leaders, and the leading non-US equities house.
Fixed Income
experienced an
exceptionally strong 2000, driven by strong markets, significant
principal finance activity and a strong government bond and
derivatives business, contributing to overall revenues for the
year 2000 of CHF 2,969 million, an improvement of 20%, or
CHF 505 million over 1999's revenues of CHF 2,464
million.
41
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Review of
Business Group Performance
UBS Warburg
Operating Income Before Credit Loss Expense by
Business Area
For the year ended
CHF million
31.12.00
31.12.99
31.12.98
Equities
10,429
5,724
3,253
Fixed income
2,969
2,464
(267
)
Corporate finance
2,701
2,054
1,665
Treasury products
1,653
1,805
2,351
Non-core business
281
482
(96
)
Total
18,033
12,529
6,906
Despite commoditization of products and the
continuing pressure on margins across its businesses, the
Treasury Products
business area recorded a slight
increase in underlying revenues, reflecting the recovery of euro
trading as the currency strengthened, and a growing client
franchise. The business area also increased market share through
extensive use of e-channels to extend client reach. Revenues for
1999 included revenues relating to exchange-traded derivatives
and alternative asset management, which were transferred to the
Equities business area in 2000. Full year performance reflected
this transfer, with revenues of CHF 1,653 million in 2000, down
8% on the previous year.
Market conditions for mergers and acquisitions,
advisory work and primary underwriting continued to be strong,
driving
Corporate Finance's
excellent performance.
UBS Warburg's corporate client franchise continued to
develop, with strong performance in critical sectors in 2000,
particularly Telecommunications and Consumer Goods. Productivity
per head also increased in comparison to prior years. Overall,
2000 was a year of very strong growth in this area for UBS
Warburg, with revenues of CHF 2,701 million, 31% ahead of
1999.
The Corporate Finance business area within
Corporate and Institutional Clients provides both advisory
services and financing services. Financing services include both
equity and fixed-income offerings undertaken in cooperation with
the Equities and Fixed income business areas. Accordingly, a
portion of operating income associated with these services is
allocated to those areas.
Non-core revenues in 2000, which include income
from the work-out of the Global Equity Derivatives portfolio and
the non-core loan portfolio (described below) fell 42% compared
to 1999, to CHF 281 million.
Operating expenses
Corporate and Institutional Clients continues to
carefully manage its cost base, with the pre-goodwill
cost/income ratio remaining well below 1999 levels at 70%.
Personnel expenses increased 35% from 1999, to CHF 9,284
million, reflecting increased headcount and growth in
performance-related compensation in line with the excellent
results. Personnel expenses include CHF 11 million of retention
payments made to former PaineWebber staff.
General and administrative expenses increased 14%
compared to 1999, as a result of increased expenditure on
technology outsourcing, professional fees and the incremental
costs of the PaineWebber capital markets business.
Overall costs grew at a significantly slower rate
than revenues, delivering continued strong pre-tax profit
growth.
Headcount
Corporate and Institutional Clients headcount
rose 20% during the year, to 15,262, mainly due to business
growth in the Corporate Finance and Equities areas, including
the impact of the integration of 1,628 staff from the
PaineWebber capital markets businesses.
42
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Review of
Business Group Performance
UBS Warburg
1999
In October and November 1998, UBS's
Board of Directors mandated and undertook a review of UBS's
risk profile and risk management as well as UBS's control
processes and procedures. The review placed particular emphasis
on the Fixed Income business area, which had experienced losses
on credit exposures in certain emerging market assets. Each of
the business areas selected for review was assessed as to
whether it supported the UBS and UBS Warburg franchises and, if
so, whether the expected return as compared to the estimated
risk justified a continuation of the business. Corporate and
Institutional Clients used the review to define its core and
non-core business areas, and decided to wind down over time the
identified non-core businesses.
The businesses identified as non-core in late
1998 were
–
Lease Finance;
–
Commodities Trading (energy, base metals,
	electricity);
–
Non-structured Asset-Backed Finance;
–
Distressed Debt Trading;
–
Global Trade Finance, with the exception of the
	Swiss Corporate business;
–
Conduit Finance;
–
Non-core loans – loans and commitments
	that are not part of UBS's tradeable asset portfolio, that
	are not issued in conjunction with UBS's Leveraged Finance
	business or that are credit exposures UBS wishes to reduce;
	and
–
Project Finance.
The identified non-core businesses are being
wound down over time and will be disposed of as appropriate.
While UBS considers all of its non-core businesses to be held
for sale (including those listed above), none of these
businesses constitutes a segment to be treated as a discontinued
operation, as defined by U.S. GAAP. Businesses designated as
non-core businesses remain consolidated for purposes of both IAS
and U.S. GAAP unless and until such businesses are actually sold
or otherwise disposed of. Most of UBS's international
Global Trade Finance business was sold during the first quarter
of 1999 and its Conduit Finance business was sold during the
third quarter of 1999. UBS's non-core loan portfolio
decreased approximately CHF 65 billion, or 61%, from
approximately CHF 106 billion as of 31 December 1998
to CHF 41 billion as of 31 December 1999.
Negotiations for the sale of the Project Finance
portfolio and residual Global Trade Finance positions were
completed in December 1999 for proceeds approximating their
carrying values. As a result, no material losses were realized.
Certain aspects of UBS's Global Equities Derivatives
portfolio previously identified at the time of the 1998 merger
as inconsistent with UBS's risk profile were also
designated as a non-core business during late 1998 in order to
segregate this activity from the rest of its Equities business.
UBS accrued CHF 154 million as a restructuring reserve for
this portion of the portfolio.
Operating income
In 1999, Corporate and Institutional
Clients' operating income before credit loss expense from
core businesses amounted to CHF 12,047 million and its
operating income before credit loss expense from non-core
businesses was CHF 482 million.
Operating income from Equities increased
CHF 2,471 million, or 76%, from CHF 3,253 million in
1998 to CHF 5,724 million in 1999. This increase was
primarily due to continued strong growth throughout 1999
compared to weaker results and losses in 1998 that did not
recur. Equities performed well during the six months ended
30 June 1998, but experienced a more difficult trading
environment in the second half of 1998 as a result of higher
volatility levels in equity markets. In 1999, Equities performed
strongly in all major markets. Continuing strong secondary cash
and derivatives business with institutional and corporate
clients contributed significantly to the positive results.
Operating income from Fixed income increased CHF
2,731 million from CHF (267) million in 1998 to
CHF 2,464 million in 1999. The improvement in Fixed income
largely reflected particularly strong performance in swaps and
options and investment grade corporate debt products during
1999. Strong client flows drove both investor and issuer
activities, resulting in increased revenues. Weaker than
expected results in Fixed income in 1998 were due primarily to
signifi-
43
Table of Contents
Review of
Business Group Performance
UBS Warburg
cant losses in the Group's emerging market
portfolio, which were largely attributable to Corporate and
Institutional Clients and a write-down of CHF 793 million
in the business unit's Long Term Capital Management trading
position.
Operating income from Corporate Finance increased
CHF 389 million, or 23%, from CHF 1,665 million in
1998 to CHF 2,054 million in 1999. Strong performance in
mergers and acquisitions in 1999, resulting in higher advisory
fees, and contributions from UBS's Equity and Debt Capital
Management Groups were the primary drivers of the
increase.
Operating income from Treasury Products decreased
CHF 546 million, or 23%, from CHF 2,351 million in
1998 to CHF 1,805 million in 1999. Foreign exchange
trading, while continuing to be profitable, was adversely
affected by diminished volumes in key markets in 1999. The
reduced levels of activity resulted from the introduction of the
euro and narrowing margins from increased competition in the
global markets. Corporate and Institutional Clients'
precious metals business was adversely impacted by the dramatic
volatility in the gold market in the fourth quarter of
1999.
Operating income from the non-core businesses
identified above increased CHF 578 million, from
CHF (96) million in 1998 to CHF 482 million in 1999.
In 1998, Equities recognized losses of CHF 762 million from
the Global Equity Derivatives portfolio, as compared to 1999,
during which this portfolio generated CHF 74 million in
positive revenues. The losses recognized in 1998 were partially
offset by CHF 498 million in revenues generated by Global
Trade Finance. In 1999, the Global Trade Finance business was
sold for a CHF 200 gain after generating approximately
CHF 160 million in revenues in 1999.
Credit loss expense decreased CHF 170
million, or 34%, from CHF 500 million in 1998 to
CHF 330 million in 1999. This reflected a decrease in
Expected Losses due primarily to the continued wind-down of the
non-core loan portfolio and the sale of the international Global
Trade Finance business in mid-1999. The section entitled
"UBS Switzerland – Private and Corporate
Clients" includes a discussion of the impact of the
transfer of UBS's Swiss Global Trade Finance business to
Private and Corporate Clients. The non-core loan portfolio will
continue to be wound-down.
Operating expenses
Personnel, general and administrative expenses
increased CHF 2,474 million, or 36%, from CHF 6,816
million in 1998 to CHF 9,290 million in 1999. Despite a
reduction in headcount of 1,100, or 8%, from 13,794 at
31 December 1998 to 12,694 at 31 December 1999,
personnel expenses increased CHF 2,528 million, or 58%, to
CHF 6,861 in 1999, due primarily to performance-related
compensation tied directly to the strong business unit results
for the year. In addition, in 1998, CHF 1,007 million of
accrued payments to personnel was charged against the
restructuring reserve relating to the 1998 merger of Union Bank
of Switzerland and Swiss Bank Corporation. The shortfall in
profits in 1998 was aggravated by losses associated with Long
Term Capital Management and the Global Equity Derivatives
portfolio. After adjusting 1998 for the amount charged to the
restructuring reserve, personnel expenses in 1999 increased 28%
against the comparative prior period.
General and administrative expenses remained
relatively flat from 1998 to 1999.
Depreciation and amortization increased
CHF 71 million, or 10%, from CHF 692 million in 1998
to CHF 763 million in 1999, primarily reflecting
accelerated amortization of the goodwill on a Latin-American
subsidiary.
44
Table of Contents
Review of
Business Group Performance
UBS Warburg
UBS Capital
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
368
315
585
17
Credit loss expense
0
0
0
Total operating income
368
315
585
17
Personnel expenses
142
105
121
35
General and administrative expenses
49
46
35
7
Depreciation
2
2
0
0
Amortization of goodwill and other intangible assets
2
5
1
(60
)
Total operating expenses
195
158
157
23
Business unit performance before tax
173
157
428
10
KPI's
Value creation (CHF billion)
0.6
0.6
0.8
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Portfolio book value (CHF billion)
5.5
3.0
1.8
83
Additional information
Regulatory equity used (avg)
600
340
250
76
Headcount (full time equivalents)
129
116
122
11
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
2000
There were no significant financial events that
affected this business unit in 1999 or 2000.
Key performance
indicators
The book value of UBS Capital's private
equity investments has grown from CHF 3.0 billion at the end of
1999 to CHF 5.5 billion at 31 December 2000. New
investments of CHF 2.1 billion were made during the full year,
including new shareholdings across a diverse range of sectors.
In addition, CHF 0.8 billion of investments made by PaineWebber
were added to UBS Capital's private equity portfolio in
December 2000. The portfolio value was reduced by certain
write-downs in investments in second and fourth quarters
2000.
UBS Capital accounts for its private equity
investments at cost less permanent impairments, showing only
realized gains or losses in the profit and loss statement. The
portfolio review and valuation at 31 December 2000 resulted
in an approximate current fair value of CHF 6.9 billion,
compared to CHF 4.2 billion at 31 December 1999. This
equates to unrealized gains of approximately CHF 1.3 billion,
compared to CHF 1.2 billion at year-end 1999. The value creation
during the year 2000, including realized gains since
1 January 2000, and the increase in the portfolio's
unrealized gains, is approximately CHF 0.6 billion.
Results
In 2000, net profit was CHF 173 million, up CHF
16 million or 10% from CHF 157 million in 1999.
45
Table of Contents
Review of
Business Group Performance
UBS Warburg
Operating income
Operating income increased 17% to CHF 368 million
in 2000, from CHF 315 million in 1999. This reflects the
realized gains from sales of investments in the year, partially
offset by write-downs of the value of several under-performing
companies in different sectors of the portfolio.
Operating expenses
Personnel, general and administrative expenses
were CHF 191 million in 2000, an increase from the previous year
of CHF 40 million, or 26%, driven mainly by bonus expenses.
Bonuses are accrued when an investment is successfully exited,
so personnel expenses move in line with divestments.
1999
Operating income
Operating income decreased CHF 270 million, or
46%, from CHF 585 million in 1998 to CHF 315 million in 1999.
This reflects a decrease in realized gains resulting from a
reduced number of sales of investments in 1999 as compared to
1998.
Operating expenses
Personnel, general and administrative expenses
decreased slightly by CHF 5 million, or 3%, from CHF 156 million
in 1998 to CHF 151 million 1999. These expenses remained stable
despite the business unit's expansion into new regions and
sectors, the recruitment of new professionals, the high level of
investment activity during 1999 and the associated investment
costs. As part of the restructuring related to the 1998 merger,
one team from UBS Capital moved to Corporate and Institutional
Clients unit effective 1 January 1999. This resulted in a
lower headcount during most of 1999 when compared to 1998, and
therefore personnel costs decreased 13% from CHF 121 million in
1998 to CHF 105 million in 1999. General and administrative
expenses increased CHF 11 million, or 31%, to CHF 46 million in
1999 mainly due to deal-related expenses.
UBS Capital made approximately CHF 1.4 billion of
new investments and add-ons during 1999.
46
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Review of
Business Group Performance
UBS Warburg
US Private Clients
Business Unit Reporting
CHF million, except where indicated
For the year ended
31.12.00
1
Income
1,225
Credit loss expense
0
Total operating income
1,225
Personnel expenses
2
955
General and administrative expenses
258
Depreciation
30
Amortization of goodwill and other intangible assets
1
Total operating expenses
1,244
Business unit performance before tax
(19
)
KPI's
Client assets (CHF billion)
3
794
Net new money (CHF billion)
4
8.3
Gross AuM margin (bps)
86
Cost/income ratio (%)
5
102
Cost/income ratio before goodwill (%)
5, 6
101
Cost/income ratio before goodwill and retention payments
	(%)
5, 6
92
Recurring fees
7
430
Financial advisors (full time equivalents)
8,871
Additional information
As of
31.12.00
Regulatory equity used (avg)
2,450
Headcount (full time equivalents)
21,490
1
The US
Private Clients results cover the period from the date of
acquisition of PaineWebber,
3 November 2000.
2
Includes CHF
117 million of the CHF 128 million retention payments in respect
of the PaineWebber
acquisition.
3
Corresponds to UBS's
current definition of Assets under management. Client assets at
3 November 2000 were CHF 890
billion.
4
Excludes interest and dividend
income.
5
Operating expenses/ operating
income before credit loss expense. 6 The amortization
of goodwill and other intangible assets is excluded from this
calculation.
7
Asset based and advisory
revenues including fees from mutual funds, wrap fee products,
insurance products and institutional asset management
products.
The merger between UBS and PaineWebber was
completed on 3 November 2000 and was accounted for using
purchase accounting. Accordingly, the results shown for
US Private Clients are for the period from that date until
31 December 2000. Results for prior periods are not
shown.
The business unit represents the former
PaineWebber businesses, excluding the PaineWebber capital
markets business transferred to the Corporate and Institutional
Clients business unit. Although the US businesses of the
former UBS Warburg Private Clients business unit were integrated
into PaineWebber's management structure soon after
completion of the merger, their results are still included in
the International Private Clients unit for 2000.
47
Table of Contents
Review of
Business Group Performance
UBS Warburg
2000
There were no significant financial events that
affected this business unit in 2000.
Key performance
indicators
At the end of the fourth quarter 2000,
US Private Clients had CHF 794 billion of client assets.
This represents a fall of CHF 96 billion from the level at
completion of the merger on 3 November 2000, reflecting the
decline in equity markets, particularly in the US, and the
effect of the fall of the US dollar against the Swiss
franc.
PaineWebber's asset gathering continues
successfully, with net new money flows averaging CHF 202.3
million (USD 119.0 million) per day in November and
December 2000, comparing very favorably to the average rate
for the third quarter of CHF 172.5 million (USD 103.3 million)
per day, despite the effects of the holiday season.
Results
US Private Clients recorded a net loss for
November and December 2000 of CHF 19 million. Adjusting for
the effect of retention payments of CHF 117 million, this
represents a pre-tax operating profit of CHF 98 million for the
two months.
PaineWebber's strong asset gathering
performance during November and December was in contrast to the
seasonal slow down in transactional business, compounded this
year by the delay in the results of the US Presidential
election, which had a negative effect on client confidence and
investment activity. As a result, net profit per month was about
39% lower than the rate in PaineWebber's individual client
segment in third quarter 2000, after adjusting for the benefit
of PaineWebber's invested equity. (Within UBS's
management accounts, the net benefit of invested equity is
reflected in Corporate Center.)
Operating income
Total revenues for November and December were CHF
1,225 million, including approximately CHF 430 million of
recurring fee revenue. This represents an overall decline of 2%
from the run-rate recorded in PaineWebber's individual
client business in the third quarter, reflecting the effects of
the seasonal slow-down.
Operating expenses
Total expenses for November and December were CHF
1,244 million. Personnel expenses were CHF 955 million,
including CHF 117 million of retention payments for PaineWebber
staff. Excluding these payments, overall expenses rose slightly
from prior levels, reflecting investments in the development of
wrap fee products and the new Corporate Employee Financial
Services business.
Headcount
Total headcount at 31 December 2000 was
21,490, including 8,871 financial advisors, up from 8,688
financial advisors at 30 September 2000.
48
Table of Contents
Review of
Business Group Performance
UBS Warburg
International Private
Clients
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Income
286
197
200
45
Credit loss expense
2
(4
)
(3
)
(10
)
33
Total operating income
282
194
190
45
Personnel expenses
385
294
187
31
General and administrative expenses
188
187
107
1
Depreciation
30
25
14
20
Amortization of goodwill and other intangible assets
7
15
15
(53
)
Total operating expenses
610
521
323
17
Business unit performance before tax
(328
)
(327
)
(133
)
0
KPI's
Assets under management (CHF billion)
33
36
27
(8
)
Net new money (CHF billion)
3
10.4
3.6
Gross AuM margin (bps)
75
67
12
Additional information
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
350
289
229
21
Headcount (full time equivalents)
1,154
1,386
722
(17
)
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
2
In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note 3a).
3
Excludes
interest and dividend income.
2000
There were no significant financial events that
affected this business unit in 1999 or 2000.
Key performance
indicators
Assets under management decreased from CHF 36
billion at the end of 1999 to CHF 33 billion at
31 December 2000, reflecting poor performance in world
equity markets during the year, particularly in the technology
sector.
Net new money of CHF 10.4 billion and the
increase in the gross margin from 67 bps in 1999 to 75 bps in
2000 reflect the successful efforts to build International
Private Clients client franchise.
Results
Operating income
Operating income increased CHF 88 million, or
45%, from CHF 194 million in 1999 to CHF 282 million in 2000.
Revenues have increased as average assets under management have
grown, a wider range of products and services has been offered
to clients and new staff and offices have built their client
franchises. International Private Clients' businesses are
generally in a relatively early stage of development and its
client relationships will continue to build towards their full
revenue potential.
Operating expenses
Operating expenses increased 17%, or CHF 89
million, from CHF 521 million in 1999 to CHF 610 million in
2000, mainly due to the expansion of offices early in 2000. This
total included restructuring costs of CHF 93 million
related to integration of the International Private Clients
businesses into UBS Warburg in February 2000.
Excluding this restructuring charge, expenses
fell 1% compared to 1999.
49
Table of Contents
Review of
Business Group Performance
UBS Warburg
Headcount
Headcount fell from 1,386 to 1,154, as a result
of the restructuring undertaken in 2000, matching staffing
levels more exactly to market opportunities.
1999
Operating income
Results for the year ended 31 December 1998
were driven by a business that consisted primarily of the
private banking operations of Schroder Munchmeyer Hengst, a
German private bank acquired by the former Union Bank of
Switzerland in August 1997, domestic private banking
activities in Australia, and limited onshore private banking
activities conducted in the United States and Italy, established
by the former Union Bank of Switzerland.
Operating income increased CHF 4
million, or 2%, from CHF 190 million in 1998 to
CHF 194 million in 1999.
Assets under management increased
during 1999 by CHF 9 billion, or 33%.
Operating expenses
Operating expenses increased 61%, or CHF 198
million, to CHF 521 million in 1999 from CHF 323 million in
1998, as a result of expansion in front-line and support staff,
office locations, and infrastructure related investments.
Personnel, general and administrative
expenses increased CHF 187 million, or 64%, from CHF 294 million
in 1998 to CHF 481 million in 1999. Personnel costs increased
57%, or CHF 107 million, to CHF 294 million in 1999 due to an
increase in headcount of 664, or 92%, from 722 at 31
December 1998 to 1,386 at 31 December 1999.
General and administrative expenses increased CHF 80 million, or
75%, from 1998 to CHF 187 million in 1999, due to increases in
information technology, property and other infrastructure costs
to support the new offices and increased headcount.
50
Table of Contents
Review of
Business Group Performance
UBS Warburg
e-services
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
31.12.99
Income
(1
)
0
Credit loss expense
0
0
Total operating income
(1
)
0
Personnel expenses
150
18
733
General and administrative expenses
134
1
18
644
Depreciation
35
1
3
Amortization of goodwill and other intangible assets
1
0
Total operating expenses
320
39
721
Business unit performance before tax
(321
)
(39
)
(723
)
Additional Information
% change from
As of
31.12.00
31.12.99
31.12.99
Headcount (full time equivalents)
410
70
486
1
The year
ended 31 December 2000 General and administrative
expenses and Depreciation were adjusted for Significant
Financial Events in respect of the PaineWebber integration by
CHF 80 million and CHF 72 million, respectively.
2000
UBS Group established the e-services project in
the third quarter of 1999. Following the merger with
PaineWebber, the e-services strategy was re-assessed and focus
shifted to more upscale clients than those originally
targeted.
The multi-currency and multi-entity core banking
systems developed by the e-services initiative will be
integrated into the core of UBS's new wealth management
strategy in Europe.
Those parts of the infrastructure that were
relevant to the mass affluent market, such as telephone
call-centers, have been closed and the investment in them has
been written off. This has resulted in a charge of CHF 80
million to General and administrative expenses. In addition,
capitalized software costs relating to parts of the systems
which will not now be used have been written off, resulting in a
CHF 72 million charge to depreciation. These two amounts form
part of the PaineWebber integration costs, treated as a
significant financial event, and as a result these costs do not
appear in the adjusted business unit results above.
Operating expenses
Operating expenses were CHF 320 million in
2000, mainly related to infrastructure-related investments in
core technologies. Personnel expenses were CHF 150 million
in 2000 and CHF 18 million in 1999. General and
administrative expenses were CHF 134 million in 2000 and
CHF 18 million in 1999.
These increases were primarily the result of the
establishment of operations infrastructure, the installation and
testing of systems platforms, and the testing of marketing
concepts.
As explained above, the restructuring costs
associated with the end of the e-services initiative were
treated as a significant financial event and are therefore not
included in these figures.
51
Table of Contents
Review of
Business Group Performance
Corporate Center
Corporate Center
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
2
31.12.98
2
31.12.99
Income
358
2,010
191
(82
)
Credit loss recovery
3
1,161
448
745
159
Total operating income
1,519
2,458
936
(38
)
Personnel expenses
522
92
212
467
General and administrative expenses
431
839
1,656
(49
)
Depreciation
320
366
128
(13
)
Amortization of goodwill and other intangible assets
44
50
87
(12
)
Total operating expenses
1,317
1,347
2,083
(2
)
Business Group performance before tax
202
1,111
(1,147
)
(82
)
Additional Information
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Regulatory equity used (avg)
8,450
7,850
6,350
8
Headcount (full time equivalents)
986
862
921
14
Business Group Reporting Adjusted for
Significant Financial Events
1
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
2
31.12.98
2
31.12.99
Income
358
372
191
(4
)
Credit loss recovery
3
1,161
448
745
159
Total operating income
1,519
820
936
85
Personnel expenses
490
548
212
(11
)
General and administrative expenses
281
385
1,656
(27
)
Depreciation
320
366
128
(13
)
Amortization of goodwill and other intangible assets
44
50
87
(12
)
Total operating expenses
1,135
1,349
2,083
(16
)
Business Group performance before tax
384
(529
)
(1,147
)
1
Figures
have been adjusted for the significant financial events. Year
ended 31 December 1999 income has been adjusted for
the CHF 38 million income from the Long Term Capital
Management (LTCM) fund, CHF 1,490 million for the sale of
our 25% stake in Swiss Life / Rentenanstalt and CHF 110 million
for the sale of Julius Baer registered shares. Year ended 31
December 2000 Personnel expenses were adjusted for the
PaineWebber integration costs of CHF 32 million. Year ended 31
December 2000 General and administrative expenses have been
adjusted for the net additional CHF 150 million provision
relating to the US Global Settlement. Year ended 31
December 1999 Personnel expenses have been adjusted for CHF
456 million for the Pension Fund Accounting Credit. Year ended
31 December 1999 General and administrative expenses have
been adjusted for CHF 300 million for the UBS/ SBC Restructuring
Provision and CHF 154 million for the increase in the provision
for the US Global Settlement.
2
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
3
In management accounts,
statistically derived adjusted expected loss rather than net IAS
credit loss (expense) / recovery is reported in the business
units (see Note 3a).
52
Table of Contents
Review of
Business Group Performance
Corporate Center
2000
Significant financial events booked in Corporate
Center in 1999 and 2000 were:
–
Personnel expenses of CHF 32 million relating to
	the integration of PaineWebber into UBS in 2000.
–
Operating income of CHF 1,490 million from the
	sale of UBS's 25% stake in Swiss Life/ Rentenanstalt, CHF
	110 million from the sale of Julius Baer registered shares, and
	CHF 38 million from UBS's residual holding in Long Term
	Capital Management L.P., all in 1999.
–
A credit to Personnel expenses in 1999 of CHF 456
	million in connection with excess pension fund employer
	pre-payments.
–
Costs of CHF 154 million in 1999 and CHF 150
	million in 2000 in General and administrative expenses in
	connection with the US Global Settlement of World War II related
	claims.
–
Costs of CHF 300 million in General and
	administrative expenses in respect of an additional
	restructuring charge relating to the 1998 merger between UBS and
	SBC.
Results
Operating income
Adjusted for significant financial events,
operating income before credit loss expense decreased CHF 14
million, or 4%, from CHF 372 million in 1999 to CHF 358
million in 2000. Gains and losses attributable to Corporate
Center arise from funding, capital and balance sheet management,
the management of corporate real estate and the management of
foreign currency activities.
Credit loss expense in Corporate Center
reconciles the difference between management accounting and
financial accounting, that is between the adjusted statistically
calculated expected losses charged to the business units and the
actual credit loss expense recognized in the Group financial
accounts. The Swiss economy has been strong in 2000, leading to
credit loss expenses below the statistically calculated expected
level, and to a net write back of credit loss provisions of CHF
695 million, resulting in a credit of CHF 130 million at the
Group level. Corporate Center's credit loss expense of CHF
1,161 million reflects the balancing item between this amount
and the CHF 1,031 million Expected Loss charged to the business
units.
Operating expenses
Operating expenses decreased from CHF 1,349
million to CHF 1,135 million.
Headcount
Headcount in Corporate Center increased 124
during the year, reflecting the addition of staff from
PaineWebber, and expansion in our Corporate Language Services
subsidiary.
1999
Operating income
Operating income before credit loss expense
increased CHF 1,819 million, or 952%, from CHF 191 million in
1998 to CHF 2,010 million in 1999, primarily due to the
following:
–
Gains on the divestments of UBS's 25%
	interest in Swiss Life/ Rentenanstalt of CHF 1,490 million and
	of UBS's interest in Julius Baer registered shares of CHF
	110 million included in 1999.
–
Approximately CHF 380 million due to the
	consolidation of Klinik Hirslanden AG for the first time in
	1999.
–
The negative impact on 1998 operating income due
	to the loss of CHF 367 million from Long Term Capital
	Management.
In addition, revenues attributable to Corporate
Center arise from funding, capital and balance sheet management,
and the management of foreign currency earnings activities
undertaken by Group Treasury.
Operating expenses
Personnel, general and administrative expenses
decreased CHF 937 million, or 50%,
53
Table of Contents
Review of
Business Group Performance
Corporate Center
from CHF 1,868 million in 1998 to CHF 931 million
in 1999.
Personnel costs decreased 57% to CHF 92 million
in 1999 from CHF 212 million in 1998, primarily as a result
of the recognition in 1999 of pre-paid employer pension
contributions of CHF 456 million. This represents the difference
between previously recorded and actuarially determined pension
expenses and was recognized in 1999 after the resolution of
certain legal and regulatory issues. Excluding the recognition
of this benefit, personnel expenses increased from 1998 to 1999
despite a slight decrease in headcount from 921 in 1998 to 862
in 1999. This increase year-on-year is largely attributable to
the consolidation of Klinik Hirslanden AG for the first time in
1999.
General and administrative expenses decreased CHF
817 million, or 49%, to CHF 839 million in 1999 from CHF 1,656
million in 1998, primarily as a result of a charge of CHF 842
million for the US global settlement of World
War II-related claims in 1998. In addition, the following
items were included in general and administrative expenses for
1999:
–
An additional charge of CHF 154 million related
	to the settlement of World War  II-related claims in the
	United States.
–
An additional pre-tax restructuring charge of CHF
	300 million in respect of the 1998 merger.
–
Expenses of Klinik Hirslanden AG as a result of
	the consolidation of this entity for the first time in
	1999.
In addition, total operating expenses in
Corporate Center were reduced from 1998 to 1999 mainly due to a
further refinement of service level agreements with the Business
Groups.
Depreciation and amortization increased CHF 201
million, or 93%, from CHF 215 million in 1998 to CHF 416
million in 1999, principally as a result of a reclassification
of certain items which appeared in General and administrative
expenses in 1998.
54
Table of Contents
UBS Group
Financial Statements
Table of Contents
UBS Group Financial Statements
Table of Contents
Financial Statements
Table of Contents
Financial
	Statements
58
UBS Group Income Statement
58
UBS Group Balance Sheet
59
UBS Group Statement of Changes in Equity
60
UBS Group Statement of Cash Flows
61
Notes to the Financial
	Statements
63
1
Summary of Significant Accounting Policies
63
2
Acquisition of PaineWebber Group, Inc.
69
3a
Segment Reporting by Business Group
70
3b
Segment Reporting by Geographic Location
73
Income Statement
74
4
Net Interest Income
74
5
Net Fee and Commission Income
74
6
Net Trading Income
75
7
Net Gains from Disposal of Associates and Subsidiaries
75
8
Other Income
76
9
Operating Expenses
76
10
Earnings per Share
77
Balance Sheet: Assets
78
11
Money Market Paper
78
12a
Due from Banks and Loans to Customers
78
12b
Allowance and Provision for Credit Losses
79
12c
Impaired Loans
79
12d
Non-Performing Loans
80
13
Securities Borrowing, Securities Lending, Repurchase, Reverse
	Repurchase and Other Collateralized Transactions
81
14
Trading Portfolio
82
15
Financial Investments
83
16
Investments in Associates
83
17
Property and Equipment
84
18
Goodwill and other Intangible Assets
84
19
Other Assets
85
56
Table of Contents
UBS Group Financial Statements
Table of Contents
Balance Sheet: Liabilities
86
20
Due to Banks and Customers
86
21
Long-Term Debt
86
22
Other Liabilities
93
23
Provisions, including Restructuring Provision
93
24
Income Taxes
95
25
Minority Interests
96
26
Derivative Instruments
97
Off-Balance Sheet and other Information
102
27
Pledged Assets
102
28
Fiduciary Transactions
102
29
Commitments and Contingent Liabilities
103
30
Operating Lease Commitments
104
31
Litigation
104
32
Financial Instruments Risk Position
105
a)  Interest Rate Risk
105
b) Credit Risk
107
(b)(i)  On-balance sheet assets
107
(b)(ii)  Off-balance sheet
	financial instruments
108
(b)(iii) Credit risk mitigation
	techniques
108
c)  Currency Risk
109
d)  Liquidity Risk
110
e)  Capital Adequacy
111
33
Fair Value of Financial Instruments
112
34
Retirement Benefit Plans and other Employee Benefits
115
35
Equity Participation Plans
119
36
Related Parties
122
37
Post-Balance Sheet Events
122
38
Significant Subsidiaries and Associates
123
39
Significant Currency Translation Rates
126
40
Swiss Banking Law Requirements
126
41
Reconciliation to U.S. GAAP
128
42
Additional U.S. GAAP Disclosures
141
Selected Financial Data
143
Report of the Group Auditors
144
57
Table of Contents
UBS Group Financial Statements
Financial Statements
Financial Statements
UBS Group Income Statement
CHF million, except where indicated
% change from
For the year ended
Note
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Operating income
Interest income
4
51,745
35,604
37,442
45
Interest expense
4
(43,615
)
(29,695
)
(32,424
)
47
Net interest income
8,130
5,909
5,018
38
Credit loss recovery / (expense)
130
(956
)
(951
)
Net interest income after credit loss recovery / (expense)
8,260
4,953
4,067
67
Net fee and commission income
5
16,703
12,607
12,626
32
Net trading income
6
9,953
7,719
3,313
29
Net gains from disposal of associates and subsidiaries
7
83
1,821
1,119
(95
)
Other income
8
1,403
1,325
1,122
6
Total operating income
36,402
28,425
22,247
28
Operating expenses Personnel
9
17,163
12,577
9,816
36
General and administrative
9
6,765
6,098
6,735
11
Depreciation and amortization
9
2,275
1,857
1,825
23
Total operating expenses
26,203
20,532
18,376
28
Operating profit before tax and minority interests
10,199
7,893
3,871
29
Tax expense
24
2,320
1,686
904
38
Net profit before minority interests
7,879
6,207
2,967
27
Minority interests
25
(87
)
(54
)
5
61
Net profit
7,792
6,153
2,972
27
Basic earnings per share (CHF)
3
10
19.33
15.20
7.33
27
Basic earnings per share before goodwill (CHF)
2,3
10
20.99
16.04
8.18
31
Diluted earnings per share (CHF)
3
10
19.04
15.07
7.20
26
Diluted earnings per share before goodwill
	(CHF)
2,3
10
20.67
15.90
8.03
30
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
2
The amortization of goodwill and other
intangible assets is excluded from this calculation.
3
1999 and 1998 share figures are restated for
the two-for-one share split, effective 8 May 2000.
58
Table of Contents
UBS Group Financial Statements
Financial Statements
UBS Group Balance Sheet
% change from
CHF million
Note
31.12.00
31.12.99
1
31.12.99
Assets
Cash and balances with central banks
2,979
5,073
(41
)
Money market paper
11
66,454
69,717
(5
)
Due from banks
12
29,147
29,907
(3
)
Cash collateral on securities borrowed
13
177,857
113,162
57
Reverse repurchase agreements
13
193,801
132,391
46
Trading portfolio assets
14
253,296
211,932
20
Positive replacement values
26
57,875
62,957
(8
)
Loans, net of allowance for credit losses
12
244,842
234,858
4
Financial investments
15
16,405
7,039
133
Accrued income and prepaid expenses
7,062
5,167
37
Investments in associates
16
880
1,102
(20
)
Property and equipment
17
8,910
8,701
2
Goodwill and other intangible assets
18
19,537
3,543
451
Other assets
19
8,507
11,007
(23
)
Total assets
1,087,552
896,556
21
Total subordinated assets
475
600
(21
)
Liabilities
Money market paper issued
74,780
64,655
16
Due to banks
20
82,240
76,365
8
Cash collateral on securities lent
13
23,418
12,832
82
Repurchase agreements
13
295,513
196,914
50
Trading portfolio liabilities
14
82,632
54,638
51
Negative replacement values
26
75,923
95,786
(21
)
Due to customers
20
310,679
279,960
11
Accrued expenses and deferred income
21,038
12,040
75
Long-term debt
21
54,855
56,332
(3
)
Other liabilities
22, 23, 24
18,756
15,992
17
Total liabilities
1,039,834
865,514
20
Minority interests
25
2,885
434
565
Shareholders' equity
Share capital
4,444
4,309
3
Share premium account
20,885
14,437
45
Foreign currency translation
(687
)
(442
)
(55
)
Retained earnings
24,191
20,327
19
Treasury shares
(4,000
)
(8,023
)
(50
)
Total shareholders' equity
44,833
30,608
46
Total liabilities, minority interests and shareholders'
	equity
1,087,552
896,556
21
Total subordinated liabilities
14,508
14,801
(2
)
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting Policies).
59
Table of Contents
UBS Group Financial Statements
Financial Statements
1
The 1999 and 1998 figures have been restated to
	reflect retroactive changes in accounting policy arising from
	newly applicable International Accounting Standards and changes
	in presentation (see Note 1: Summary of Significant
	Accounting Policies).
2
Comprising 444,379,729 ordinary shares as of
	31 December 2000, 430,893,162 ordinary shares as of
	31 December 1999 and 429,952,612 ordinary shares as of
	31 December 1998, at CHF 10 each, fully paid.
3
In prior periods, a portion of income on own
	equity derivative contract activity was included in
	Premium / (discount) on treasury shares issued and treasury
	share contract activity. This amount is now included in Net
	premium / (discount) on treasury share and own equity
	derivative activity for all periods.
4
In January 2001, all remaining shares
	borrowed to complete the acquisition of PaineWebber were settled
	resulting in a net CHF 103 million decrease in share
	premium.
5
Includes interim dividend paid in respect of the
	period from 1 January 2000 to 30 September 2000 of
	CHF 1,764 million.
6
The Board of Directors is proposing to repay
	CHF 1.60 of the par value of each CHF 10.00 share,
	instead of distributing a final dividend in respect of the
	period from 1 October 2000 to 31 December 2000.
7
Comprising 18,421,783 ordinary shares as of
	31 December 2000, 36,873,714 ordinary shares as of
	31 December 1999 and 24,456,698 ordinary shares as of
	31 December 1998.
8
Includes shares issued for employee option
	plans.
UBS Group Statement of Changes in Equity
CHF million
For the year ended
31.12.00
31.12.99
1
31.12.98
1
Issued and paid up share capital
Balance at the beginning of the year
4,309
4,300
4,296
Issue of share capital
135
9
4
Balance at the end of the year
2
4,444
4,309
4,300
Share premium
Balance at the beginning of the year
13,929
13,740
13,260
Change in accounting policy
508
(123
)
1,406
Balance at the beginning of the year (restated)
14,437
13,617
14,666
Premium on shares issued and warrants exercised
3
139
45
111
Net premium / (discount) on treasury share and own equity
	derivative activity
3
(391
)
775
(1,160
)
Share premium increase due to PaineWebber acquisition
4,198
Borrow of own shares to be delivered
4
5,895
Settlement of own shares to be delivered
(3,393
)
Balance at the end of the year
20,885
14,437
13,617
Foreign currency translation
Balance at the beginning of the year
(442
)
(456
)
(111
)
Movements during the year
(245
)
14
(345
)
Balance at the end of the year
(687
)
(442
)
(456
)
Retained earnings
Balance at the beginning of the year
20,501
16,293
15,464
Change in accounting policy
(174
)
(69
)
0
Balance at the beginning of the year (restated)
20,327
16,224
15,464
Net profit for the year
7,792
6,153
2,972
Dividends paid
5, 6
(3,928
)
(2,050
)
(2,212
)
Balance at the end of the year
24,191
20,327
16,224
Treasury shares, at cost
Balance at the beginning of the year
(3,462
)
(1,482
)
(1,982
)
Change in accounting policy
(4,561
)
(3,409
)
(2,345
)
Balance at the beginning of the year (restated)
(8,023
)
(4,891
)
(4,327
)
Acquisitions
(16,330
)
(6,595
)
(3,860
)
Disposals
20,353
3,463
3,296
Balance at the end of the year
7
(4,000
)
(8,023
)
(4,891
)
Total shareholders' equity
44,833
30,608
28,794
Reconciliation of shares issued
Number of shares
% change from
As of
31.12.00
31.12.99
31.12.98
31.12.99
Balance at the beginning of the year
430,893,162
429,952,612
428,724,700
0
Issue of share capital
804,502
940,550
1,227,912
(14
)
Issue of share capital due to PaineWebber
8
12,682,065
Total ordinary shares issued, at the end of the year
444,379,729
430,893,162
429,952,612
3
In addition to treasury shares, a maximum of
42,571,341 shares (1,057,908 at 31 December 1999 and
1,998,458 at 31 December 1998) can be issued without
further approval of the shareholders. The amount of shares
consists of 26,000,000 authorized shares contingently issuable
by the Board of Directors in reference to the PaineWebber share
exchange until February 2001 at the latest. The option to
issue authorized shares expired unused. Additionally 16,571,341
shares out of conditional capital had been set aside by the
Extraordinary General Meeting on 7 September 2000. Those
shares are issuable against the exercise of options from former
PaineWebber employee option plans. The Board of Directors will
propose to the shareholders at the Annual General Meeting on
26 April 2001 a reduction of the issuable amount to
5,643,205 shares which is the number of shares required to
settle the outstanding PaineWebber employee options at year
end.
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UBS Group Financial Statements
Financial Statements
UBS Group Statement of Cash Flows
CHF million
For the year ended
31.12.00
31.12.99
1
31.12.98
1
Cash flow from / (used in) operating activities
Net profit
7,792
6,153
2,972
Adjustments to reconcile to cash flow from / (used in)
	operating activities
Non-cash items included in net profit and other adjustments:
Depreciation and amortization
2,275
1,857
1,825
Provision for credit losses
(130
)
956
951
Income from associates
(58
)
(211
)
(377
)
Deferred tax expense
544
479
491
Net gain from investing activities
(730
)
(2,282
)
(1,803
)
Net increase / (decrease) in operating assets:
Net due from / to banks
(915
)
(5,298
)
(65,172
)
Reverse repurchase agreements, cash collateral on securities
	borrowed
(81,054
)
(12,656
)
66,031
Trading portfolio including net replacement values
11,553
(49,956
)
45,089
Loans due to / from customers
12,381
17,222
(5,626
)
Accrued income, prepaid expenses and other assets
6,923
2,545
2,107
Net increase / (decrease) in operating liabilities:
Repurchase agreements, cash collateral on securities lent
50,762
52,958
(49,145
)
Accrued expenses and other liabilities
3,313
(7,366
)
1,686
Income taxes paid
(959
)
(1,063
)
(733
)
Net cash flow from / (used in) operating activities
11,697
3,338
(1,704
)
Cash flow (used in) / from investing activities
Investments in subsidiaries and associates
(9,729
)
(1,720
)
(1,563
)
Disposal of subsidiaries and associates
669
3,782
1,858
Purchase of property and equipment
(1,640
)
(2,820
)
(1,813
)
Disposal of property and equipment
335
1,880
1,134
Net (investment) / divestment in financial investments
(8,770
)
356
6,134
Net cash flow (used in) / from investing activities
(19,135
)
1,478
5,750
Cash flow (used in) / from financing activities
Money market paper issued
10,125
13,128
(4,073
)
Net movements in treasury shares and treasury share contract
	activity
(647
)
(2,312
)
(2,552
)
Capital issuance
15
9
4
Dividends paid
(3,928
)
(2,050
)
(2,212
)
Issuance of long-term debt
14,884
12,661
5,566
Repayment of long-term debt
(24,640
)
(7,112
)
(9,068
)
Issuance of minority interests
2,683
Repayment of minority interests
(73
)
(689
)
0
Net cash flow (used in) / from financing activities
(1,581
)
13,635
(12,335
)
Effects of exchange rate differences
112
148
(386
)
Net increase / (decrease) in cash equivalents
(8,907
)
18,599
(8,675
)
Cash and cash equivalents, beginning of the year
102,277
83,678
92,353
Cash and cash equivalents, end of the year
93,370
102,277
83,678
Cash and cash equivalents comprise:
Cash and balances with central banks
2,979
5,073
3,267
Money market paper
66,454
69,717
18,390
Due from banks maturing in less than three months
23,937
27,487
62,021
Total
93,370
102,277
83,678
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
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UBS Group Financial Statements
Financial Statements
Additional Information on the Cash Flow Statement
Cash and cash equivalents increased by
CHF 1,311 million as a result of acquisitions and disposals
of subsidiaries in 2000 (see Note 38).
The principal assets and liabilities of
PaineWebber upon consolidation are made up as follows:
CHF billion
03.11.00
Loans, net of allowances for credit losses
20
Trading portfolio assets
42
Cash collateral on securities borrowed / reverse repurchase
	agreements
45
Cash collateral on securities lent / repurchase agreements
58
Due to customers
26
Long-term debt
9
For more information relating to the PaineWebber
acquisition please see Note 2: Acquisition of Paine Webber
Group, Inc.
62
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UBS Group Financial Statements
Notes to the Financial Statements
Notes to the
Financial Statements
Note 1 Summary of Significant Accounting Policies
a)  Basis of accounting
UBS AG and subsidiaries (the "Group")
provides a broad range of financial services such as advisory
services, underwriting, financing, market making, asset
management, brokerage, and retail banking on a global level. The
Group was formed on 29 June 1998 when Swiss Bank
Corporation and Union Bank of Switzerland merged. The merger was
accounted for using the pooling of interests method of
accounting.
The consolidated financial statements are stated
in Swiss francs (CHF), the currency of the country in which UBS
AG is incorporated. They are prepared in accordance with
International Accounting Standards. In preparing the
consolidated Financial statements, management is required to
make estimates and assumptions that affect the amounts reported.
Actual results could differ from such estimates and the
differences may be material to the consolidated financial
statements.
b)  Consolidation
The consolidated financial statements comprise
those of the parent company (UBS AG), its subsidiaries and
certain special purpose entities, presented as a single economic
entity. Subsidiaries and special purpose entities which are
directly or indirectly controlled by the Group are consolidated.
Subsidiaries acquired are consolidated from the date control
passes. Subsidiaries where control is temporary because they are
acquired and held with a view to their subsequent disposal are
recorded as Financial investments.
The effects of intra-group transactions are
eliminated in preparing the Group financial statements.
Equity and net income attributable to minority
interests are shown separately in the Balance sheet and Income
statement respectively.
c)  Trade date/settlement date
accounting
When the Group becomes party to a contract in its
trading activities it recognizes from that date (trade date) any
unrealized profits and losses arising from revaluing that
contract to fair value. These unrealized profits and losses are
recognized in the income statement.
On a date subsequent to the trade date, the terms
of spot and forward trading transactions are fulfilled
(settlement date) and a resulting financial asset or liability
is recognized on the balance sheet at the fair value of the
consideration given or received.
d)  Foreign currency
translation
Foreign currency transactions are recorded at the
rate of exchange on the date of the transaction. At the balance
sheet date, monetary assets and liabilities denominated in
foreign currencies are reported using the closing exchange rate.
Exchange differences arising on the settlement of transactions
at rates different from those at the date of the transaction,
and unrealized foreign exchange differences on unsettled foreign
currency monetary assets and liabilities, are recognized in the
income statement.
Assets and liabilities of foreign entities are
translated at the exchange rates at the balance sheet date,
while income statement items and cash flows are translated at
average rates over the year. Differences resulting from the use
of these different exchange rates are recognized directly in
foreign currency translation within Shareholders'
equity.
e)  Business and geographical
segments
The Group is organized on a worldwide basis into
three major Business Groups and the Corporate Center. This
organizational structure is the basis upon which the Group
reports its primary segment information.
Segment revenue, segment expenses and segment
performance include transfers between business segments and
between geographical segments. Such transfers are accounted for
at competitive prices in line with charges to unaffiliated
customers for similar services.
f)  Securities borrowing and
lending
Securities borrowed and lent that are
collateralized by cash are included in the balance
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UBS Group Financial Statements
Notes to the Financial Statements
sheet at amounts equal to the collateral advanced
or received.
Income arising from the securities lending and
borrowing business is recognized in the income statement on an
accrual basis.
g)  Repurchase and reverse repurchase
transactions
The Group enters into purchases of securities
under agreements to resell and sales of securities under
agreements to repurchase substantially identical securities.
Securities which have been sold subject to repurchase agreements
continue to be recognized in the balance sheet and are measured
in accordance with the accounting policy for trading balances or
financial investments as appropriate. The proceeds from sale of
these securities are treated as liabilities and included in
repurchase agreements.
Securities purchased subject to commitments to
resell at a future date are treated as loans collateralized by
the security and are included in reverse repurchase
agreements.
Interest earned on reverse repurchase agreements
and interest incurred on repurchase agreements is recognized as
interest income and interest expense respectively over the life
of each agreement. The Group offsets reverse repurchase
agreements and repurchase agreements with the same counterparty
for transactions covered by legally enforceable master netting
agreements when net or simultaneous settlement is
intended.
h)  Trading portfolio
The trading portfolio consists of debt and equity
securities as well as of precious metals. The trading portfolio
is carried at fair value and marked to market daily. Short
positions in securities are reported as Trading portfolio
liabilities. Realized and unrealized gains and losses, net of
related transaction expenses, are recognized as Net trading
income.
i)  Loans and allowance for credit
losses
Loans are initially recorded at cost. For loans
originated by the Group, the cost is the amount lent to the
borrower. For loans acquired from a third party the cost is the
fair value at the time of acquisition.
Interest income on performing loans, including
amortization of premiums and discounts, is recognized on an
accrual basis.
Loans are stated at their principal amount net of
any allowance for credit losses. The allowance and provisions
for credit losses provides for probable losses in the credit
portfolio, including loans and lending-related commitments. Such
commitments include letters of credit, guarantees and
commitments to extend credit.
The carrying amounts of impaired loans are
reduced to their estimated realizable value through allowances.
Increases or decreases in allowances are charged or credited,
respectively, to the income statement. A write-off is made when
all or part of a loan is deemed uncollectible or in the case of
debt forgiveness. Write-offs are charged against previously
established allowances and reduce the principal amount of a
loan. Recoveries are credited to the allowances for credit
losses.
A loan is considered impaired when it becomes
probable that the bank will not be able to collect all amounts
due according to the contractual terms. The reason for
impairment includes both counterparty-specific and
country-specific elements. The evaluation is based on the
following principles:
Counterparty-specific:
Individual
credit exposures are evaluated based upon the borrower's
character, overall financial condition, resources and payment
record; the prospects for support from any financially
responsible guarantors; and, if appropriate, the realizable
value of any collateral. Impairment is measured and allowances
are established based on discounted expected cash flows.
Country-specific:
Probable losses
resulting from exposures in countries experiencing political and
transfer risk, countrywide economic distress, or problems
regarding the legal enforceability of contracts are assessed
using country specific scenarios and taking into consideration
the nature of the individual exposures and their importance for
the economy. Specific country allowances are established based
on this assessment, and exclude exposures addressed in
counterparty-specific allowances.
All impaired loans are periodically reviewed and
analyzed and the allowance for credit losses is reassessed on a
loan-by-loan basis at least annually and if necessary adjusted
for further impairments identified. If there are indications
that there are significant probable losses in the portfolio that
have not been spe-
64
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UBS Group Financial Statements
Notes to the Financial Statements
cifically identified, allowances would also be
provided for on a portfolio basis.
A loan is classified as non-performing when the
contractual payments of principal and/or interest are in arrears
for 90 days or more. After the 90-day period the
recognition of interest income ceases and a charge is recognized
for the unpaid and accrued interest receivable.
j)  Financial investments
Financial investments are debt and equity
securities held for the accretion of wealth through
distributions, such as interest and dividends, and for capital
appreciation. Financial investments also include real estate
held for sale.
Debt securities held to maturity are carried at
amortized cost. If necessary, the carrying amount is reduced to
its estimated realizable value. Interest income on debt
securities, including amortization of premiums and discounts, is
recognized on an accrual basis and reported as Net interest
income.
Financial investments held for sale are carried
at the lower of cost or market value. Reductions to market value
and reversals of such reductions as well as gains and losses on
disposal are included in Other income. Interest earned and
dividends received are included in Net interest income.
Private equity investments are carried at cost
less write-downs for impairments in value. Reductions of the
carrying amount and reversals of such reductions as well as
gains and losses on disposal are included in Other income.
k)  Investments in associates
Investments in associates in which the Group has
a significant influence are accounted for by the equity method.
Investments in which the Group has a temporary significant
influence because they are acquired and held with a view to
their subsequent disposal, are included in Financial investments
(see private equity above).
Investments in companies in which the Group does
not hold a significant influence are recorded at cost less value
adjustments for other than temporary declines in value.
l)  Property and equipment
Property and equipment includes bank occupied
properties, investment properties, software, IT and
communication and other machines and equipment. Property and
equipment is carried at cost less accumulated depreciation and
is periodically reviewed for impairment.
Property and equipment is depreciated on a
straight-line basis over its estimated useful life as
follows:
Properties
Not exceeding 50  years
IT, software and communication
Not exceeding 3 years
Other machines and equipment
Not exceeding 5 years
m)  Goodwill and other intangible
assets
Goodwill represents the excess of the cost of an
acquisition over the fair value of the Group's share of net
identifiable assets of the acquired entity at the date of
acquisition.
Other intangible assets are comprised of
separately identifiable intangible items arising from
acquisitions and certain purchased trademarks and similar
items.
Goodwill and other intangible assets are
recognized as assets and are amortized using the straight-line
basis over their estimated useful economic life, not exceeding
20 years. At each balance sheet date, goodwill and other
intangible assets are reviewed for indications of impairment. If
such indications exist an analysis is performed to assess if a
write-down is necessary.
Goodwill and fair value adjustments arising on
the acquisition of foreign subsidiaries are treated as local
currency balances and are translated into Swiss francs at the
closing rate at subsequent balance sheet dates. Software
development costs are capitalized when they meet certain
criteria relating to identifiability and future economic
benefits can be reasonably estimated. Internally developed
software is classified in Property and equipment in the balance
sheet.
n)  Income taxes
Income tax payable on profits, based on the
applicable tax laws in each jurisdiction, is recognized as an
expense in the period in which profits arise. The tax effects of
income tax losses available for carry-forward are recog-
65
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UBS Group Financial Statements
Notes to the Financial Statements
nized as an asset when it is probable that future
taxable profit will be available against which those losses can
be utilized.
Deferred tax liabilities are recognized for
temporary differences between the carrying amounts of assets and
liabilities in the Group balance sheet and their amounts as
measured for tax purposes, which will result in taxable amounts
in future periods. Deferred tax assets are recognized for
temporary differences which will result in deductible amounts in
future periods, but only to the extent it is probable that
sufficient taxable profits will be available against which these
differences can be utilized.
Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply to the period in
which the asset will be realized or the liability will be
settled based on enacted rates.
Current and deferred tax assets and liabilities
are offset when they arise from the same tax reporting group and
relate to the same tax authority and when the legal right to
offset exists.
Current and deferred taxes are recognized as tax
income or expense except for deferred taxes recognized or
disposed of on the acquisition or disposal of a
subsidiary.
o)  Treasury shares
UBS AG shares held by the Group are classified in
the Shareholders' equity as Treasury shares and accounted
for at weighted average cost. The difference between the
proceeds from sales of treasury shares and their cost (net of
tax) is classified as Share premium.
Contracts that require physical settlement or net
share settlement are classified as Shareholders' equity and
reported as Share premium. The difference between the proceeds
from the settlement of the contract and its cost (net of tax)
are reported as Share premium.
p)  Retirement benefits
The Group sponsors a number of retirement benefit
plans for its employees worldwide. These plans include both
defined benefit and defined contribution plans and various other
retirement benefits such as post-employment medical benefits.
Group contributions to defined contribution plans are expensed
when employees have rendered services in exchange for such
contributions, generally in the year of contribution.
The Group uses the projected unit credit
actuarial method to determine the present value of its defined
benefit obligations and the related current service cost and,
where applicable, past service cost.
The principal actuarial assumptions used by the
actuary are set out in Note 34.
The Group recognizes a portion of its actuarial
gains and losses as income or expenses if the net cumulative
unrecognized actuarial gains and losses at the end of the
previous reporting period exceeded the greater of:
a)
10% of present value of the defined benefit obligation at that
	date (before deducting plan assets); and
b)
10% of the fair value of any plan assets at that date.
The unrecognized actuarial gains and losses
exceeding the greater of the two values are recognized in the
income statement over the expected average remaining working
lives of the employees participating in the plans.
q)  Derivative instruments
Derivative instruments are carried at fair value.
Fair values are obtained from quoted market prices, discounted
cash flow models and option pricing models as appropriate. The
fair values of derivative instruments are shown in the balance
sheet as Positive and Negative replacement values. Realized and
unrealized gains and losses are recognized in Net trading
income.
Transactions in derivative instruments entered
into for hedging of non-trading positions are recognized in the
income statement on the same basis as to the underlying item
being hedged.
The Group offsets positive and negative
replacement values with the same counterparty for transactions
covered by legally enforceable master netting agreements.
r)  Comparability
Certain amounts have been reclassified from
previous years to conform to the 2000 presentation.
The prior year financial statements reflect the
requirements of the following revised or new International
Accounting Standards or
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UBS Group Financial Statements
Notes to the Financial Statements
changes in accounting policies which the Group
implemented in 2000:
IAS 10 (revised)
Events after the balance sheet date
IAS 37
Provisions, contingent liabilities and contingent assets
IAS 38
Intangible assets
Interpretation SIC 12
Consolidation – special purpose entities
Interpretation SIC 16
Share capital – reacquired own equity instruments
        (treasury shares)
Interpretation SIC 24
Earnings per share – financial instruments and
        other contracts that may be settled in shares
Offsetting of amounts related to certain contracts
Interest and dividend income on trading assets
The implementation of the above standards or
accounting policies had no material impact for the Group except
for the following:
IAS 38 Intangible assets
In July 1998, the IASC issued IAS 38
Intangible Assets, which the Group adopted prospectively as of
1 January 2000. The standard requires the capitalization
and amortization of certain intangible assets, if it is probable
that the future economic benefits that are attributable to the
assets will flow to the enterprise and the cost can be measured
reliably.
Capitalized costs relating to internally
developed software amounted to CHF 248 million as of
31 December 2000 and are reported within Note 17
Property and equipment as IT, software and communication, and
operating expenses were reduced accordingly.
Interpretation SIC 16, Share
Capital – Reacquired Own Equity Instruments (Treasury
Shares)
In May 1999, the IASC issued Interpretation
SIC 16, Share Capital – Reacquired Own Equity
Instruments (Treasury Shares), which the Group adopted as of
1 January 2000. The interpretation provides guidance for
the recognition, presentation and disclosure of treasury shares.
SIC 16 applies to own shares and derivatives on own shares
held for trading and non-trading purposes. SIC 16 requires
own shares and derivatives on own shares to be presented as
Treasury shares and deducted from Shareholders' equity.
Gains and losses relating to the sale of own shares are
recognized as a change in shareholders' equity.
As a result of the adoption of Interpretation SIC
16, financial information has been retroactively restated. Net
trading income was reduced by CHF 196 million for the year ended
31 December 1999. Shareholders' equity and Total
assets were reduced by CHF 4,227 million as of 31 December
1999 and CHF 3,601 million as of 31 December 1998.
Offsetting of amounts related to certain
contracts
In order to improve comparability with its
competitors, the Group has decided to offset positive and
negative replacement values and reverse repurchase agreements
and repurchase agreements with the same counterparty for
transactions covered by legally enforceable master netting
agreements. This change became effective as of 1 January
2000 and all prior periods represented have been restated.
Positive and negative replacement values have been reduced by
CHF 66,136 million for the year ended 31 December 1999.
Reverse repurchase and repurchase agreements have been reduced
by CHF 12,322 million for the year ended 31 December
1999.
Interest and dividend income and expense on
trading assets
In prior periods, interest and dividend income
and expense on trading assets and liabilities were included in
Net trading income. In order to improve comparability with its
competitors, the Group has included interest and dividend income
and expense on trading assets and liabilities in interest income
and interest expense respectively. This change in presentation
became effective 1 January 2000. The comparative financial
information for 1999 has been restated to comply with this
change. Interest income was increased by CHF 17,281 million for
the year ended 31 December 1999. Interest expense was
increased by CHF 17,728 million for the year ended
31 December 1999. In addition, Net trading income was
increased by CHF 447 million for the year ended 31 December
1999.
In addition to the above, other changes have been
made to prior years to conform to current presentation.
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UBS Group Financial Statements
Notes to the Financial Statements
s)  Recent accounting standards not yet
adopted
IAS 12
Revised, income taxes
IAS 39
Recognition and measurement of financial instruments
IAS 40
Investment property
The implementation of the above standards will
have no material impact for the Group except for the
following:
IAS 39, Recognition and measurement of
financial instruments
In December 1998, the IASC issued IAS 39,
Recognition and Measurement of Financial Instruments, which is
required to be adopted for the Group's financial statements
as of 1 January 2001 on a prospective basis.
The Standard provides comprehensive guidance on
accounting for financial instruments. Financial instruments
include conventional financial assets and liabilities and
derivatives. IAS 39 requires that all financial instruments
should be recognized on the balance sheet. The Group will
disclose its financial assets either as loans originated by the
bank and not held for trading, financial assets held for
trading, investments held to maturity or financial assets
available for sale.
Loans originated by the bank are initially
measured at cost, which is the fair value of the consideration
given to originate the loan, including any transaction costs.
Loans will subsequently be measured at amortized cost minus any
write-down for impairment or uncollectibility.
Financial assets held for trading are valued at
fair value and changes in the fair value are recognized in
trading income.
Held-to-maturity investments are recognized at
cost and interest is accrued using the effective interest
method. Held-to-maturity investments are subject to review for
impairment.
Financial assets available for sale are
recognized at fair value on the balance sheet. Changes in fair
value are booked to equity and disclosed in the statement of
changes in equity until the financial asset is sold, collected
or otherwise disposed of, or until the financial asset is
determined to be impaired, at which time the cumulative profit
or loss previously recognized in equity should be included in
net profit or loss for the period.
In a qualifying hedge of exposures to changes in
fair value, the change in fair value of the hedging instrument
is recognized as an adjustment to its carrying amount and in net
profit and loss. The change in fair value of the hedged item
attributable to the hedged risks adjusts the carrying value of
the hedged item and is also recognized in net profit or
loss.
In a qualifying cash flow hedge, the effective
portion of the gain or loss on the hedging instrument is
recognized as an adjustment to its carrying amount and in
equity. The ineffective portion of the gain or loss on the
hedging transaction also adjusts the hedging instrument's
carrying amount, but is reported in net profit or loss. If the
forecasted transaction is no longer expected to occur, the
cumulative gain or loss on the hedging instrument is recognized
in net profit or loss.
A qualifying hedge of a net investment in a
foreign entity is accounted for similar to a cash flow hedge.
The gain or loss on the hedging instrument relating to the
effective portion of the hedge is classified in the same manner
as the foreign currency translation gain or loss.
The adoption of IAS 39 is expected to have a
material impact on certain financial assets and liabilities
including long-term debt. An opening adjustment to Other
comprehensive income will also be required, representing
unrealized gains and losses on financial assets recorded as
available for sale and derivatives designated as cash flow
hedges.
IAS 40 Investment property
In April 2000, the IASC issued IAS 40
Investment property, which is required to be adopted for the
Group's financial statements as of 1 January 2001. The
Standard prescribes the accounting treatment and disclosure
requirements for investment property. Investment properties are
measured at cost less accumulated depreciation and any
accumulated impairment losses. As of 1 January 2001
investment properties amounted to CHF 1,280 million.
68
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 2   Acquisition of Paine Webber Group,
Inc.
On 3 November 2000, UBS completed its
acquisition of 100% of the outstanding common stock of the Paine
Webber Group, Inc., a full-service broker-dealer and one of the
largest securities and commodities firms in the United States
servicing both individual and institutional clients. The
transaction was accounted for using the purchase method of
accounting, making PaineWebber a wholly owned subsidiary of UBS.
Results of operations of PaineWebber are included in the
consolidated results beginning on the date of acquisition. Under
International Accounting Standards, the valuation of shares and
options issued is measured as of the date the acquisition was
completed, 3 November 2000. Purchase consideration of
CHF 22.0 billion (USD 12.5 billion) consists of the
following:
CHF
USD
million
million
Value of shares issued (40,580,570 shares issued)
10,246
5,817
Value of options issued (options on 6,325,270 shares issued)
992
563
Cash consideration
10,607
6,021
Direct costs of the acquisition
115
65
Total purchase price
21,960
12,466
Fair value of net assets acquired
(5,630
)
(3,196
)
Total intangible assets
1
16,330
9,270
Intangible assets other than goodwill
(4,695
)
(2,665
)
Goodwill arising from acquisition
11,635
6,605
Purchased goodwill
1,202
682
Total goodwill at 3 November 2000
12,837
7,287
Effect of translation adjustments
(898
)
Amortization from 3 November 2000
(103
)
(61
)
Balance of goodwill at 31 December 2000
11,836
7,226
1
Excluding
purchased goodwill.
The resulting goodwill and intangible assets will
be amortized using the straight-line method over their estimated
useful lives of 20 years.
In addition, UBS has entered into employee
retention agreements that provide for payments to key
PaineWebber employees which are subject to the employee's
continued employment and other restrictions. The estimated cost
to the Group for the agreements is approximately CHF 1.5
billion (USD 875 million) over a four-year period.
69
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 3a   Segment Reporting by Business
Group
UBS is organized into three Business Groups: UBS
Switzerland, UBS Warburg and UBS Asset Management, and our
Corporate Center.
UBS Switzerland
UBS Switzerland encompasses two business units,
Private Banking and Private and Corporate Clients.
The Private Banking business unit offers
comprehensive wealth management services for private clients
globally, who bank in Switzerland and other financial centers
worldwide.
Within Switzerland, the Private and Corporate
Clients business unit provides a complete set of banking and
securities services for individual and corporate clients,
focused foremost on customer service excellence, profitability
and growth via multichannel distribution.
The two business units share technological and
physical infrastructure, and have joint departments supporting
major functions such as e-commerce, financial planning and
wealth management, and investment policy and strategy.
UBS Asset Management
UBS Asset Management is organized into two
business units, Institutional Asset Management and Investment
Funds / GAM.
Institutional Asset Management offers a diverse
range of institutional investment management capabilities, in
every major asset class, from the traditional to the
alternative.
Investment Funds provides retail investment fund
products, marketed principally through UBS Switzerland.
Investment management for these funds is generally undertaken by
Institutional Asset Management, with the Investment Funds unit
concentrating on product development and distribution.
Global Asset Management (GAM), acquired in late
1999, is a diversified asset management group, offering a wide
range of investment styles. Dedicated to giving its clients
access to the world's best investment talent, GAM's
funds are managed by its own staff and by about 80 carefully
selected external managers. GAM products are marketed both
independently and through Private Banking.
UBS Warburg
UBS Warburg is a client-driven securities,
investment banking and wealth management firm. It is made up of
five business units.
The Corporate and Institutional Clients business
unit is one of the leading global investment banking and
securities firms. For both its own corporate and institutional
clients and the other parts of the UBS Group, UBS Warburg
provides product innovation, top-quality research and advice,
and complete access to the world's capital markets.
UBS Capital is the private equity business unit
of UBS Warburg, investing UBS and third-party funds primarily in
unlisted companies.
US Private Clients, operating under the brand of
UBS PaineWebber, provides a full range of wealth management
services.
The International Private Clients business unit
provides private banking products and services for high net
worth clients outside the US and Switzerland who bank in their
country of residence. During 2001 the European part of this
business will become part of UBS Switzerland's Private
Banking business unit and the Asia-Pacific part will be merged
with US Private Clients.
The e-services business unit was created in
fourth quarter 1999. During 2000, e-services progressed
successfully towards its goal of creating a new business
providing wealth management for affluent European clients,
through internet, call centers and investment centers. Following
the merger with PaineWebber, UBS's European wealth
management strategy has evolved. As a result, key components of
the e-services business unit's infrastructure will become
part of Private Banking's new European wealth management
strategy and e-services will no longer be reported
separately.
Corporate Center
The Corporate Center encompasses Group level
functions which cannot be devolved to the operating divisions,
and ensures that the Business Groups operate as a coherent and
effective whole with a common set of values and principles.
Corporate Center's remit covers areas such as risk
management, financial reporting, marketing and communications,
funding, capital and balance sheet management and management of
foreign currency earnings.
70
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 3a   Segment Reporting by Business Group
(continued)
The Business Group results have been presented on
a management reporting basis. Consequently, internal charges and
transfer pricing adjustments have been reflected in the
performance of each business. The basis of the reporting
reflects the management of the business within the Group.
Revenue sharing agreements are used to allocate external
customer revenues to a Business Group on a reasonable basis.
Transactions between Business Groups are conducted at arms
length.
For the year ended 31
December 2000
UBS
UBS Asset
UBS
Corporate
UBS
CHF million
Switzerland
Management
Warburg
Center
Group
Income
14,182
1,953
19,779
358
36,272
Credit loss recovery / (expense)
1
(784
)
0
(247
)
1,161
130
Total operating income
13,398
1,953
19,532
1,519
36,402
Personnel expenses
4,759
880
11,002
522
17,163
General and administrative expenses
2,394
439
3,501
431
6,765
Depreciation
508
49
731
320
1,608
Amortization of goodwill and other intangible assets
62
263
298
44
667
Total operating expenses
7,723
1,631
15,532
1,317
26,203
Business Group performance before tax
5,675
322
4,000
202
10,199
Tax expense
2,320
Net profit before minority interests
7,879
Minority interests
(87
)
Net profit
7,792
Other information as of
	31 December 2000
2
Total assets
281,780
6,727
870,608
(71,563
)
1,087,552
Total liabilities
272,134
5,513
846,451
(81,379
)
1,042,719
1
In order
to show the relevant Business Group performance over time,
adjusted expected loss figures rather than the net credit
expense / recovery are reported for all Business
Groups. The statistically derived adjusted expected losses
reflect the inherent counterparty and country risks in the
respective portfolios. The difference between the statistically
derived adjusted expected loss figures and the net IAS credit
loss expenses recorded at Group level for financial reporting
purposes is reported in the Corporate Center. The divisional
breakdown of the net credit
recovery / (expense) for financial reporting
purposes of CHF 130 million for the year ended
31 December 2000 is as follows: UBS Switzerland
CHF 695 million, UBS Warburg
CHF (565) million.
2
The funding
surplus or requirement is reflected in each Business Group and
adjusted in Corporate Center.
71
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 3a   Segment Reporting by Business Group
(continued)
For the year ended
31 December 1999
1
UBS
UBS Asset
UBS
Corporate
UBS
CHF million
Switzerland
Management
Warburg
Center
Group
Income
12,761
1,369
13,241
2,010
29,381
Credit loss recovery / (expense)
2
(1,071
)
0
(333
)
448
(956
)
Total operating income
11,690
1,369
12,908
2,458
28,425
Personnel expenses
4,691
516
7,278
92
12,577
General and administrative expenses
2,308
271
2,680
839
6,098
Depreciation
460
32
659
366
1,517
Amortization of goodwill and other intangible assets
23
113
154
50
340
Total operating expenses
7,482
932
10,771
1,347
20,532
Business Group performance before tax
4,208
437
2,137
1,111
7,893
Tax expense
1,686
Net profit before minority interests
6,207
Minority interests
(54
)
Net profit
6,153
Other information as of 31 December
	1999
3
Total assets
254,577
10,451
719,568
(88,040
)
896,556
Total liabilities
270,137
4,614
693,633
(102,436
)
865,948
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting
Policies).
2
In order to show the relevant
Business Group performance over time, adjusted expected loss
figures rather than the net credit loss expense are reported for
all Business Groups. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in
the respective portfolios. The difference between the
statistically derived adjusted expected loss figures and the net
credit loss expenses recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The
divisional breakdown of the net credit loss
recovery / (expense) for financial reporting purposes
of CHF (956) million for the year ended 31 December
1999 is as follows: UBS Switzerland CHF (965) million,
Corporate Center CHF 9 million.
3
The
funding surplus / requirement is reflected in each
Business Group and adjusted in Corporate Center.
For the year ended
31 December 1998
1
UBS
UBS Asset
UBS
Corporate
UBS
CHF million
Switzerland
Management
Warburg
Center
Group
Income
13,958
1,358
7,691
191
23,198
Credit loss recovery / (expense)
2
(1,186
)
0
(510
)
745
(951
)
Total operating income
12,772
1,358
7,181
936
22,247
Personnel expenses
4,448
515
4,641
212
9,816
General and administrative expenses
2,226
228
2,625
1,656
6,735
Depreciation
771
35
549
128
1,483
Amortization of goodwill and other intangible assets
4
78
173
87
342
Total operating expenses
7,449
856
7,988
2,083
18,376
Business Group performance before tax
5,323
502
(807
)
(1,147
)
3,871
Tax expense
904
Net profit before minority interests
2,967
Minority interests
5
Net profit
2,972
1
The 1998
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting
Policies). 2 In order to show the relevant Business
Group performance over time, adjusted expected loss figures
rather than the net credit loss expense are reported for all
Business Groups. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in
the respective portfolios. The difference between the
statistically derived adjusted expected loss figures and the net
credit loss expenses recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The
divisional breakdown of the net credit loss
recovery / (expense) for financial reporting purposes
of CHF (951) million for the year ended 31 December
1998 is as follows: UBS Switzerland CHF (445) million and
UBS Warburg CHF (506) million.
72
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 3b   Segment Reporting by Geographic
Location
The geographic analysis of total assets is based
on customer domicile whereas operating income and capital
investment is based on the location of the office in which the
transactions and assets are recorded. Because of the global
nature of financial markets the Group's business is managed
on an integrated basis worldwide, with a view to profitability
by product line. The geographical analysis of operating income,
total assets, and capital investment is provided in order to
comply with International Accounting Standards, and does not
reflect the way the Group is managed. Management believes that
analysis by Business Group, as shown in Note 3a to these
financial statements, is a more meaningful representation of the
way in which the Group is managed.
For the year ended
31 December 2000
Total operating income
Total assets
Capital investment
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
15,836
44
211,851
19
1,135
43
Rest of Europe
10,907
30
305,342
28
311
12
Americas
6,976
19
474,617
44
1,169
44
Asia / Pacific
2,626
7
87,831
8
36
1
Africa / Middle East
57
0
7,911
1
8
0
Total
36,402
100
1,087,552
100
2,659
100
For the year ended 31
December 1999
1
Total operating income
Total assets
Capital investment
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
14,976
52
207,702
23
1,990
70
Rest of Europe
7,626
27
303,365
34
356
13
Americas
3,861
14
281,974
31
386
14
Asia / Pacific
1,945
7
96,469
11
87
3
Africa / Middle East
17
0
7,046
1
1
0
Total
28,425
100
896,556
100
2,820
100
For the year ended
31 December 1998
1
Total operating income
CHF million
Share %
Switzerland
16,757
75
Rest of Europe
1,655
8
Americas
2,548
11
Asia / Pacific
1,251
6
Africa / Middle East
36
0
Total
22,247
100
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
73
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Income
Statement
Note 4   Net Interest Income
CHF million
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Interest income
Interest earned on loans and advances to banks
5,615
6,105
7,687
(8
)
Interest earned on loans and advances to customers
14,692
12,077
14,111
22
Interest from finance leasing
36
49
60
(27
)
Interest earned on securities borrowed and reverse repurchase
	agreements
19,088
11,422
10,380
67
Interest and dividend income from financial investments
202
160
372
26
Interest and dividend income from trading portfolio
11,842
5,598
3,901
112
Other
270
193
931
40
Total
51,745
35,604
37,442
45
Interest expense
Interest on amounts due to banks
6,155
5,515
8,205
12
Interest on amounts due to customers
9,505
8,330
9,890
14
Interest on securities lent and repurchase agreements
14,915
8,446
7,543
77
Interest and dividend expense from trading portfolio
5,309
2,070
1,741
156
Interest on medium and long-term debt
7,731
5,334
5,045
45
Total
43,615
29,695
32,424
47
Net interest income
8,130
5,909
5,018
38
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
Note 5   Net Fee and Commission Income
CHF million
% change from
For the year ended
31.12.00
31.12.99
31.12.98
31.12.99
Credit-related fees and commissions
310
372
559
(17
)
Security trading and investment activity fees
Underwriting fees
1
1,434
905
1,122
58
Corporate finance fees
1
1,772
1,298
1,016
37
Brokerage fees
5,792
3,934
3,670
47
Investment fund fees
2,821
1,915
1,778
47
Fiduciary fees
351
317
349
11
Custodian fees
1,439
1,583
1,386
(9
)
Portfolio and other management and advisory fees
1
3,677
2,612
2,891
41
Other
50
57
110
(12
)
Total
17,336
12,621
12,322
37
Commission income from other services
802
765
776
5
Total fee and commission income
18,448
13,758
13,657
34
Fee and commission expense
Brokerage fees paid
1,084
795
704
36
Other
661
356
327
86
Total
1,745
1,151
1,031
52
Net fee and commission income
16,703
12,607
12,626
32
1
In prior
periods, Corporate finance related advisory fees were included
in Portfolio and other management and advisory fees. These fees
are now reported in the new disclosure line Corporate finance
fees together with merger and acquisition fees which were
previously reported in Underwriting and corporate finance fees.
All previous periods have been restated accordingly.
74
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 6   Net Trading Income
Foreign exchange net trading income include gains
and losses from spot and forward contracts, options, futures,
and translation of foreign currency assets and liabilities, bank
notes, precious metals, and commodities. Fixed income net
trading income includes the results of making markets in
instruments of both developed and emerging countries in
government securities, corporate debt securities, money market
instruments, interest rate and currency swaps, options, and
other derivatives. Equities net trading income includes the
results of making markets globally in equity securities and
equity derivatives such as swaps, options, futures, and forward
contracts.
CHF million
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Foreign exchange
1,287
1,108
1,992
16
Fixed income
912
2,603
162
(65
)
Equities
7,754
4,008
1,159
93
Net trading income
9,953
7,719
3,313
29
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
Note 7   Net Gains from Disposal of Associates
and Subsidiaries
CHF million
% change from
For the year ended
31.12.00
31.12.99
31.12.98
31.12.99
Net gains from disposal of consolidated subsidiaries
57
8
1,149
613
Net gains/(losses) from disposal of investments in associates
26
1,813
(30)
(99
)
Net gains from disposal of associates and subsidiaries
83
1,821
1,119
(95
)
While the 1999 figure represents mainly the
disposal gains from our investments in Swiss Life/ Rentenanstalt
and Julius Baer registered shares, the 1998 figure is mainly
attributable to the disposal of the BSI — Banca della
Svizzera Italiana.
75
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 8   Other Income
CHF million
% change from
For the year ended
31.12.00
31.12.99
31.12.98
31.12.99
Investments in financial assets (debt and equity)
Net gain from disposal of private equity investments
919
374
587
146
Net gain from disposal of other financial assets
162
180
398
(10
)
Impairment charges in private equity investments and other
	financial assets
(507
)
(102
)
(556
)
397
Total
574
452
429
27
Investments in property
Net gain from disposal of properties held for resale
85
78
33
9
Net loss from revaluation of properties held for resale
(108
)
(49
)
(106
)
120
Net income from other properties
96
(20
)
328
Total
73
9
255
711
Equity income from investments in associates
58
211
377
(73
)
Other
698
653
61
7
Total other income
1,403
1,325
1,122
6
Note 9   Operating Expenses
CHF million
% change from
For the year ended
31.12.00
31.12.99
31.12.98
31.12.99
Personnel expenses
Salaries and bonuses
13,523
9,872
7,082
37
Contractors
725
886
535
(18
)
Insurance and social contributions
959
717
542
34
Contribution to retirement benefit plans
475
8
614
Employee share plans
97
151
201
(36
)
Other personnel expenses
1,384
943
842
47
Total
17,163
12,577
9,816
36
General and administrative expenses
Occupancy
979
847
822
16
Rent and maintenance of machines and equipment
520
410
390
27
Telecommunications and postage
914
756
820
21
Administration
750
784
759
(4
)
Marketing and public relations
480
335
262
43
Travel and entertainment
656
552
537
19
Professional fees
660
526
532
25
IT and other outsourcing
1,246
1,289
1,260
(3
)
Other
560
599
1,353
(7
)
Total
6,765
6,098
6,735
11
Depreciation and amortization
Property, equipment and software
1,608
1,517
1,483
6
Goodwill and other intangible assets
667
340
342
96
Total
2,275
1,857
1,825
23
Total operating expenses
26,203
20,532
18,376
28
76
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 10   Earnings per Share
% change from
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.99
Basic earnings per share calculation
Net profit for the period (CHF million)
7,792
6,153
2,972
27
Net profit for the period before goodwill amortization (CHF
	million)
2
8,459
6,493
3,314
30
Weighted average shares outstanding:
Registered ordinary shares
433,486,003
430,497,026
429,710,128
1
Own shares to be delivered
2,058,212
Treasury shares
(32,514,906
)
(25,754,544
)
3
(24,487,833
)
3
26
Weighted average shares for basic earnings per share
403,029,309
404,742,482
405,222,295
0
Basic earnings per share (CHF)
19.33
15.20
7.33
27
Basic earnings per share before goodwill amortization
	(CHF)
2
20.99
16.04
8.18
31
Diluted earnings per share calculation
Net profit for the period (CHF million)
7,778
5
6,153
2,972
26
Net profit for the period before goodwill amortization (CHF
	million)
2
8,445
5
6,493
3,314
30
Weighted average shares for basic earnings per share
403,029,309
404,742,482
405,222,295
0
Potential dilutive ordinary shares resulting from outstanding
	options, warrants and convertible debt securities
6
5,496,591
3,632,670
4
7,658,746
4
51
Weighted average shares for diluted earnings per share
408,525,900
408,375,152
412,881,041
0
Diluted earnings per share (CHF)
19.04
15.07
7.20
26
Diluted earnings per share before goodwill amortization
	(CHF)
2
20.67
15.90
8.03
30
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting
Policies).
2
The amortization of goodwill
and other intangible assets is excluded from this
calculation.
3
Treasury shares have
increased by 11,371,720 and by 18,372,661 for the periods ended
31 December 1999 and 31 December 1998, due to a change
in accounting policy (see Note 1: Summary of Significant
Accounting Policies).
4
Share amount has
been adjusted by 1,414,114 and by 5,371,922 representing other
potentially dilutive instruments for the periods ended
31 December 1999 and 31 December 1998, due
to a change in accounting policy (see Note 1: Summary of
Significant Accounting Policies).
5
Net
profit has been adjusted for the dilutive impact of own equity
derivative activity in accordance with International Accounting
Standards.
6
Total equivalent shares
outstanding on options that were not dilutive for the respective
periods but could potentially dilute earnings per share in the
future were 9,174,760, 24,045,261 and 11,367,184 for the years
ended 31 December 2000, 31 December 1999 and
31 December 1998, respectively.
1999 and 1998 share figures are restated for the
two-for-one share split, effective 8 May 2000.
77
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Balance
Sheet: Assets
Note 11   Money Market Paper
CHF million
31.12.00
31.12.99
Government treasury notes and bills
22,551
32,724
Money market placements
43,477
36,540
Other bills and cheques
426
453
Total money market paper
66,454
69,717
thereof eligible for discount at central banks
60,689
64,671
Note 12a   Due from Banks and Loans to
Customers
The composition of Due from banks, the Loan
portfolio and the Allowance for credit losses by type of
exposure at the end of the year was as follows:
CHF million
31.12.00
31.12.99
Banks
30,064
30,785
Allowance for credit losses
(917
)
(878
)
Net due from banks
29,147
29,907
Loans to customers
Mortgages
120,554
127,987
Other loans
133,898
119,242
Subtotal
254,452
247,229
Allowance for credit losses
(9,610
)
(12,371
)
Net loans to customers
244,842
234,858
Net due from banks and loans to customers
273,989
264,765
thereof subordinated
393
86
The composition of Due from banks and Loans to
customers by geographical region based on the location of the
borrower at the end of the year was as follows:
CHF million
31.12.00
31.12.99
Switzerland
164,645
183,944
Rest of Europe
46,882
44,796
Americas
52,939
31,285
Asia / Pacific
16,504
13,451
Africa / Middle East
3,546
4,538
Subtotal
284,516
278,014
Allowance for credit losses
(10,527
)
(13,249
)
Net due from banks and loans to customers
273,989
264,765
The composition of Due from banks and Loans to
customers by type of collateral at the end of the year was as
follows:
CHF million
31.12.00
31.12.99
Secured by real estate
122,898
130,835
Collateralized by securities
37,714
19,061
Guarantees and other collateral
28,373
28,725
Unsecured
95,531
99,393
Subtotal
284,516
278,014
Allowance for credit losses
(10,527
)
(13,249
)
Net due from banks and loans to customers
273,989
264,765
78
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 12b   Allowance and Provision for Credit
Losses
The allowance and provision for credit losses
developed as follows:
Country risk
Specific
allowance and
Total
Total
CHF million
allowance
provision
31.12.00
31.12.99
Balance at the beginning of the year
12,022
1,376
13,398
14,978
Write-offs
(2,963
)
(32
)
(2,995
)
(3,275
)
Recoveries
150
13
163
65
Increase / (decrease) in credit loss allowance
	and provision
(49
)
(81
)
(130
)
956
Net foreign exchange and other adjustments
129
16
145
674
Balance at the end of the year
9,289
1,292
10,581
13,398
At the end of the year the aggregate allowances
and provisions were apportioned and displayed as follows:
CHF million
31.12.00
31.12.99
As a reduction of Due from banks
917
878
As a reduction of Loans to customers
9,610
12,371
Subtotal
10,527
13,249
Included in other liabilities related to commitments and
	contingent liabilities
54
149
Total allowance and provision for credit losses
10,581
13,398
Note 12c   Impaired Loans
UBS classifies a loan as impaired when there is a
probability of incurring a partial or full loss. A provision is
then made with respect to the loan in question.
The impaired loans were as follows:
CHF million
31.12.99
31.12.00
Impaired loans
1, 2
18,494
22,456
Amount of allowance for credit losses
	related to impaired loans
9,685
12,471
Average impaired loans
3
20,804
24,467
1
All
impaired loans have a specific allowance for credit losses.
2
Interest income on impaired loans is
immaterial.
3
Average balances were
calculated from quarterly data.
79
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 12d   Non-Performing Loans
When principal, interest or commission are
overdue by 90 days, loans are classified as non-performing,
the recognition of interest or commission income ceases and a
charge is recognized against income for the unpaid interest or
commission receivable. Allowances are provided for
non-performing loans to reflect their net estimated recoverable
amount. Unrecognized interest related to such loans totalled CHF
182 million for the year ended 31 December 2000 and CHF 409
million for the year ended 31 December 1999.
The non-performing loans were as follows:
CHF million
31.12.00
31.12.99
Non-performing loans
10,452
13,073
Amount of allowance for credit losses related to non-performing
	loans
6,850
8,661
Average non-performing loans
1
11,884
14,615
1
Average
balances were calculated from quarterly data.
An analysis of changes in non-performing loans is
presented in the following table:
CHF million
31.12.00
31.12.99
Non-performing loans at the beginning of the year
13,073
16,113
Net reductions
(290
)
(638
)
Write-offs and disposals
(2,331
)
(2,402
)
Non-performing loans at the end of the year
10,452
13,073
The non-performing loans by type of exposure were
as follows:
CHF million
31.12.00
31.12.99
Banks
172
499
Loans to customers
Mortgages
4,586
7,105
Other
5,694
5,469
Total loans to customers
10,280
12,574
Total non-performing loans
10,452
13,073
The non-performing loans by geographical region
based on the location of the borrower were as follows:
CHF million
31.12.00
31.12.99
Switzerland
7,588
11,435
Rest of Europe
342
223
Americas
1,865
697
Asia / Pacific
307
373
Africa / Middle East
350
345
Total non-performing loans
10,452
13,073
80
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 13   Securities Borrowing, Securities
Lending, Repurchase,
Reverse Repurchase and Other Collateralized Transactions
The Group enters into collateralized reverse
repurchase and repurchase agreements and securities borrowing
and securities lending transactions that may result in credit
exposure in the event the counterparty to the transaction is
unable to fulfill its contractual obligations. The Group
minimizes credit risk associated with these activities by
monitoring counterparty credit exposure and collateral values on
a daily basis and requiring additional collateral to be
deposited with or returned to the Group when deemed
necessary.
The following table presents cash collateral
received and paid under securities lending, repurchase
agreements, securities borrowing and reverse repurchase
agreements.
Securities
Securities
Securities
Securities
borrowed
lent
borrowed
lent
CHF million
31.12.00
31.12.00
31.12.99
31.12.99
Cash collateral by counterparties
Banks
159,619
18,291
99,810
8,926
Customers
18,238
5,127
13,352
3,906
Total cash collateral on securities borrowed and lent
177,857
23,418
113,162
12,832
Reverse
Reverse
repurchase
Repurchase
repurchase
Repurchase
agreements
agreements
agreements
agreements
CHF million
31.12.00
31.12.00
31.12.99
1
31.12.99
1
Agreements by counterparties
Banks
144,505
175,421
93,104
125,054
Customers
49,296
120,092
39,287
71,860
Total repurchase and reverse repurchase agreements
193,801
295,513
132,391
196,914
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting Policies).
Under reverse repurchase, securities borrowing,
and other collateralized arrangements, the Group obtains
securities on terms which permit it to repledge or resell the
securities to others. At 31 December 2000, the Group held
CHF 478 billion of securities on such terms, CHF 407
billion of which have been either pledged or otherwise
transferred to others in connection with its financing
activities or to satisfy its commitments under short sale
transactions.
81
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 14   Trading Portfolio
Trading assets and liabilities are carried at
fair value. The following table presents the carrying value of
trading assets and liabilities at the end of the reporting
period.
CHF million
31.12.00
31.12.99
1
Trading portfolio assets
Debt instruments
Swiss government and government agencies
1,104
7,391
US Treasury and government agencies
19,769
21,816
Other government
33,222
65,804
Corporate listed instruments
64,514
13,420
Other unlisted instruments
26,583
8,322
Total
145,192
116,753
Equity instruments
Listed instruments
102,571
87,089
Unlisted instruments
2,320
2,963
Total
104,891
90,052
Precious metals
3,213
5,127
Total trading portfolio assets
253,296
211,932
Trading portfolio liabilities
Debt instruments
Swiss government and government agencies
439
0
US Treasury and government agencies
13,645
24,535
Other government
5,070
11,917
Corporate listed instruments
31,905
6,502
Other unlisted instruments
192
9
Total
51,251
42,963
Listed equity instruments
31,381
11,675
Total trading portfolio liabilities
82,632
54,638
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting Policies).
The Group trades debt, equity, precious metals,
foreign currency and derivatives to meet the financial needs of
its customers and to generate revenue through its trading
activities. Note 26 provides a description of the various
classes of derivatives together with the related volumes used in
the Group's trading activities, whereas Note 13
provides further details about cash collateral on securities
borrowed and lent and repurchase and reverse repurchase
agreements.
Included in total trading portfolio assets above
are CHF 59 billion of securities pledged to others under
terms which permit the counterparty to sell or repledge and
CHF 12 billion of securities pledged to others under terms
which do not permit the counterparty to resell or
repledge.
82
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 15   Financial Investments
CHF million
31.12.00
31.12.99
Debt instruments
Listed
1,403
1,357
Unlisted
4,803
609
Total
6,206
1,966
Equity investments
Listed
1,119
356
Unlisted
1,438
557
Total
2,557
913
Private equity investments
6,658
3,001
Properties held for resale
984
1,159
Total financial investments
16,405
7,039
thereof eligible for discount at central banks
381
563
The following table gives additional disclosure
in respect of the valuation methods used.
Book value
Fair value
Book value
Fair value
CHF million
31.12.00
31.12.00
31.12.99
31.12.99
Valued at amortized cost
Debt instruments
5,851
5,853
677
687
Valued at the lower of cost or market value
Debt instruments
355
367
1,289
1,314
Equity instruments
2,557
3,031
913
939
Properties held for resale
984
1,150
1,159
1,194
Total
3,896
4,548
3,361
3,447
Valued at cost less adjustments for impairments
Private equity investments
6,658
7,940
3,001
4,146
Total financial investments
16,405
18,341
7,039
8,280
Note 16   Investments in Associates
Carrying
Carrying
amount
amount
at
Change in
at
31.12.99
Additions
Disposal
1
Income
Write-offs
equity
31.12.00
CHF million
Total investments in associates
1,102
65
(287
)
62
(4
)
(58
)
880
1
The
figure of CHF 287 million for disposals for the year ended
31 December 2000 primarily consists of disposal of a stake
in National Versicherung AG.
83
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 17   Property and Equipment
IT, soft-
Other
Bank
ware and
machines
occupied
Investment
communi-
and
CHF million
properties
properties
cation
equipment
31.12.00
31.12.99
Historical cost
Balance at the beginning of the year
9,085
2,006
3,321
2,798
17,210
18,505
Additions
233
138
1,032
237
1,640
1,813
Additions from acquired companies
0
0
201
818
1,019
755
Disposals
(224
)
(176
)
(279
)
(90
)
(769
)
(4,333
)
Reclassifications
1
(287
)
(145
)
0
0
(432
)
0
Foreign currency translation
0
7
(18
)
(26
)
(37
)
470
Balance at the end of the year
8,807
1,830
4,257
3,737
18,631
17,210
Accumulated depreciation
Balance at the beginning of the year
3,625
539
2,416
1,929
8,509
8,619
Depreciation
2
395
119
952
419
1,885
2,105
Disposals
(84
)
(31
)
(268
)
(70
)
(453
)
(2,500
)
Reclassifications
1
(97
)
(79
)
0
0
(176
)
0
Foreign currency translation
1
2
(26
)
(21
)
(44
)
285
Balance at the end of the year
3,840
550
3,074
2,257
9,721
8,509
Net book value at the end of the year
3
4,967
1,280
1,183
1,480
8,910
8,701
1
Properties
held for sale of CHF 256 million (CHF 432 million acquisition
costs and CHF 176 million accumulated depreciation) have been
reclassified to Note 15 Financial
Investments.
2
Depreciation of CHF 1,885
million includes CHF 277 million that was charged against the
restructuring provision.
3
Fire insurance
value of property and equipment is CHF 14,570 million (1999: CHF
15,004 million).
Note 18   Goodwill and other Intangible
Assets
Other
intangible
CHF million
Goodwill
assets
31.12.00
31.12.99
Historical cost
Balance at the beginning of the year
4,229
305
4,534
3,000
Additions
12,939
4,902
17,841
1,467
Write-offs
(16
)
0
(16
)
(192
)
Reclassifications
(41
)
41
0
(88
)
Foreign currency translation
(839
)
(354
)
(1,193
)
347
Balance at the end of the year
16,272
4,894
21,166
4,534
Accumulated amortization
Balance at the beginning of the year
951
40
991
790
Amortization
533
134
667
340
Write-offs
(16
)
0
(16
)
(183
)
Reclassifications
(16
)
16
0
(2
)
Foreign currency translation
(7
)
(6
)
(13
)
46
Balance at the end of the year
1,445
184
1,629
991
Net book value at the end of the year
14,827
4,710
19,537
3,543
84
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 19   Other Assets
CHF million
Note
31.12.00
31.12.99
Deferred tax assets
24
2,208
742
Settlement and clearing accounts
3,153
4,911
VAT and other tax receivables
419
702
Prepaid pension costs
405
456
Other receivables
2,322
4,196
Total other assets
8,507
11,007
85
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Balance Sheet:
Liabilities
Note 20   Due to Banks and Customers
CHF million
31.12.00
31.12.99
Due to banks
82,240
76,365
Due to customers in savings and investment accounts
68,213
78,640
Amounts due to customers on demand and time
242,466
201,320
Total due to customers
310,679
279,960
Total due to banks and customers
392,919
356,325
Note 21   Long-Term Debt
The Group issues both CHF and non-CHF denominated
fixed and floating rate debt. Publicly placed fixed rate debt
pays interest at rates up to 21.5% including structured note
issues. Floating rate debt pays interest based on the
three-month or six-month London Interbank Offered Rate
"LIBOR".
Subordinated debt securities are unsecured
obligations of the Group and are subordinated in right of
payment to all present and future senior indebtedness and
certain other obligations of the Group. At 31 December 2000
and 31 December 1999, the Group had CHF 13,018 million and
CHF 13,106 million, respectively, in subordinated debt excluding
convertible and exchangeable debt and notes with warrants which
have been included in the following paragraph. Subordinated debt
usually pays interest annually and provides for single principal
payments upon maturity. At 31 December 2000 and
31 December 1999, the Group had CHF 40,428 million and CHF
41,093 million, respectively, in unsubordinated debt.
The Group issues convertible obligations that can
be exchanged for common stock of UBS AG and notes with warrants
attached on UBS AG shares. Furthermore, the Group issues notes
exchangeable into common stock or preferred stock of other
companies, or repaid based on the performance of an index or
group of securities. At 31 December 2000 and
31 December 1999, the Group had CHF 1,409 million and CHF
2,133 million, respectively, in convertible and exchangeable
debt and notes with warrants attached outstanding.
The Group, as part of its interest-rate risk
management process, utilizes derivative instruments to modify
the repricing characteristics of the notes/ bonds issued. The
Group also utilizes other derivative instruments to manage the
foreign exchange impact of certain long-term debt
obligations.
The Group issues credit-linked notes generally
through private placements. The credit-linked notes are usually
senior unsecured obligations of UBS AG, acting through one of
its branches, and can be subject to early redemption in the
event of a defined credit event. Payment of interest and/ or
principal is dependent upon the performance of a reference
entity or security. The rate of interest on each credit-linked
note is either floating and determined by reference to LIBOR
plus a spread or fixed. Medium-term and credit-linked notes have
been included in the amounts disclosed above as unsubordinated
debt.
CHF million
31.12.00
31.12.99
Total bond issues
48,179
48,305
Shares in bond issues of the Swiss Regional or Cantonal
	Banks' Central Bond Institutions
1,305
2,055
Medium-term notes
5,371
5,972
Total long-term debt
54,855
56,332
86
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 21   Long-Term Debt (continued)
Contractual maturity date
UBS AG (parent)
Subsidiaries
Fixed
Floating
Fixed
CHF million
rate
rate
rate
2001
13,021
251
2,033
2002
7,645
153
2,407
2003
4,232
135
1,275
2004
1,327
8
1,261
2005
3,463
81
664
2006 – 2010
5,888
107
1,923
Thereafter
3,150
55
1,214
Total
38,726
790
10,777
[Additional columns below]
[Continued from above table, first column(s) repeated]
bsidia
ries
Floating
Total
CHF million
rate
31.12.00
2001
373
15,678
2002
889
11,094
2003
19
5,661
2004
1,836
4,432
2005
249
4,457
2006 – 2010
1,173
9,091
Thereafter
23
4,442
Total
4,562
54,855
Publicly placed bond issues of UBS AG (parent
company) outstanding at 31.12.2000
Premature
Year of
Interest
redemption
issue
rate in %
Remarks
Maturity
possible
Currency
1999
10.250
12.01.2001
EUR
1996
3.000
07.02.2001
USD
1999
10.000
12.02.2001
CHF
1999
12.250
15.02.2001
GBP
1999
14.100
27.02.2001
SEK
1999
12.000
29.03.2001
GBP
1999
11.000
30.03.2001
USD
1996
3.625
10.04.2001
CHF
1991
5.000
15.04.2001
CHF
1998
7.500
11.05.2001
CHF
1998
7.500
11.05.2001
CHF
1998
7.000
18.05.2001
CHF
1999
12.500
06.06.2001
GBP
1999
5.250
14.06.2001
CHF
1999
10.750
15.06.2001
EUR
2000
17.750
05.07.2001
EUR
1999
11.000
06.07.2001
EUR
1998
7.500
10.07.2001
CHF
1998
7.500
10.07.2001
CHF
2000
21.500
12.07.2001
EUR
1993
5.125
15.07.2001
CHF
1997
1.750
25.07.2001
USD
2000
17.000
30.07.2001
EUR
1998
8.000
03.08.2001
CHF
2000
15.500
06.08.2001
EUR
2000
14.250
10.08.2001
USD
1998
8.000
17.08.2001
CHF
1998
8.000
17.08.2001
CHF
2000
15.500
24.08.2001
EUR
2000
17.500
24.08.2001
EUR
2000
15.750
03.09.2001
EUR
1991
7.000
subordinated
04.09.2001
CHF
2000
15.000
06.09.2001
USD
1994
5.375
07.09.2001
CHF
2000
17.000
10.09.2001
EUR
2000
16.500
25.09.2001
EUR
2000
16.250
04.10.2001
EUR
1999
8.500
05.10.2001
CHF
2000
14.500
11.10.2001
EUR
2000
8.750
11.10.2001
CHF
2000
15.000
19.10.2001
USD
[Additional columns below]
[Continued from above table, first column(s) repeated]
Year of
Amount
issue
in millions
1999
160
1
1996
100
1999
375
2
1999
20
3
1999
193
4
1999
10
5
1999
10
6
1996
400
1991
60
1998
60
7
1998
801
7
1998
738
8
1999
10
9
1999
410
10
1999
50
11
2000
100
12
1999
40
13
1998
372
10
1998
40
10
2000
45
14
1993
30
1997
96
15
2000
80
16
1998
920
17
2000
60
18
2000
25
19
1998
50
20
1998
450
20
2000
145
21
2000
95
22
2000
105
23
1991
250
2000
45
24
1994
200
2000
10
25
2000
15
26
2000
15
27
1999
120
28
2000
135
29
2000
50
10
2000
20
30
87
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 21   Long-Term Debt (continued)
Publicly placed bond issues of UBS AG (parent
company) outstanding at 31.12.2000
Premature
Year of
Interest
redemption
issue
rate in %
Remarks
Maturity
possible
Currency
2000
16.500
29.10.2001
EUR
2000
16.000
02.11.2001
USD
2000
11.750
09.11.2001
CHF
2000
18.750
19.11.2001
USD
2000
20.250
27.11.2001
USD
1999
11.625
06.12.2001
GBP
2000
16.500
21.12.2001
USD
2000
14.250
28.12.2001
USD
2000
12.250
11.01.2002
EUR
2000
13.250
18.01.2002
EUR
2000
12.500
18.01.2002
EUR
2000
0.100
28.01.2002
JPY
1992
7.000
subordinated
06.02.2002
CHF
2000
9.000
14.03.2002
CHF
1998
5.750
18.03.2002
USD
2000
10.000
10.04.2002
CHF
1996
4.000
18.04.2002
CHF
2000
18.500
28.05.2002
USD
1999
11.000
06.06.2002
GBP
1990
7.500
subordinated
07.06.2002
CHF
2000
18.250
27.06.2002
USD
2000
6.500
28.06.2002
CHF
1992
7.500
subordinated
10.07.2002
CHF
1997
6.500
18.07.2002
USD
1997
1.000
07.08.2002
DEM
2000
8.375
07.08.2002
EUR
1996
2.000
23.08.2002
CHF
2000
9.000
02.10.2002
CHF
1992
7.000
subordinated
16.10.2002
CHF
1996
6.750
18.10.2002
USD
1995
4.375
07.11.2002
CHF
1996
3.250
20.12.2002
CHF
2000
8.000
11.02.2003
USD
1991
7.500
subordinated
15.02.2003
15.02.2001
CHF
1998
1.000
25.02.2003
EUR
1993
4.875
subordinated
03.03.2003
CHF
1997
1.500
14.03.2003
DEM
1998
1.000
20.03.2003
NLG
1993
4.000
subordinated
31.03.2003
CHF
1993
3.500
subordinated
31.03.2003
CHF
1999
1.000
05.05.2003
USD
1998
1.625
14.05.2003
USD
1991
7.000
subordinated
16.05.2003
16.05.2001
CHF
1995
5.250
subordinated
20.06.2003
CHF
2000
0.000
14.07.2003
USD
2000
0.000
14.07.2003
USD
2000
5.200
28.08.2003
CHF
1996
1.500
20.11.2003
CHF
2000
1.850
25.11.2003
CHF
1993
3.000
26.11.2003
CHF
1994
6.250
subordinated
06.01.2004
USD
1992
7.250
subordinated
10.01.2004
10.01.2002
CHF
2000
0.500
10.02.2004
USD
2000
1.000
07.06.2004
USD
1991
4.250
subordinated
25.06.2004
CHF
1999
3.500
01.07.2004
EUR
1997
7.375
subordinated
26.11.2004
GBP
[Additional columns below]
[Continued from above table, first column(s) repeated]
Year of
Amount
issue
in millions
2000
75
31
2000
40
32
2000
110
7
2000
30
33
2000
20
34
1999
10
35
2000
20
36
2000
10
37
2000
30
38
2000
20
39
2000
20
40
2000
10,000
15
1992
200
2000
256
28
1998
250
2000
100
17
1996
200
2000
75
41
1999
15
42
1990
300
2000
50
32
2000
50
43
1992
200
1997
300
1997
19
44
2000
45
45
1996
301
2000
220
17
1992
200
1996
250
1995
250
1996
350
2000
15
1991
300
1998
60
46
1993
200
1997
80
47
1998
125
48
1993
200
1993
200
1999
80
49
1998
100
50
1991
200
1995
200
2000
10
51
2000
10
51
2000
26
1996
27
52
2000
13
1993
200
1994
300
1992
150
2000
75
53
2000
25
54
1991
300
1999
250
1997
250
88
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 21   Long-Term Debt (continued)
Publicly placed bond issues of UBS AG (parent
company) outstanding at 31.12.2000
Premature
Year of
Interest
redemption
issue
rate in %
Remarks
Maturity
possible
Currency
1993
4.750
subordinated
08.01.2005
08.01.2003
CHF
1995
4.000
subordinated
07.02.2005
CHF
1995
5.500
10.02.2005
CHF
2000
1.000
18.02.2005
USD
2000
1.000
21.03.2005
EUR
1995
5.625
subordinated
13.04.2005
CHF
2000
0.000
31.05.2005
JPY
1995
8.750
subordinated
20.06.2005
GBP
2000
0.000
14.07.2005
USD
1995
6.750
subordinated
15.07.2005
USD
1995
5.250
subordinated
18.07.2005
CHF
1995
5.000
subordinated
24.08.2005
CHF
2000
7.300
06.09.2005
HKD
1995
4.500
21.11.2005
CHF
1999
0.000
08.12.2005
USD
1999
3.500
26.01.2006
EUR
1996
4.250
subordinated
06.02.2006
CHF
1996
4.000
14.02.2006
CHF
1999
2.500
29.03.2006
CHF
1999
1.500
12.07.2006
USD
1996
7.250
subordinated
17.07.2006
USD
1996
7.250
subordinated
01.09.2006
USD
1995
5.000
subordinated
07.11.2006
CHF
1996
6.250
subordinated
06.12.2006
DEM
1997
8.000
subordinated
08.01.2007
GBP
1997
5.750
subordinated
12.03.2007
DEM
1998
3.500
27.08.2008
CHF
1997
5.875
subordinated
18.08.2009
FRF
1986
5.000
subordinated
10.02.2011
10.02.2001
CHF
1995
7.375
subordinated
15.07.2015
USD
1995
7.000
subordinated
15.10.2015
USD
1997
7.375
subordinated
15.06.2017
USD
1990
0.000
31.03.2020
CHF
1995
7.500
subordinated
15.07.2025
USD
1995
8.750
subordinated
18.12.2025
GBP
1996
7.750
subordinated
01.09.2026
USD
[Additional columns below]
[Continued from above table, first column(s) repeated]
Year of
Amount
issue
in millions
1993
200
1995
150
1995
150
2000
30
55
2000
50
56
1995
150
2000
5,000
15
1995
250
2000
10
51
1995
200
1995
200
1995
250
2000
200
1995
300
1999
50
57
1999
650
1996
250
1996
200
1999
250
1999
100
58
1996
500
1996
150
1995
250
1996
500
1997
450
1997
350
1998
300
1997
2,000
1986
250
1995
150
1995
300
1997
300
1990
59
1995
350
1995
150
1996
300
89
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 21   Long-Term Debt (continued)
Publicly placed bond issues of UBS
subsidiaries outstanding at 31.12.2000
Premature
Year of
Interest
redemption
issue
rate in %
Remarks
Maturity
possible
Currency
UBS Americas Inc. (former PaineWebber)
1999
7.460
11.01.2001
USD
1999
5.830
25.01.2001
USD
2000
6.924
26.01.2001
USD
2000
6.820
05.04.2001
USD
1999
7.060
16.05.2001
USD
2000
7.500
17.05.2001
USD
1998
6.185
21.05.2001
USD
1999
5.810
08.06.2001
USD
2000
7.540
18.06.2001
USD
1999
7.060
20.06.2001
USD
1998
6.870
26.06.2001
USD
1997
6.585
23.07.2001
USD
1997
6.520
26.09.2001
USD
1997
6.440
28.09.2001
USD
1999
7.090
19.11.2001
USD
1997
6.580
14.12.2001
USD
1991
9.250
17.12.2001
USD
2000
6.910
19.02.2002
USD
1997
6.990
18.03.2002
USD
1999
6.015
28.03.2002
USD
1999
6.020
22.04.2002
USD
1995
8.250
01.05.2002
USD
2000
7.590
02.05.2002
USD
1999
7.060
14.05.2002
USD
1999
7.030
20.05.2002
USD
2000
1.010
01.07.2002
JPY
2000
7.358
15.07.2002
USD
1992
8.390
subordinated
24.07.2002
USD
1997
7.035
14.08.2002
USD
1997
7.010
27.08.2002
USD
1992
7.750
02.09.2002
USD
1997
7.010
19.09.2002
USD
1997
6.650
15.10.2002
USD
1999
7.210
30.10.2002
USD
1999
7.259
18.11.2002
USD
1999
7.160
18.12.2002
USD
1998
7.140
03.02.2003
USD
1998
6.250
04.02.2003
USD
2000
7.020
14.02.2003
USD
1993
7.875
17.02.2003
USD
1998
7.110
13.03.2003
USD
2000
1.270
13.03.2003
JPY
1998
6.320
18.03.2003
USD
1998
6.331
20.05.2003
USD
1998
6.980
23.06.2003
USD
1993
6.785
01.07.2003
USD
1999
1.340
01.07.2003
JPY
1993
7.130
subordinated
02.07.2003
USD
2000
7.250
23.07.2003
USD
1994
6.900
subordinated
15.08.2003
USD
1994
6.930
subordinated
15.08.2003
USD
1996
7.300
15.10.2003
USD
1998
6.450
01.12.2003
USD
1998
8.010
01.12.2003
USD
1994
6.730
20.01.2004
USD
2000
6.730
26.01.2004
USD
[Additional columns below]
[Continued from above table, first column(s) repeated]
Year of
Amount
issue
in millions
UB
1999
15
1999
20
2000
50
2000
30
1999
8
2000
49
1998
25
1999
10
2000
49
1999
8
1998
7
1997
25
1997
22
1997
22
1999
12
1997
10
1991
154
2000
20
1997
10
1999
20
1999
45
1995
128
2000
25
1999
25
1999
12
2000
900
2000
101
1992
6
1997
25
1997
15
1992
178
1997
25
1997
25
1999
10
1999
40
1999
11
1998
12
1998
25
2000
12
1993
103
1998
10
2000
900
1998
45
1998
25
1998
10
1993
30
1999
900
1993
7
2000
7
1994
10
1994
28
1996
20
1998
340
1998
26
1994
21
2000
20
90
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 21   Long-Term Debt (continued)
Publicly placed bond issues of UBS
subsidiaries outstanding at 31.12.2000
Premature
Year of
Interest
redemption
issue
rate in %
Remarks
Maturity
possible
Currency
USB Americas Inc. (former PaineWebber) (continued)
1999
7.580
28.01.2004
USD
1997
6.900
subordinated
09.02.2004
USD
1994
6.680
10.02.2004
USD
1999
7.510
10.02.2004
USD
1999
7.015
10.02.2004
USD
2000
7.660
12.02.2004
USD
1999
7.360
11.05.2004
USD
1999
6.375
17.05.2004
USD
1999
7.280
27.05.2004
USD
1997
7.060
18.08.2004
USD
1996
7.550
04.10.2004
USD
1997
6.790
04.10.2004
USD
1999
7.260
13.10.2004
USD
1996
7.490
15.10.2004
USD
1997
7.010
25.10.2004
USD
2000
7.410
27.01.2005
USD
2000
7.410
11.02.2005
USD
1995
8.875
15.03.2005
USD
1999
7.380
15.03.2005
USD
1998
6.520
06.04.2005
USD
2000
7.678
15.07.2005
USD
1993
6.500
01.11.2005
USD
1999
7.460
14.11.2005
USD
1996
6.750
01.02.2006
USD
1999
7.330
01.05.2006
USD
1999
7.330
01.05.2006
USD
1997
7.220
20.02.2007
USD
1997
7.110
22.10.2007
USD
1998
6.720
01.04.2008
USD
1998
6.730
03.04.2008
USD
1998
6.550
15.04.2008
USD
1998
6.520
21.04.2008
USD
1998
7.180
31.07.2008
USD
1996
7.625
15.10.2008
USD
1999
6.640
05.02.2009
USD
1999
7.625
01.12.2009
USD
1998
6.650
13.04.2010
USD
1998
6.640
14.04.2010
USD
1999
6.760
16.05.2011
USD
1997
7.740
30.01.2012
USD
1994
7.625
17.02.2014
USD
1997
8.060
17.01.2017
USD
1997
7.930
06.02.2017
USD
1997
7.810
13.02.2017
USD
1997
7.910
17.03.2017
USD
1997
7.990
09.06.2017
USD
1997
7.605
17.07.2017
USD
1997
7.633
11.09.2017
USD
1997
7.390
16.10.2017
USD
1998
7.310
07.05.2018
USD
1996
8.300
subordinated
12.01.2036
12.03.2001
USD
1997
8.080
subordinated
03.01.2037
03.01.2002
USD
[Additional columns below]
[Continued from above table, first column(s) repeated]
Year of
Amount
issue
in millions
US
1999
10
1997
15
1994
21
1999
13
1999
14
2000
11
1999
46
1999
534
1999
12
1997
25
1996
25
1997
14
1999
31
1996
12
1997
20
2000
26
2000
12
1995
125
1999
57
1998
31
2000
26
1993
208
1999
32
1996
102
1999
10
1999
11
1997
10
1997
26
1998
36
1998
44
1998
257
1998
10
1998
10
1996
157
1999
27
1999
290
1998
26
1998
31
1999
11
1997
21
1994
212
1997
28
1997
11
1997
17
1997
22
1997
11
1997
21
1997
11
1997
27
1998
14
1996
198
1997
203
91
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Footnotes
1
GOAL on Royal Dutch shares
2
GOAL on Swisscom shares
3
GOAL on Lloyds TSB shares
4
Convertible into Omvand Konvertible Svensk
	Basportfolj
5
GOAL on British Telecom shares
6
GOAL on S&P Index
7
GOAL on Credit Suisse shares
8
GOAL on Novartis shares
9
GOAL on BP Amoco shares
10
GOAL on Roche GS
11
GOAL on SAP shares
12
GOAL on Philips shares
13
GOAL on Bank Austria shares
14
GOAL on Sonera shares
15
Convertible into Nikkei 225 Index
16
GOAL on Sony ADR's
17
GOAL on UBS AG shares
18
GOAL on Telefonica shares
19
GOAL on Cisco shares
20
GOAL on Zurich Fin. Services shares
21
GOAL on Nokia shares
22
GOAL on Vivendi shares
23
GOAL on Ericsson shares
24
GOAL on Lucent shares
25
GOAL on Kyocera shares
26
GOAL on Telecom Italia Mobile shares
27
GOAL on ICI shares
28
GOAL on ABB shares
29
GOAL on Siemens shares
30
GOAL on Telmex shares
31
GOAL on Deutsche Telekom shares
32
GOAL on Intel shares
33
GOAL on Texas Instruments shares
34
GOAL on Nortel shares
35
GOAL on Granada Group shares
36
GOAL on IBM shares
37
GOAL on Nasdaq 100 Index
38
GOAL on Banco Bilbao shares
39
GOAL on Carrefour shares
40
GOAL on Bayer shares
41
GOAL on Motorola shares
42
GOAL on Glaxo shares
43
GOAL on Swiss Re shares
44
Convertible into European Insurance Shares
	Basket
45
GOAL on Daimler Chrysler shares
46
Convertible into FTSE Index
47
Indexed to UBS Currency Portfolio
48
Convertible into UBS Dutch Corporate Basket
49
Convertible into Sony shares
50
Convertible into UBS Oil Basket
51
Convertible into UBS Global Equity
	Arbitrage
52
Convertible into SMI Index
53
Convertible into NTT shares
54
Convertible into Blue Chip Basket
55
Convertible into Nasdaq 100 Index
56
Convertible into STOXX 50 Index
57
PEP on Internet Perf. Basket
58
Convertible into AT&T shares
59
PIP on Worldbasket
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share
	delivery)
Note 21   Long-Term Debt (continued)
Publicly placed bond issues of UBS
subsidiaries outstanding at 31.12.2000
Premature
Year of
Interest
redemption
issue
rate in %
Remarks
Maturity
possible
Currency
UBS Finance (Curaçao) N.V.
1996
2.500
30.10.2001
DEM
1996
2.500
30.10.2001
DEM
1997
2.500
30.10.2001
DEM
1990
9.125
08.02.2002
USD
1992
FRN
13.11.2002
USD
1997
0.000
29.01.2027
LIT
1998
0.000
03.03.2028
03.03.2003
DEM
UBS Australia Ltd.
1997
3.250
02.10.2001
USD
1999
5.000
25.02.2002
AUD
1999
5.000
25.02.2004
AUD
S.G.W. Finance plc
1991
13.250
30.03.2001
AUD
S.G. Warburg Group plc
1994
9.000
subordinated
perpetual
GBP
UBS Finance (Cayman Islands) Ltd.
1991
0.000
28.02.2001
STG
2000
0.000
10.02.2005
USD
[Additional columns below]
[Continued from above table, first column(s) repeated]
Year of
Amount
issue
in millions
UB
1996
100
1996
150
1997
100
1990
225
1992
250
1997
226'955
1998
136
UB
1997
101
1999
104
1999
104
S.
1991
60
S.
1994
12
UB
1991
200
2000
22
59
92
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 22   Other Liabilities
CHF million
Note
31.12.00
31.12.99
Provisions, including restructuring provision
23
3,024
3,611
Provisions for commitments and contingent liabilities
54
149
Current tax liabilities
2,423
1,747
Deferred tax liabilities
24
1,565
994
VAT and other tax payables
1,071
888
Settlement and clearing accounts
4,906
4,789
Other payables
5,713
3,814
Total other liabilities
18,756
15,992
Note 23   Provisions, including Restructuring
Provision
Business risk provisions
Business risk provisions consist mainly of
provisions for operational risks and reserves for
litigation.
CHF million
31.12.00
31.12.99
Balance at the beginning of the year
2,182
4,121
New provisions charged to income
746
539
Provisions applied
(1,316
)
(705
)
Recoveries and adjustments
682
(1,773
)
1
Balance at the end of the year
2,294
2,182
1
Includes
reclassification of valuation adjustments of CHF 2,384
million to related trading assets and liabilities.
UBS/SBC merger restructuring
provision
At the announcement of the UBS/SBC merger in
December 1997, it was communicated that the merged
firm's operations in various locations would be combined,
resulting in vacant properties, reductions in personnel,
elimination of redundancies in the information technology
platforms, exit costs and other costs. As a result, a
restructuring provision of CHF 7,300 million (of which
CHF 7,000 million was recognized as a restructuring expense
in 1997 and CHF 300 million was recognized as a component
of general and administrative expense in the fourth quarter of
1999) was established, to be used over a period of four years.
At 31 December 2000, the Group had utilized CHF 6,570
million of the provisions.
The restructuring provision included
approximately CHF 3,000 million for employee termination
benefits, CHF 1,500 million for sale and lease breakage costs
associated with the closure of premises, CHF 1,650 for IT
integration projects and write-offs or equipment which
management had committed to dispose of and CHF 1,150 million for
other costs classified as Personal expenses, General and
administrative expense or Other income.
The employee terminations affected all functional
levels and all operating Business Groups. CHF 2,000 million of
the provision related to employee termination benefits reflects
the costs of eliminating approximately 7,800 positions, after
considering attrition and redeployment within the Company.
CHF 1,000 million of the provision related to payments to
maintain stability in the workforce during the integration
period. As of 31 December 2000, approximately 6,200
employees had been made redundant or retired early and the
remaining personnel restructuring provision balance was
CHF 410 million.
93
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 23   Provisions, including Restructuring
Provision (continued)
CHF million
31.12.00
31.12.99
Balance at the beginning of the year
1,429
2,973
Addition
0
300
Applied
1
Personnel
(188
)
(378
)
IT
(63
)
(642
)
Premises
(399
)
(673
)
Other
(49
)
(151
)
Total utilized during the year
(699
)
(1,844
)
Balance at the end of the year
730
1,429
Total provisions, including restructuring provision
3,024
3,611
1
The
expense categories refer to the nature of the expense rather
than the income statement expense line.
Cumulative utilization, since establishment of
UBS/SBC merger restructuring provision through 31 December
2000
CHF million
Personnel
IT
Premises
Other
Total
UBS Switzerland
476
1,086
184
220
1,966
UBS Asset Management
32
9
3
44
UBS Warburg
1,983
373
1
413
2,770
Corporate Center
99
34
1,154
503
1,790
Group total
2,590
1,502
1,339
1,139
6,570
Total provision
7,300
Future utilization
730
94
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 24   Income Taxes
CHF million
For the year ended
31.12.00
31.12.99
31.12.98
Federal and cantonal
Current payable
1,325
849
213
Deferred
233
511
463
Foreign
Current payable
451
359
200
Deferred
311
(33
)
28
Total income tax expense
2,320
1,686
904
The Group made net tax payments, including
domestic federal, cantonal and foreign taxes, of CHF 959
million, CHF 1,063 million and CHF 733 million for the full
years of 2000, 1999 and 1998, respectively.
The components of operating profit before tax,
and the differences between income tax expense reflected in the
financial statements and the amounts calculated at the Swiss
statutory rate of 25% are as follows:
CHF million
For the year ended
31.12.00
31.12.99
31.12.98
Operating profit before tax
10,199
7,893
3,871
Domestic
7,079
6,957
10,287
Foreign
3,120
936
(6,416
)
Income taxes at Swiss statutory rate of 25%
2,550
1,973
968
Increase/(decrease) resulting from:
Applicable tax rates differing from Swiss statutory rate
(336
)
55
88
Tax losses not recognized
164
39
1,436
Previously unrecorded tax losses now recognized
(655
)
(215
)
(142
)
Lower taxed income
(401
)
(278
)
(1,849
)
Non-deductible goodwill amortization
159
98
117
Other non-deductible expenses
432
34
55
Adjustments related to prior years
245
(112
)
7
Change in deferred tax valuation allowance
162
92
224
Income tax expense
2,320
1,686
904
As of 31 December 2000 the Group had
accumulated unremitted earnings from foreign subsidiaries on
which deferred taxes had not been provided as the undistributed
earnings of these foreign subsidiaries are indefinitely
reinvested.
95
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 24   Income Taxes (continued)
Significant components of the Group's
deferred income tax assets and liabilities (gross) are as
follows:
CHF million
31.12.00
31.12.99
Deferred tax assets
Compensation and benefits
1,705
316
Restructuring provision
160
316
Allowance for credit losses
148
138
Net operating loss carry forwards
1,690
2,194
Others
1,069
237
Total
4,772
3,201
Valuation allowance
(2,564
)
(2,459
)
Net deferred tax assets
2,208
742
Deferred tax liabilities
Property and equipment
457
342
Investment in associates
86
153
Other provisions
133
142
Unrealized gains on investment securities
306
93
Others
583
264
Total
1,565
994
The change in the balance of the net deferred tax
assets does not equal the deferred tax expense. This is due to
the effect of foreign currency rate changes on tax assets and
liabilities denominated in currencies other than CHF and also
due to the integration of PaineWebber.
Certain foreign branches and subsidiaries of the
Group have deferred tax assets related to net operating loss
carry forwards and other items. Because recognition of these
assets is uncertain, the Group has established valuation
allowances of CHF 2,564 million and
CHF 2,459 million at 31 December 2000 and
31 December 1999, respectively.
Net operating loss carry forwards totalling CHF
6,520 million at 31 December 2000 are available to
reduce future taxable income of certain branches and
subsidiaries.
The carry forwards have lives as follows:
31.12.00
One year
5
2 to 4 years
170
More than 4 years
6,345
Total
6,520
Note 25   Minority Interests
CHF million
31.12.00
31.12.99
Balance at the beginning of the year
434
990
Issuances and increases
1
2,596
17
Decreases and dividend payments
(73
)
(689
)
Foreign currency translation
(159
)
62
Minority interest in profit
87
54
Balance at the end of the year
2,885
434
1
Thereof
issuance of Trust Preferred securities USD 1,500 million
(CHF 2,594 million at issuance) in connection with the
PaineWebber acquisition.
96
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 26   Derivative Instruments
Derivatives held or issued for trading
purposes
Most of the Group's derivative transactions
relate to sales and trading activities. Sales activities include
the structuring and marketing of derivative products to
customers at competitive prices to enable them to transfer,
modify or reduce current or expected risks. Trading involves
market-making, positioning and arbitrage activities.
Market-making involves quoting bid and offer prices to other
market participants with the intention of generating revenues
based on spread and volume. Positioning involves managing market
risk positions with the expectation of profiting from favourable
movements in prices, rates or indices. Arbitrage activities
involve identifying and profiting from price differentials
between markets and products.
Derivatives held or issued for non-trading
purposes
The Group also uses derivatives as part of its
asset and liability management activities.
The majority of derivative positions used in
UBS's asset and liability management activities are
established via intercompany transactions with independently
managed units within the Group. When the Group purchases assets
and issues liabilities at fixed interest rates it subjects
itself to fair value fluctuations as market interest rates
change. These fluctuations in fair value are managed by entering
into interest rate contracts, mainly interest rate swaps which
change the fixed rate instrument into a variable rate
instrument.
When the Group purchases foreign currency
denominated assets, issues foreign currency denominated debt or
has foreign net investments, it subjects itself to changes in
value as exchange rates move. These fluctuations are managed by
entering into currency swaps and forwards.
Type of derivatives
The Group uses the following derivative financial
instruments for both trading and non-trading purposes:
Swaps:
Swaps
are transactions in which two parties exchange cash flows on a
specified notional amount for a predetermined period.
Interest rate swap contracts generally represent
the contractual exchange of fixed and floating rate payments of
a single currency, based on a notional amount and an interest
reference rate.
Cross currency interest rate swaps generally
involve the exchange of payments which are based on the interest
reference rates available at the inception of the contract on
two different currency principal balances that are exchanged.
The principal balances are re-exchanged at an agreed upon rate
at a specified future date.
Forwards and
futures:
Forwards and futures are
contractual obligations to buy or sell a financial instrument on
a future date at a specified price. Forward contracts are
effectively tailor-made agreements that are transacted between
counterparties in the over-the-counter market (OTC), whereas
futures are standardized contracts that are transacted on
regulated exchanges.
Options:
Options
are contractual agreements under which the seller (writer)
grants the purchaser the right, but not the obligation, either
to buy (call option) or sell (put option) by or at a set date, a
specified amount of a financial instrument at a predetermined
price. The seller receives a premium from the purchaser for this
right.
Notional amounts and replacement
values
The following table provides the notional amounts
and the positive and negative replacement values of the
Group's derivative transactions.
The notional amount is the amount of a
derivative's underlying asset, reference rate or index and
is the basis upon which changes in the value of derivatives are
measured. It provides an indication of the volume of business
transacted by the Group but does not provide any measure of
risk.
Some derivatives are standardized in terms of
their nominal amounts and settlement dates, and these are
designed to be bought and sold in active markets (exchange
traded). Others are packaged specifically for individual
customers and are not exchange traded although they may be
bought and sold between
97
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 26   Derivative Instruments
(continued)
counterparties at negotiated prices (OTC
instruments).
Positive replacement value represents the cost to
the Group of replacing all transactions with a receivable amount
if all the Group's
counterparties were to default. This measure is
the industry standard for the calculation of current credit
exposure. Negative replacement value is the cost to the
Group's counterparties of replacing all the Group's
transactions with a commitment if the Group were to default. The
total positive and negative replacement values after netting are
included in the balance sheet separately.
98
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 26   Derivative Instruments
(continued)
As at 31 December 2000
Term to maturity
Total
notional
Within 3 months
3-12 months
1-5 years
Over 5 years
Total
Total
amount
CHF million
PRV
1
NRV
2
PRV
NRV
PRV
NRV
PRV
NRV
PRV
NRV
CHF bn
Interest rate contracts
Over the counter (OTC) contracts
Forward contracts
517
791
167
360
284
256
968
1,407
1,066.3
Swaps
1,879
4,231
5,398
1,785
16,846
9,246
28,248
20,993
52,371
36,255
3,033.2
Options
542
541
865
2,969
1,512
6,862
701
4,541
3,620
14,913
864.6
Exchange-traded contracts
3
Futures
454.6
Options
0
6
10
0
16
24.1
Total
2,938
5,569
6,430
5,124
18,642
16,364
28,949
25,534
56,959
52,591
5,442.8
Foreign exchange contracts
Over the counter (OTC) contracts
Forward contracts
22,652
20,140
8,098
9,410
939
1,084
35
27
31,724
30,661
1,250.3
Interest and currency swaps
2,563
1,621
2,921
2,507
8,715
7,031
3,019
2,098
17,218
13,257
345.9
Options
2,958
2,726
2,896
3,031
821
438
28
35
6,703
6,230
786.8
Exchange-traded contracts
3
Futures
1.0
Options
4
1
21
4
25
5
1.2
Total
28,177
24,488
13,936
14,952
10,475
8,553
3,082
2,160
55,670
50,153
2,385.2
Precious metals contracts
Over the counter (OTC) contracts
Forward contracts
176
187
211
181
369
394
2
17
758
779
15.3
Options
128
80
206
201
934
936
85
119
1,353
1,336
75.2
Exchange-traded contracts
3
Futures
0.7
Options
1
2
6
12
7
14
1.3
Total
305
269
423
394
1,303
1,330
87
136
2,118
2,129
92.5
Equity / Index contracts
Over the counter (OTC) contracts
Forward contracts
1,417
3,186
1,170
2,271
2,424
3,019
1,715
2,948
6,726
11,424
32.2
Options
1,751
3,867
6,977
12,358
4,752
17,985
311
2,648
13,791
36,858
283.8
Exchange-traded contracts
3
Futures
15.3
Options
1,771
1,647
819
1,051
400
446
2
3
2,992
3,147
45.2
Total
4,939
8,700
8,966
15,680
7,576
21,450
2,028
5,599
23,509
51,429
376.5
Commodity contracts
Over the counter (OTC) contracts
Forward contracts
1
1
0
2
0.0
Options
1
1
3
3
4
4
0.0
Total
2
1
3
4
4
6
0.0
Total derivative instruments
36,359
39,028
29,756
36,150
37,999
47,701
34,146
33,429
138,260
156,30
8
Replacement value netting
80,385
80,385
Replacement values after netting
57,875
75,923
1
PRV:
Positive replacement value.
2
NRV: Negative
replacement value.
3
Exchange-traded
products include proprietary trades only.
99
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 26   Derivative Instruments
(continued)
As at 31 December 1999
1
Term to maturity
Within 3 months
3-12 months
1-5 years
Over 5 years
Total
CHF million
PRV
2
NRV
3
PRV
NRV
PRV
NRV
PRV
NRV
PRV
Interest rate contracts
Over the counter (OTC) contracts
Forward contracts
34
55
68
19
6
1
108
Swaps
5,248
2,100
3,125
2,871
22,565
24,168
35,557
30,301
66,495
Options
108
27
47
742
268
12
4
2,018
427
Exchange-traded contracts
4
Futures
Options
Total
5,390
2,182
3,240
3,632
22,839
24,181
35,561
32,319
67,030
Foreign exchange contracts
Over the counter (OTC) contracts
Forward contracts
9,657
14,264
3,628
7,008
411
851
13
37
13,709
Interest and currency swaps
622
520
2,036
1,826
529
6,076
2,567
1,518
5,754
Options
3,344
2,708
3,934
3,138
8,883
411
30
10
16,191
Exchange-traded contracts
4
Futures
0
1
0
Options
0
1
4
1
4
Total
13,623
17,494
9,602
11,973
9,823
7,338
2,610
1,565
35,658
Precious metals contracts
Over the counter (OTC) contracts
Forward contracts
1,092
1,047
44
62
70
60
0
0
1,206
Options
277
215
594
466
1,168
1,059
117
130
2,156
Exchange-traded contracts
4
Futures
Options
5
5
8
10
5
Total
1,369
1,267
643
536
1,238
1,129
117
130
3,367
Equity / Index contracts
Over the counter (OTC) contracts
Forward contracts
526
1,721
1,148
2,044
503
5,325
1,762
2,787
3,939
Options
1,840
1,611
3,814
10,021
9,766
27,182
350
2,985
15,770
Exchange-traded contracts
4
Futures
74
46
74
Options
1,395
304
1,744
4,047
72
63
3,211
Total
3,835
3,682
6,706
16,112
10,341
32,570
2,112
5,772
22,994
Commodity contracts
Over the counter (OTC) contracts
Forward contracts
29
25
29
Options
15
15
15
Total
44
40
44
Total derivative instruments
24,261
24,665
20,191
32,253
44,241
65,218
40,400
39,786
129,093
Replacement value netting
66,136
Replacement values after netting
62,957
[Additional columns below]
[Continued from above table, first column(s) repeated]
As at 31 December 1999
1
Total
notional
Total
amount
CHF million
NRV
CHF bn
Interest rate contracts
Over the counter (OTC) contracts
Forward contracts
75
554.0
Swaps
59,440
2,650.9
Options
2,799
1,877.0
Exchange-traded contracts
4
Futures
774.1
Options
54.4
Total
62,314
5,910.4
Foreign exchange contracts
Over the counter (OTC) contracts
Forward contracts
22,160
1,077.1
Interest and currency swaps
9,940
252.3
Options
6,267
813.5
Exchange-traded contracts
4
Futures
1
3.5
Options
2
3.7
Total
38,370
2,150.1
Precious metals contracts
Over the counter (OTC) contracts
Forward contracts
1,169
30.0
Options
1,870
82.9
Exchange-traded contracts
4
Futures
0.8
Options
23
4.9
Total
3,062
118.6
Equity / Index contracts
Over the counter (OTC) contracts
Forward contracts
11,877
149.4
Options
41,799
264.7
Exchange-traded contracts
4
Futures
46
25.1
Options
4,414
79.8
Total
58,136
519.0
Commodity contracts
Over the counter (OTC) contracts
Forward contracts
25
0.2
Options
15
0.1
Total
40
0.2
Total derivative instruments
161,922
Replacement value netting
66,136
Replacement values after netting
95,786
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting
Policies).
2
PRV: Positive replacement
value.
3
NRV: Negative replacement
value.
4
Exchange-traded products include
proprietary trades only.
100
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 26   Derivative Instruments
(continued)
The Group uses derivative instruments for trading
and non-trading purposes as explained in the previous
paragraphs. All derivatives instruments held or issued for
trading or used to hedge another financial instrument carried at
fair value are accounted for at fair value with changes in fair
value recorded in Net trading income. The Group uses interest
rate swaps in its asset / liability management. These
interest rate swaps are accounted for on the accrual basis of
accounting as an adjustment of Net interest income. They are
disclosed under "non-trading" in the table below.
Gains and losses on terminations of non-trading interest rate
swaps are deferred and amortized to Net interest income over the
remaining original maturity of the contract. All other
derivatives used in asset/liability management are accounted for
on a fair value basis of accounting due to the short term nature
of these derivatives.
The following table presents the fair value,
average fair value and notional amounts for each class of
derivative financial instrument, before netting, for the years
ended 31 December 2000 and 31 December 1999
distinguished between held or issued for trading purposes and
held or issued for non-trading purposes. Average balances for
the years ended 31 December 2000 and
31 December 1999 are calculated from quarterly
data.
31 December 2000
31 December 1999
1
total
total
total
average
total
average
notional
total
average
total
average
notional
CHF million
PRV
PRV
NRV
NRV
CHF bn
PRV
PRV
NRV
NRV
CHF bn
Trading
Interest Rate contracts
52,626
55,447
49,202
54,803
5,244
62,082
75,923
58,107
75,129
5,775
Foreign Exchange contracts
55,299
42,820
49,314
37,138
2,374
34,632
35,843
37,479
37,075
2,137
Precious Metal contracts
2,118
2,809
2,129
2,659
92
3,367
4,630
3,062
4,501
119
Equity/ Index contracts
23,509
22,224
51,429
46,591
377
22,994
18,366
58,136
42,984
519
Commodity contracts
4
18
6
18
0
44
383
40
213
0
Total
133,556
123,318
152,080
141,209
123,119
135,145
156,824
159,902
Non-Trading
Interest Rate contracts
4,333
3,997
3,389
3,400
199
4,948
5,014
4,207
4,212
135
Foreign Exchange contracts
371
364
839
1,057
11
1,026
669
891
622
13
Precious Metal contracts
0
0
0
0
0
0
0
0
0
0
Equity/ Index contracts
0
0
0
0
0
0
0
0
0
0
Commodity contracts
0
0
0
0
0
0
0
0
0
0
Total
4,704
4,361
4,228
4,457
5,974
5,683
5,098
4,834
Total Trading and Non-Trading
Interest Rate contracts
56,959
59,444
52,591
58,203
5,443
67,030
80,937
62,314
79,341
5,910
Foreign Exchange contracts
55,670
43,184
50,153
38,195
2,385
35,658
36,512
38,370
37,697
2,150
Precious Metal contracts
2,118
2,809
2,129
2,659
92
3,367
4,630
3,062
4,501
119
Equity/ Index contracts
23,509
22,224
51,429
46,591
377
22,994
18,366
58,136
42,984
519
Commodity contracts
4
18
6
18
0
44
383
40
213
0
Total
138,260
127,679
156,308
145,666
129,093
140,828
161,922
164,736
1
The 1999
figures have been restated to reflect retroactive changes in
presentation.
101
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Off-Balance Sheet and other
Information
Note 27   Pledged Assets
Assets pledged or assigned as security for
liabilities and assets subject to reservation of title
Carrying
Related
Carrying
Related
amount
liability
amount
liability
CHF million
31.12.00
31.12.00
31.12.99
31.12.99
Money market paper
28,395
5
35,578
707
Mortgage loans
1,639
1,121
2,536
1,736
Securities
1
87,871
62,611
23,837
585
Property and equipment
137
66
170
91
Other
1
0
2,110
0
Total pledged assets
118,043
63,803
64,231
3,119
1
For the
year ended 31 December 2000 includes securities pledged in
respect of securities lending and repurchase agreements.
Assets are pledged as collateral for
collateralized credit lines with central banks, loans from
central mortgage institutions, deposit guarantees for savings
banks, security deposits relating to stock exchange membership
and mortgages on the Group's property.
Note 28   Fiduciary Transactions
Fiduciary placement represents funds which
customers have instructed the Group to place in foreign banks.
The Group is not liable to the customer for any default by the
foreign bank nor do creditors of the Group have a claim on the
assets placed.
CHF million
31.12.00
31.12.99
Placements with third parties
69,300
60,221
Fiduciary credits and other fiduciary financial transactions
1,234
1,438
Total fiduciary transactions
70,534
61,659
102
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 29   Commitments and Contingent
Liabilities
Commitments and contingencies represent potential
future liabilities of the Group resulting from credit facilities
available to clients, but not yet drawn upon by them. They are
subject to expiration at fixed dates. The Group engages in
providing open credit facilities to allow clients quick access
to funds required to meet their short-term obligations as well
as their long-term financing needs. The credit facilities can
take the form of guarantees, whereby the Group might guarantee
repayment of a loan taken out by a client with a third party;
standby letters of credit, which are credit enhancement
facilities enabling the client to engage in trade finance at
lower cost; documentary letters of credit, which are trade
finance-related payments made on behalf of a client; commitments
to enter into repurchase agreements; note issuance facilities
and revolving underwriting facilities, which allow clients to
issue money market paper or medium-term notes when needed
without engaging in the normal underwriting process each
time.
The figures disclosed in the accompanying tables
represent the amounts at risk should clients draw fully on all
facilities and then default, and there is no collateral.
Determination of the creditworthiness of the clients is part of
the normal credit risk management process, and the fees charged
for maintenance of the facilities reflect the various credit
risks.
CHF million
31.12.00
31.12.99
Contingent liabilities
Credit guarantees and similar instruments
1
18,651
18,822
Sub-participations
(5,669
)
(3,665
)
Total
12,982
15,157
Performance guarantees and similar instruments
2
6,337
6,782
Sub-participations
(62
)
(42
)
Total
6,275
6,740
Irrevocable commitments under documentary credits
2,798
2,704
Gross contingent liabilities
27,786
28,308
Sub-participations
(5,731
)
(3,707
)
Net contingent liabilities
22,055
24,601
Irrevocable commitments
Undrawn irrevocable credit facilities
53,510
65,693
Sub-participations
(788
)
(1,836
)
Total
52,722
63,857
Liabilities for calls on shares and other equities
133
57
Gross irrevocable commitments
53,643
65,750
Sub-participations
(788
)
(1,836
)
Net irrevocable commitments
52,855
63,914
Gross commitments and contingent liabilities
81,429
94,058
Sub-participations
(6,519
)
(5,543
)
Net commitments and contingent liabilities
74,910
88,515
1
Credit
guarantees in the form of bill of exchange and other guarantees,
including guarantees in the form of irrevocable letters of
credit, endorsement liabilities from bills rediscounted, advance
payment guarantees and similar
facilities.
2
Bid bonds, performance bonds,
builders' guarantees, letters of indemnity, other
performance guarantees in the form of irrevocable letters of
credit and similar facilities.
Mortgage
Other
CHF million
collateral
collateral
Unsecured
Total
Overview of collateral
Gross contingent liabilities
154
12,703
14,929
27,786
Gross irrevocable commitments
1,124
7,455
44,931
53,510
Liabilities for calls on shares and other equities
0
0
133
133
Total 31.12.2000
1,278
20,158
59,993
81,429
Total 31.12.1999
577
20,130
73,351
94,058
103
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 30   Operating Lease Commitments
Our minimum commitments for non-cancellable
leases of premises and equipment are as follows:
CHF million
31.12.00
Operating leases due
2001
686
2002
652
2003
634
2004
580
2005
503
2006 and thereafter
3,958
Total commitments for minimum payments under operating
	leases
7,013
Operating expenses include CHF 816 million
and CHF 742 million in respect of operating lease rentals
for the year ended 31 December 2000 and
31 December 1999, respectively.
Note 31   Litigation
In the United States, several class actions, in
relation to the business activities of Swiss Companies during
World War II, have been brought against the bank (as legal
successor to Swiss Bank Corporation and Union Bank of
Switzerland) in the United States District Court for the Eastern
District of New York (Brooklyn). These lawsuits were initially
filed in October 1996. Another Swiss bank was designated as
a defendant alongside us. On 12 August 1998, however, a
settlement was reached between the parties. This settlement
provides for a payment by the defendant banks to the plaintiffs,
under certain terms and conditions, of an aggregate amount of
USD 1.25 billion. UBS agreed to contribute up to two-thirds
of this amount. As a result of contributions by Swiss industrial
companies to the settlement, UBS' share was reduced by
CHF 50 million. A number of persons have elected to opt out
of the settlement and not to participate in the class action.
Based on our estimates of forthcoming contributions, we provided
USD 610 million in 1998, an additional USD 95 million
in 1999 and USD 123 million in 2000. Several payments have
been made approximating the reserved amount. The settlement
agreement was approved by the competent judge on 26
July 2000, and on 22 November 2000 the distribution
plan was approved. Appeals against these decisions are still
pending, but we do not believe they should have a financial
impact on the Group.
In addition, UBS AG and other companies within
the UBS Group are subject to various claims, disputes and legal
proceedings, as part of the normal course of business. The Group
makes provision for such matters when, in the opinion of
management and its professional advisors, it is probable that a
payment will be made by the Group, and the amount can be
reasonably estimated. All litigation provisions are included
within Business risk provisions.
In respect of the further claims asserted against
the Group of which management is aware (which, according to the
principles outlined above, have not been provided for), it is
the opinion of management that such claims are either without
merit, can be successfully defended or will result in exposure
to the Group which is immaterial to both financial position and
results of operations.
104
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 32   Financial Instruments Risk
Position
Overall risk position
The Group manages risk in a number of ways,
including the use of a Value-at-Risk model combined with a
system of trading limits.
This section presents information about the
results of the Group's management of the risks associated
with the use of financial instruments.
a)  Interest Rate Risk
Interest rate risk is the potential impact of
changes in market interest rates on the fair values of assets
and liabilities on the balance sheet and on the annual interest
income and expense in the income statement.
Interest rate sensitivity
One commonly used method to present the potential
impact of market movements is to show the effect of a one basis
point (0.01%) change in interest rates on the fair values of
assets and liabilities, analyzed by time bands within which the
Group is committed. This type of presentation, described as a
sensitivity analysis, is set out below. Interest rate
sensitivity is one of the inputs to the Value-at-Risk (VaR)
model used by the Group to manage its overall market risk, of
which interest rate risk is a part.
The following table sets out the extent to which
the Group was exposed to interest rate risk at 31
December 2000. The table shows the potential impact of a
one basis point (0.01%) increase in market interest rates which
would influence the fair values of both assets and liabilities
that are subject to fixed interest rates. The impact of such an
increase in rates depends on the net asset or net liability
position of the Group in each category, currency and time band
in the table. A negative amount in the table reflects a
potential loss to the Group due to the changes in fair values as
a result of an increase in interest rates. A positive amount
reflects a potential gain as a result of an increase in interest
rates. Both primary and derivative instruments in trading and
non-trading activities, as well as off-balance-sheet commitments
are included in the table.
105
Table of Contents
Note 32   Financial Instruments Risk Position
(continued)
a)  Interest Rate Risk (continued)
UBS Group Financial Statements
Notes to the Financial Statements
Interest rate sensitivity position
Interest sensitivity by time bands as of 31.12.2000
CHF thousand
Within 1
1 to 3
3 to 12
1 to 5
per basis point
month
months
months
years
CHF
Trading
41
(471
)
854
63
Non-trading
(39
)
49
(49
)
(6,802
)
USD
Trading
(493
)
2,007
293
(2,293
)
Non-trading
13
58
11
(342
)
EUR
Trading
(82
)
(152
)
114
1,190
Non-trading
0
9
1
82
GBP
Trading
(227
)
152
145
(229
)
Non-trading
0
0
(36
)
270
JPY
Trading
293
(1,532
)
1,088
62
Non-trading
0
0
0
(1
)
Others
Trading
(2
)
(41
)
124
(50
)
Non-trading
0
0
0
0
[Additional columns below]
[Continued from above table, first column(s) repeated]
In
terest sensitivity by time bands as of 31.12.2000
CHF thousand
Over 5
per basis point
years
Total
CHF
(478
)
9
(3,018
)
(9,859
)
USD
380
(106
)
(183
)
(443
)
EUR
(1,801
)
(731
)
177
269
GBP
521
362
585
819
JPY
(450
)
(539
)
(4
)
(5
)
Others
(44
)
(13
)
0
0
Interest sensitivity by time bands as of 31.12.1999
CHF thousand
Within 1
1 to 3
3 to 12
1 to 5
per basis point
month
months
months
years
CHF
Trading
171
(902
)
466
506
Non-trading
(30
)
(8
)
(398
)
(6,204
)
USD
Trading
(411
)
1,018
386
(109
)
Non-trading
3
(33
)
(10
)
83
EUR
Trading
(39
)
(239
)
113
600
Non-trading
0
(3
)
3
30
GBP
Trading
1
43
10
(34
)
Non-trading
0
5
(39
)
77
JPY
Trading
484
(1,708
)
927
(101
)
Non-trading
0
0
0
(1
)
Others
Trading
(34
)
46
50
(195
)
Non-trading
0
0
0
0
[Additional columns below]
[Continued from above table, first column(s) repeated]
In
terest sensitivity by time bands as of 31.12.1999
CHF thousand
Over 5
per basis point
years
Total
CHF
(417
)
(176
)
(1,220
)
(7,860
)
USD
(908
)
(24
)
1,207
1,250
EUR
(1,406
)
(971
)
210
240
GBP
(77
)
(57
)
815
858
JPY
135
(263
)
(4
)
(5
)
Others
24
(109
)
0
0
Trading
The major part of trading-related interest rate
risk is generated in fixed income securities trading, fixed
income derivatives trading, trading in currency forward
contracts and money market trading and is managed within the
Value at Risk model. Interest rate sensitivity arising from
trading activities is quite sizeable in USD, EUR, GBP and JPY as
these are still the predominantly traded currencies in the
global interest rate markets. It should be noted that it is
management's view that an interest sensitivity analysis at
a particular point in time has limited relevance with respect to
trading positions, which can vary significantly on a daily
basis.
106
Table of Contents
Note 32   Financial Instruments Risk Position
(continued)
a)  Interest Rate Risk (continued)
UBS Group Financial Statements
Notes to the Financial Statements
Non-trading
The interest rate risk related to client business
with undefined maturities and non-interest bearing business
including the strategic management of overall balance sheet
interest rate exposure is managed by the Corporate Center.
Significant contributors to the overall USD and GBP interest
rate sensitivity were strategic long-term subordinated notes
issues which are intentionally unhedged since they are regarded
as constituting a part of the Group's equity for asset and
liability management purposes as well as funding transactions
related to the acquisition of PaineWebber. At 31 December
2000, the Group's equity was invested in a portfolio of
fixed rate CHF deposits with an average duration of
2.5 years. As this equity investment is the most
significant component of the CHF book, this results in the
entire book having an interest rate sensitivity of
CHF (9.9) million, which is reflected in the table above.
This is in line with the duration and sensitivity targets set by
the Group Executive Board. Investing in shorter-term or variable
rate instruments would mean exposing the earnings stream
(interest income) to higher fluctuations.
b)  Credit Risk
Credit risk represents the loss which UBS would
suffer if a counterparty or issuer failed to perform its
contractual obligations in all forms. It is inherent in
traditional banking products  –  loans,
commitments to lend, and contracts to support
counterparties' obligations to third parties such as
letters of credit  –  and in foreign exchange and
derivatives contracts, such as swaps and options ("traded
products"). Positions in tradeable assets such as bonds and
equities, including both direct holdings and synthetic positions
through derivatives, also carry credit risk.
This risk is managed primarily based on reviews
of the financial status of each specific counterparty, which are
rated on a 14 point rating scale, based on probability of
default. Credit risk is higher when counterparties are
concentrated in a single industry or geographical region. This
is because a group of otherwise unrelated counterparties could
be adversely affected in their ability to honor their
obligations because of economic developments affecting their
common industry or region.
Concentrations of credit risk exist if a number
of clients are engaged in similar activities, or are located in
the same geographic region or have comparable economic
characteristics such that their ability to meet contractual
obligations would be similarly affected by changes in economic,
political or other conditions. Concentrations of credit risk
indicate the relative sensitivity of the bank's performance
to developments affecting a particular industry or geographic
location.
(b)(i)  On-balance sheet assets
As of 31 December 2000, due from banks and
loans to customers amounted to CHF 285 billion. 57.9% of
the gross loans were with clients domiciled in Switzerland.
Please refer to Note 12 for a breakdown by region.
The issuer default risk of securities positions
reported at fair value in the trading portfolio assets amounted
to CHF 253 billion as of 31 December 2000. Please
refer to Note 14 for a further breakdown by type of
issuer.
107
Table of Contents
Note 32   Financial Instruments Risk Position
(continued)
a)  Interest Rate Risk (continued)
UBS Group Financial Statements
Notes to the Financial Statements
(b)(ii)  Off-balance sheet financial
instruments
Credit commitments and contingent
liabilities
Of the CHF 81 billion in credit commitment and
contingent liabilities as at 31 December 2000, 15% related to
clients domiciled in Switzerland, 30% Europe (excluding
Switzerland) and 45% North America.
Derivatives
Credit risk represents the current replacement
value of all outstanding derivative contracts with an unrealized
gain by taking into consideration legally enforceable master
netting agreements. Positive replacement values amounted to CHF
58 billion as at 31 December 2000. Based on the location of the
ultimate counterparty, 6% of this credit risk amount related to
Switzerland, 45% to Europe (excluding Switzerland) and 32% to
North America. 42% of the positive replacement values are with
other banks.
(b)(iii)  Credit risk mitigation
techniques
Credit risk associated with derivative
instruments is mitigated by the use of master netting
agreements. A further method of reducing credit exposure arising
from derivative transactions is to use collateralization
arrangements.
Master netting agreements eliminate risk to the
extent that only the net claim is due to be settled in the case
of a default of the counterparty. The impact of master netting
agreements as at 31 December 2000 is to mitigate credit risk on
derivative instruments by approximately CHF 80 billion. The
impact can change substantially over short periods of time,
because the exposure is affected by each transaction subject to
the arrangement.
The Group subjects its derivative-related credit
risks to the same credit approval, limit and monitoring
standards that it uses for managing other transactions that
create credit exposure. This includes evaluation of
counterparties as to creditworthiness, and managing the size,
diversification and maturity structure of the portfolio. Credit
utilization for all products is compared against established
limits on a continual basis and is subject to a standard
exception reporting process.
108
Table of Contents
Note 32   Financial Instruments Risk Position
(continued)
b)  Credit Risk (continued)
UBS Group Financial Statements
Notes to the Financial Statements
c)  Currency Risk
The Group views itself as a Swiss entity, with
the Swiss franc as its reporting currency. Hedging transactions
are used to manage risks in other currencies.
Breakdown of assets and liabilities by
currencies
31.12.00
31.12.99
CHF billion
CHF
USD
EUR
Other
CHF
USD
Assets
Cash and balances with central banks
1.9
0.2
0.5
0.4
3.4
0.2
Money market paper
0.5
51.5
11.1
3.4
1.5
38.6
Due from banks
5.8
10.4
8.0
4.9
7.5
7.7
Cash collateral on securities borrowed
0.5
169.2
2.4
5.8
0.1
106.4
Reverse repurchase agreements
5.3
83.7
37.4
67.4
2.0
42.5
Trading portfolio assets
16.0
134.5
27.3
75.5
29.4
77.1
Positive replacement values
11.7
6.9
0.6
38.7
7.7
5.2
Loans, net of allowance for credit losses
154.2
52.3
7.1
31.2
166.4
35.0
Financial investments
7.1
6.4
0.7
2.2
2.5
2.9
Accrued income and prepaid expenses
1.6
4.4
0.2
0.9
1.7
1.8
Investments in associates
0.7
0.0
0.1
0.1
0.9
0.1
Property and equipment
6.9
1.4
0.0
0.6
7.4
0.5
Goodwill and other intangible assets
0.3
19.1
0.0
0.1
1.2
2.2
Other assets
2.2
3.3
0.6
2.4
3.1
1.9
Total assets
214.
7
543.3
96.0
233.6
234.8
322.1
Liabilities
Money market paper issued
0.2
67.2
0.5
6.8
1.0
55.7
Due to banks
6.5
46.5
10.6
18.6
8.1
36.3
Cash collateral on securities
0.1
12.6
5.0
5.7
0.1
6.5
Repurchase agreements
10.0
194.6
16.1
74.9
16.5
91.3
Trading portfolio liabilities
2.0
52.4
11.4
16.8
0.0
38.2
Negative replacement values
8.6
6.3
2.0
59.0
12.8
7.0
Due to customers
118.8
129.7
29.9
32.4
127.5
93.8
Accrued expenses and deferred income
3.0
11.8
1.7
4.5
3.1
4.8
Long-term debt
18.1
23.5
3.9
9.4
23.7
17.6
Other liabilities
9.9
3.6
2.5
2.8
8.5
3.2
Minority interests
0.2
2.5
0.1
0.1
0.3
0.0
Shareholders' equity
44.8
0.0
0.0
0.0
30.6
0.0
Total liabilities, minority interests and shareholders'
	equity
222.2
550.7
83.7
231.0
232.2
354.4
[Additional columns below]
[Continued from above table, first column(s) repeated]
31.12.99
CHF billion
EUR
Other
Assets
Cash and balances with central banks
0.5
1.0
Money market paper
0.7
28.9
Due from banks
5.3
9.4
Cash collateral on securities borrowed
1.1
5.6
Reverse repurchase agreements
37.8
50.1
Trading portfolio assets
26.9
78.5
Positive replacement values
0.5
49.6
Loans, net of allowance for credit losses
5.3
28.2
Financial investments
0.7
0.9
Accrued income and prepaid expenses
0.5
1.2
Investments in associates
0.0
0.1
Property and equipment
0.1
0.7
Goodwill and other intangible assets
0.0
0.1
Other assets
2.5
3.5
Total assets
81.9
257.8
Liabilities
Money market paper issued
0.3
7.7
Due to banks
14.5
17.5
Cash collateral on securities
1.0
5.2
Repurchase agreements
27.8
61.3
Trading portfolio liabilities
5.4
11.0
Negative replacement values
2.0
74.0
Due to customers
23.7
35.0
Accrued expenses and deferred income
0.5
3.6
Long-term debt
3.1
11.9
Other liabilities
0.7
3.7
Minority interests
0.0
0.1
Shareholders' equity
0.0
0.0
Total liabilities, minority interests and shareholders'
	equity
79.0
231.0
109
Table of Contents
Note 32   Financial Instruments Risk Position
(continued)
UBS Group Financial Statements
Notes to the Financial Statements
d)  Liquidity Risk
Maturity analysis of assets and
liabilities
Due
Due
Due
between
between
Due
On
Subject
within
3 and
1 and
after
CHF billion
demand
to notice
1
3 mths
12 mths
5 years
5 years
Total
Assets
Cash and balances with central banks
3.0
3.0
Money market paper
0.0
0.0
42.4
24.0
0.0
0.0
66.4
Due from banks
12.0
1.5
12.0
2.3
1.1
0.3
29.2
Cash collateral on securities borrowed
0.0
0.5
177.0
0.0
0.4
0.0
177.9
Reverse repurchase agreements
0.0
0.0
164.6
21.1
0.3
7.9
193.9
Trading portfolio assets
253.3
0.0
0.0
0.0
0.0
0.0
253.3
Positive replacement values
57.9
0.0
0.0
0.0
0.0
0.0
57.9
Loans, net of allowance for credit losses
0.0
36.8
106.2
37.5
56.7
7.6
244.8
Financial investments
10.1
0.0
0.1
2.4
2.3
1.5
16.4
Accrued income and prepaid expenses
7.0
0.0
0.0
0.0
0.0
0.0
7.0
Investments in associates
0.0
0.0
0.0
0.0
0.0
0.9
0.9
Property and equipment
0.0
0.0
0.0
0.0
0.0
8.9
8.9
Goodwill and other intangible assets
0.0
0.0
0.0
0.0
0.0
19.5
19.5
Other assets
8.5
0.0
0.0
0.0
0.0
0.0
8.5
Total 31.12.00
351.8
38.8
502.3
87.3
60.8
46.6
1,087.6
Total 31.12.99
309.5
53.4
395.2
44.8
72.7
21.0
896.6
Liabilities
Money market paper issued
0.0
0.0
48.7
26.1
0.0
0.0
74.8
Due to banks
8.6
4.7
59.3
3.7
5.5
0.4
82.2
Cash collateral on securities lent
0.0
0.1
23.3
0.0
0.0
0.0
23.4
Repurchase agreements
0.0
0.0
251.3
32.7
0.4
11.1
295.5
Trading portfolio liabilities
82.6
0.0
0.0
0.0
0.0
0.0
82.6
Negative replacement values
75.9
0.0
0.0
0.0
0.0
0.0
75.9
Due to customers
76.2
72.3
150.1
10.0
1.7
0.4
310.7
Accrued expenses and deferred income
21.0
0.0
0.0
0.0
0.0
0.0
21.0
Long-term debt
0.0
0.1
3.8
11.8
25.7
13.5
54.9
Other liabilities
18.8
0.0
0.0
0.0
0.0
0.0
18.8
Total 31.12.00
283.1
77.2
536.5
84.3
33.3
25.4
1,039.8
Total 31.12.99
247.1
83.6
416.2
72.6
30.0
16.0
865.5
1
Deposits
without a fixed term, on which notice of withdrawal or
termination has not been given. (Such funds may be withdrawn by
the depositor or repaid by the borrower subject to an agreed
period of notice.)
110
Table of Contents
Note 32   Financial Instruments Risk Position
(continued)
UBS Group Financial Statements
Notes to the Financial Statements
e)  Capital Adequacy
Risk-weighted assets (BIS)
Balance
Balance
sheet /
Risk-
sheet /
Risk-
notional
weighted
notional
weighted
amount
amount
amount
amount
CHF million
31.12.00
31.12.00
31.12.99
31.12.99
Balance sheet assets
Due from banks and other collateralized lendings
333,270
7,409
229,737
9,486
Net positions on securities
1
83,739
10,979
77,858
5,806
Positive replacement values
57,875
18,763
62,957
18,175
Loans, net of allowances for credit losses and other
	collateralized lendings
312,376
162,539
292,902
159,835
Accrued income and prepaid expenses
7,062
4,653
5,167
3,164
Property and equipment
2
13,620
14,604
2
8,701
9,860
2
Other assets
8,507
4,581
11,007
7,686
Off-balance sheet and other positions
Contingent liabilities
27,786
12,548
28,308
14,459
Irrevocable commitments
53,643
12,599
65,693
17,787
Forward and swap contracts
3
5,743,239
10,933
4,881,483
13,213
Purchased options
3
380,411
2,922
406,208
2,823
Market risk positions
4
10,760
10,813
Total risk-weighted assets
273,290
273,107
1
Excluding
positions in the trading book, included in market risk
positions.
2
Including for the year 2000,
intangible assets of CHF 4,710 million. The risk-weighted
amount includes CHF 984 million (1999: CHF 1,159
million) foreclosed properties and properties held for disposal,
which are recorded in the balance sheet under financial
investments.
3
The risk-weighted amount
corresponds to the security margin (add-on) of the
contracts.
4
Value at Risk according to the
internal model multiplied by a factor of 12.5 to create the
risk-weighted amount of the market risk positions in the trading
book.
BIS capital ratios
Capital
Ratio
Capital
Ratio
CHF million
%
CHF million
%
31.12.00
31.12.00
31.12.99
31.12.99
Tier 1
1
31,892
11.7
28,952
10.6
Tier 2
10,968
10,730
Total BIS
42,860
15.7
39,682
14.5
1
The
Tier 1 capital includes USD 1,500 million
(CHF 2,456 million) Trust Preferred securities issued in
connection with the PaineWebber acquisition.
Among other measures UBS monitors the adequacy of
its capital using ratios established by the Bank for
International Settlements (BIS). The BIS ratio is required to be
at least 8%. The Group has complied with all BIS and Swiss
capital adequacy rules for all periods presented. These ratios
measure capital adequacy by comparing the Group's eligible
capital with its risk weighted positions which include balance
sheet assets, net positions in securities not held in the
trading book, off-balance sheet transactions converted into
their credit equivalents and market risk positions at a weighted
amount to reflect their relative risk.
The capital adequacy rules require a minimum
amount of capital to cover credit and market risk exposures. For
the calculation of the capital required for credit risk the
balance sheet assets are weighted according to broad categories
of notional credit risk, being assigned a risk weighting
according to the amount of capital deemed to be necessary to
support them. Four categories of risk weights (0%, 20%, 50%,
100%) are applied; for example cash, claims collateralized by
cash or claims collateralized by OECD central-government
securities have a zero risk weighting which means that no
capital is required to be held in respect of these assets.
111
Table of Contents
Note 32   Financial Instruments Risk Position
(continued)
UBS Group Financial Statements
Notes to the Financial Statements
e)  Capital adequacy
(continued)
Uncollateralized loans granted to corporate or
private customers carry a 100% risk weighting, meaning that they
must be supported by capital equal to 8% of the carrying amount.
Other asset categories have weightings of 20% or 50% which
require 1.6% or 4% capital.
The net positions in securities not held in the
trading book reflect the Group's exposure to an issuer of
securities arising from its physical holdings and other related
transactions in that security.
For contingent liabilities and irrevocable
facilities granted, the credit equivalent is calculated by
multiplying the nominal value of each transaction by its
corresponding credit conversion factor. The resulting amounts
are then weighted for credit risk using the same percentage as
for balance sheet assets. In the case of OTC forward contracts
and purchased options, the credit equivalent is computed on the
basis of the current replacement value of the respective
contract plus a security margin (add-on) to cover the future
potential credit risk during the remaining duration of the
contract.
UBS calculates its capital requirement for market
risk positions, which includes interest-rate instruments and
equity securities in the trading book as well as positions in
foreign exchange and commodities throughout the Group, using an
internal Value at Risk (VaR) model. This approach was introduced
in the BIS 1996 market risk amendment to the Basel Accord of
July 1988 and incorporated in the Swiss capital adequacy
rules of the Swiss Banking Ordinance.
The BIS proposal requires that the regulators
perform tests of the bank internal models before giving
permission for these models to be used to calculate the market
risk capital. Based on extensive checks, the use of the Group
internal models was accepted by the Swiss Federal Banking
Commission in July 1999.
Tier 1 capital consists of permanent
shareholders' equity, trust preferred securities and
retained earnings less goodwill and investments in
unconsolidated subsidiaries. Tier 2 capital includes the
Group's subordinated long-term debt.
Note 33   Fair Value of Financial
Instruments
The following table presents the fair value of
on- and off-balance sheet financial instruments based on certain
valuation methods and assumptions. It is presented because not
all financial instruments are reflected in the financial
statements at fair value.
Fair value is the amount for which an asset could
be exchanged, or a liability settled, between knowledgeable,
willing parties in an arm's-length transaction. A market
price, where an active market (such as a recognized stock
exchange) exists, is the best evidence of the fair value of a
financial instrument. However, market prices are not available
for a significant number of the financial assets and liabilities
held and issued by the Group. Therefore, for financial
instruments where no market price is available, the fair values
presented in the following table have been estimated using
present value or other estimation and valuation techniques based
on market conditions existing at balance sheet date.
The values derived using these techniques are
significantly affected by underlying assumptions concerning both
the amounts and timing of future cash flows and the discount
rates used. The following methods and assumptions have been
used:
(a)
trading assets, derivatives and other
	transactions undertaken for trading purposes are measured at
	fair value by reference to quoted market prices when available.
	If quoted market prices are not available, then fair values are
	estimated on the basis of pricing models, or discounted cash
	flows. Fair value is equal to the carrying amount for these
	items;
112
Table of Contents
Note 33   Fair Value of Financial Instruments
(continued)
UBS Group Financial Statements
Notes to the Financial Statements
(b)
the fair value of liquid assets and other assets
	maturing within 12 months is assumed to approximate their
	carrying amount. This assumption is applied to liquid assets and
	the short-term elements of all other financial assets and
	financial liabilities;
(c)
the fair value of demand deposits and savings
	accounts with no specific maturity is assumed to be the amount
	payable on demand at the balance sheet date;
(d)
the fair value of variable rate financial
	instruments is assumed to approximate their carrying
	amounts;
(e)
the fair value of fixed rate loans and mortgages
	is estimated by comparing market interest rates when the loans
	were granted with current market rates offered on similar loans.
	Changes in the credit quality of loans within the portfolio are
	not taken into account in determining gross fair values as the
	impact of credit risk is recognized separately by deducting the
	amount of the allowance for credit losses from both book and
	fair values.
The assumptions and techniques have been
developed to provide a consistent measurement of fair value for
the Group's assets and liabilities. However, because other
institutions may use different methods and assumptions, such
fair value disclosures cannot necessarily be compared from one
financial institution to another.
Carrying
Fair
Unrealized
Carrying
Fair
Unrealized
value
value
gain/(loss)
value
value
gain/(loss)
CHF billion
31.12.00
31.12.00
31.12.00
31.12.99
31.12.99
31.12.99
Assets
Cash and balances with central banks
3.0
3.0
0.0
5.0
5.0
0.0
Money market paper
66.5
66.5
0.0
69.7
69.7
0.0
Due from banks
29.1
29.1
0.0
30.0
30.0
0.0
Cash collateral on securities borrowed
177.9
177.9
0.0
113.2
113.2
0.0
Reverse repurchase agreements
193.8
193.8
0.0
132.4
132.4
0.0
Trading portfolio assets
253.3
253.3
0.0
211.9
211.9
0.0
Positive replacement values
57.9
57.9
0.0
62.9
62.9
0.0
Loans, net of allowance for credit losses
245.1
244.9
(0.2
)
235.1
235.3
0.2
Financial investments
15.4
17.2
1.8
5.9
7.1
1.2
Liabilities
Money market paper issued
74.8
74.8
0.0
64.7
64.7
0.0
Due to banks
82.8
82.8
0.0
76.9
76.9
0.0
Cash collateral on securities lent
23.4
23.4
0.0
12.8
12.8
0.0
Repurchase agreements
295.5
295.5
0.0
196.9
196.9
0.0
Trading portfolio liabilities
82.6
82.6
0.0
54.6
54.6
0.0
Negative replacement values
75.9
75.9
0.0
95.8
95.8
0.0
Due to customers
311.2
311.2
0.0
280.1
280.1
0.0
Long-term debt
55.7
56.6
(0.9
)
56.4
57.6
(1.2
)
Fair value effect on income of hedging derivatives recorded on
	the accrual basis
(0.5
)
0.5
Net difference between carrying value and fair value
0.2
0.7
113
Table of Contents
Note 33   Fair Value of Financial Instruments
(continued)
UBS Group Financial Statements
Notes to the Financial Statements
The table does not reflect the fair values of
non-financial assets and liabilities such as property,
equipment, goodwill, intangible assets, prepayments, and
non-interest accruals. The interest amounts accrued to date for
financial instruments are included, for purposes of the above
fair value disclosure, in the carrying value of the respective
financial instruments.
Substantially all of the Group's commitments
to extend credit are at variable rates. Accordingly, the Group
has no significant exposure to fair value fluctuations related
to these commitments.
Changes in the fair value of the Group's
fixed rate loans, long- and medium-term notes and bonds issued
are hedged by derivative instruments, mainly interest rate
swaps. The interest rate risk inherent in the balance sheet
positions with no specific maturity is also hedged with
derivative instruments based on the management view on the
economic maturity of the products.
The hedging derivative instruments are carried at
fair value on the balance sheet and are part of the replacement
values in the above table. The difference between the total
amount of valuation gains and losses and the amortized amount is
deferred and shown net in the table as Fair value effect on
income of hedging derivatives recorded on the accrual
basis.
During 2000, the interest rate level of leading
economies continued to increase. The moves in rates had a direct
impact on the fair value calculation of fixed term
transactions.
As the bank has an excess volume of fixed rate
long-term assets over fixed rate long-term liabilities, the net
fair value unrealized gain reduced substantially. In addition to
fixed rate balance sheet positions, the bank has a number of
retail products traditionally offered in Switzerland, such as
variable rate mortgage loans and customer savings and deposits.
These instruments have no maturity or have a contractual
repricing maturity of less than one year. Based on the
assumptions and the guidance under IAS, they are excluded from
the fair value calculations of the table above.
The exclusion of the above traditional banking
products from the fair value calculation leads to certain fair
value swings. If the calculation took into account the fair
value differences based on the economic maturity of the
non-maturity liabilities, such as savings and deposits, in an
environment of rising interest rates, they would generate fair
value gains which may offset most of the fair value loss
reported for fixed term transactions and for hedging derivative
transactions.
114
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 34   Retirement Benefit Plans and
other Employee Benefits
The Group has established various pension plans
inside and outside of Switzerland. The major plans are located
in Switzerland, the UK, the US and Germany. Independent
actuarial valuations are performed for the plans in these
locations.
Swiss pension plans until 30
June 1999
The pension funds of the Group were set up as
trusts, domiciled in Basel and Zurich. All domestic employees
were covered. The pension funds were defined benefit plans. The
pension plan benefits exceeded the minimum benefits required
under Swiss law.
Contributions were paid for by the Group and the
employees. The employee contributions were calculated as a
percentage of the insured annual salary and were deducted
monthly. The percentages deducted from salary were dependent on
age and varied between 8% and 12%. The Group contributions were
variable and amount to 125% to 250% of the employees
contributions depending on the financial situation of the
pension fund.
The pension plan formula was based on years of
contributions and final covered salary. The benefits covered
included retirement benefits, disability, death and survivor
pension.
Swiss pension plans starting 1 July
1999
The pension plans of both former banks in
Switzerland are in the process of being liquidated and a new
foundation with domicile in Zurich was created as of
21 January 1999. The new pension scheme became operational
as of 1 July 1999.
As a result of the merger of the plans of the
former banks in Switzerland, on 1 July 1999 there was an
increase of vested plan benefits for the beneficiaries of such
plans due to the allocation of the excess of the fair value of
plan assets over the benefit obligation. This had the effect of
increasing the Defined benefit obligation by
CHF 3,525 million. In accordance with IAS 19
(revised 1998) this resulted in a one-time charge to income
which was offset by the recognition of assets previously
unrecognized due to the paragraph 58(b) limitation of
IAS 19 (revised 1998) used to fund this increase in
benefits.
The pension plan covers practically all employees
in Switzerland and exceeds the minimum benefit requirements
under Swiss law. Contributions to the pension plan are paid for
by employees and the Group. The employee contributions are
calculated as a percentage of insured annual salary and are
deducted monthly. The percentages deducted from salary for full
benefit coverage (including risk benefits) depend on age and
vary between 7% and 10%. The Group pays a variable contribution
that ranges between 150% and 220% of the sum of employees'
contributions.
The pension plan formula is based on years of
contributions and final covered salary. The benefits covered
include retirement benefits, disability, death and survivor
pension.
In 1999, the Group recognized a prepaid pension
asset of CHF 456 million representing excess employer
contributions. In 2000, CHF 100 million of this asset
was used to satisfy the benefit obligation.
Foreign pension plans
The foreign locations of UBS operate various
pension schemes in accordance with local regulations and
practices. Among these schemes are defined contribution plans as
well as defined benefit plans. The locations with defined
benefit plans of a material nature are in the UK, the US and
Germany. These locations together with Switzerland cover nearly
90% of the active work-force. Certain of these schemes permit
employees to make contributions and earn matching or other
contributions from the Group.
The retirement plans provide benefits in the
event of retirement, death, disability or employment
termination. The plans' retirement benefits depend on age,
contributions and level of compensation. The principal plans are
financed in full by the Group. The funding policy for these
plans is consistent with local government and tax
requirements.
The assumptions used in foreign plans take into
account local economic conditions.
The amounts shown for foreign plans reflect the
net funded positions of the major foreign plans.
115
Table of Contents
Note 34   Retirement Benefit Plans and
other Employee Benefits (continued)
UBS Group Financial Statements
Notes to the Financial Statements
CHF million
31.12.00
31.12.99
31.12.98
Swiss pension plans
Defined benefit obligation at the beginning of the year
(17,011
)
(14,944
)
(14,431
)
Service cost
(545
)
(464
)
(535
)
Interest cost
(666
)
(636
)
(726
)
Plan amendments
0
(3,517
)
(119
)
Special termination benefits
(211
)
1,000
0
Actuarial gain (loss)
0
571
(6
)
Benefits paid
721
979
873
Defined benefit obligation at the end of the year
(17,712
)
(17,011
)
(14,944
)
Fair value of plan assets at the beginning of the year
18,565
17,885
17,224
Actual return on plan assets
535
2,136
856
Employer contributions
490
515
493
Plan participant contributions
205
180
185
Benefits paid
(721
)
(979
)
(873
)
Special termination benefits
0
(1,172
)
0
Fair value of plan assets at the end of the year
19,074
18,565
17,885
Plan assets in excess of benefit obligation
1,362
1,554
2,941
Unrecognized net actuarial gains
(331
)
(724
)
(385
)
Unrecognized assets
(675
)
(374
)
(2,556
)
Prepaid pension cost
356
456
0
Additional details to fair value of plan assets
Own financial instruments and securities lent to UBS included in
	plan assets
4,643
6,785
2,761
Any assets used by UBS included in plan assets
179
187
176
Retirement benefits expense
Current service cost
545
464
535
Interest cost
666
636
726
Expected return on plan assets
(928
)
(883
)
(856
)
Adjustment to limit prepaid pension cost
301
(150
)
148
Amortization of unrecognized prior service costs
211
172
6
Employee contributions
(204
)
(180
)
(185
)
Actuarially determined net periodic pension cost
591
59
374
Actual return on plan assets (%)
2.9
11.9
6.7
Principal actuarial assumptions used (%)
Discount rate
4.0
4.0
5.0
Expected rate of return on plan assets
5.0
5.0
5.0
Expected rate of salary increase
2.5
2.5
4.5
Rate of pension increase
1.5
1.5
2.0
116
Table of Contents
Note 34   Retirement Benefit Plans and
other Employee Benefits (continued)
UBS Group Financial Statements
Notes to the Financial Statements
CHF million
31.12.00
31.12.99
31.12.98
Pension plans abroad
Defined benefit obligation at the beginning of the year
(2,444
)
(2,009
)
(1,950
)
Service cost
(165
)
(118
)
(116
)
Interest cost
(162
)
(123
)
(140
)
Plan amendments
0
(2
)
(7
)
Special termination benefits
(3
)
0
40
Actuarial gain / (loss)
(99
)
2
32
Benefits paid
84
133
60
Acquisition of PaineWebber
(740
)
0
0
Currency adjustment
123
(269
)
5
Other
0
(58
)
67
Defined benefit obligation at the end of the year
(3,406
)
(2,444
)
(2,009
)
Fair value of plan assets at the beginning of the year
2,880
2,173
2,188
Actual return on plan assets
0
352
267
Employer contributions
13
22
43
Plan participant contributions
23
15
9
Benefits paid
(84
)
(133
)
(60
)
Acquisition of PaineWebber
676
0
0
Currency adjustment
(130
)
333
0
Other
0
118
(274
)
Fair value of plan assets at the end of the year
3,378
2,880
2,173
Plan assets in excess of benefit obligation
(28
)
436
164
Unrecognized net actuarial gains
(81
)
(474
)
(63
)
Unrecognized transition amount
1
1
2
Unrecognized past service cost
2
2
0
Unrecognized assets
(47
)
(28
)
(60
)
(Unfunded accrued) / prepaid pension cost
(153
)
(63
)
43
Movement of net (liability) or asset
(Unfunded accrued) / prepaid pension cost at the beginning
	of the year
(63
)
43
36
Net periodic pension cost
(55
)
(123
)
(33
)
Employer contributions
13
22
43
Acquisition of PaineWebber
(63
)
0
0
Currency adjustment
15
(5
)
(3
)
(Unfunded accrued) / prepaid pension cost at the end of
	the year
(153
)
(63
)
43
Retirement benefits expense
Current service cost
165
118
116
Interest cost
162
123
140
Expected return on plan assets
(243
)
(195
)
(191
)
Amortization of net transition liability
0
0
2
Adjustment to limit prepaid pension cost
0
21
2
Immediate recognition of transition assets under IAS 8
0
0
(23
)
Amortization of unrecognized prior service costs
3
77
7
Amortization of unrecognized net (gain) / losses
(9
)
(6
)
(3
)
Effect of any curtailment or settlement
0
0
(8
)
Employee contributions
(23
)
(15
)
(9
)
Actuarially determined net periodic pension cost
55
123
33
Actual return on plan assets (%)
(0.9
)
15.3
5.2
Principal actuarial assumptions used (weighted average %)
Discount rate
6.3
6.0
7.3
Expected rates of return on plan assets
8.1
8.1
8.6
Expected rate of salary increase
4.4
4.6
6.8
Rate of pension increase
1.6
2.2
3.3
117
Table of Contents
Note 34   Retirement Benefit Plans and
other Employee Benefits (continued)
UBS Group Financial Statements
Notes to the Financial Statements
Postretirement medical and life
plans
In the US and the UK the Group offers retiree
medical benefits that contribute to the health care coverage of
employees and beneficiaries after retirement. In addition to
retiree medical benefits, the Group in the US also provides
retiree life insurance benefits.
The benefit obligation in excess of plan assets
for those plans amounts to CHF 111 million as of
31 December 2000 (1999 CHF 113 million, 1998 CHF 93
million) and the total unfunded accrued postretirement
liabilities to CHF 108 million as of 31 December 2000
(1999 CHF 83 million, 1998 CHF 62 million). The
actuarially determined net postretirement cost amounts to
CHF 22 million as of 31 December 2000 (1999
CHF 17 million, 1998 CHF 17 million).
Postretirement medical and life
plans
CHF million
31.12.00
31.12.99
31.12.98
Postretirement benefit obligation at the beginning of the
	year
(117
)
(96
)
(103
)
Service cost
(6
)
(2
)
(7
)
Interest cost
(8
)
(6
)
(8
)
Plan amendments
(7
)
0
(5
)
Actuarial gain / (loss)
27
0
(9
)
Benefits paid
5
4
4
Acquisition of PaineWebber
(9
)
0
0
Currency adjustment
0
(16
)
5
Other
0
(1
)
27
Postretirement benefit obligation at the end of the year
(115
)
(117
)
(96
)
CHF million
31.12.00
31.12.99
31.12.98
Fair value of plan assets at the beginning of the year
4
3
3
Actual return on plan assets
0
1
1
Company contributions
4
4
3
Benefits paid
(4
)
(4
)
(4
)
Fair value of plan assets at the end of the year
4
4
3
The assumed health care cost trend used in
determining the benefit expense for 2000 is 5.33%. Assumed
health care cost trend rates have a significant effect on the
amounts reported for the health care plan. A
one-percentage-point change in the assumed health care cost
trend rates would change the US postretirement benefit
obligation and the service and interest cost components of the
net periodic postretirement benefit costs as follows:
CHF million
1% increase
1% decrease
Effect on total service and interest cost
2.4
(1.7
)
Effect on the postretirement benefit obligation
11.0
(8.3
)
118
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 35   Equity Participation Plans
UBS AG has established various equity
participation plans in the form of stock plans and stock option
plans to further align the long-term interests of managers,
staff and shareholders.
Under the Equity Ownership Plan, selected
personnel are awarded a portion of their performance-related
compensation in UBS AG shares or warrants, which are restricted
for a specified number of years. Under the Long Term Incentive
Plan, key employees are granted long-term stock options to
purchase UBS AG shares at a price not less than the fair market
value of the shares on the date the option is granted.
Participation in both plans is mandatory. Long-term stock
options are blocked for three or five years, during which they
cannot be exercised. One option gives the right to purchase one
registered UBS AG share at the option's strike price. UBS
AG has additional plans under which new recruits and members of
senior management may be granted UBS AG shares, options and
warrants.
Under the Equity Investment Plan, employees have
the choice to invest part of their annual bonus in UBS AG shares
or in warrants or derivatives on UBS AG shares, which may be
exercised or settled in cash. A number of awards under these
plans are made in notional shares or instruments, which
generally are settled in cash. A holding period, generally three
years, applies during which the instruments cannot be sold or
exercised. In addition, participants in the plan receive a
restricted matching contribution of additional UBS AG shares or
derivatives. Shares awarded under the plan are purchased or
hedged in the market. Under the PAP plan, employees in
Switzerland are entitled to purchase a specified number of UBS
AG shares at a predetermined discounted price each year (the
discount is recorded as compensation expense). The number of
shares that can be purchased depends primarily on years of
service and rank. Any such shares purchased must be held for a
specified period of time. Information on shares available for
issuance under these plans is included in the Group Statement of
Changes in Equity.
The Group has adopted the equity-based
compensation plans of PaineWebber for its eligible employees.
The PaineWebber Equity Plus Program allows eligible employees to
purchase UBS AG shares at a price equal to fair market value on
the purchase date and receive stock options to purchase UBS AG
shares based upon the number of shares purchased under the
Program. The non-qualified stock options have a price equal to
the fair market value of the stock on the date the option is
granted. Shares purchased under the Equity Plus Program are
restricted from resale for two years from the time of purchase,
and the options that are granted under the Equity Plus Program
have a three-year vesting requirement and expire seven years
after the date of grant. PaineWebber has additional plans under
which new recruits, senior management and other key employees
may receive option grants. Options granted under the plans of
PaineWebber are denominated in US dollars.
In addition, UBS has entered into employee
retention agreements that provide for the payment to key
PaineWebber employees which are subject to the employees'
continued employment and other restrictions. The awards are
primarily in the form of UBS stock and option grants. The
estimated cost to the Group for the agreements is approximately
CHF 1.5 billion (USD 875 million) over a four-year period.
Generally, the Group's policy is to
recognize expense as of the date of grant for equity
participation instruments (stocks, warrants, options and other
derivatives for which the underlying is the Group's own
shares). The amount of expense recognized is equal to the
intrinsic value (excess of the UBS AG share price over the
instrument's strike price, if any) of the instrument at
such date. The accrued expense for the years ended
31 December 2000, 1999 and 1998 was CHF 1,749 million, CHF
1,684 million and CHF 996 million, respectively. The accruals
include awards earned currently but issued in the following
year.
119
Table of Contents
Note 35   Equity Participation Plans
(continued)
UBS Group Financial Statements
Notes to the Financial Statements
Options on UBS AG shares
Weighted-
Weighted-
Weighted-
average
average
average
exercise
exercise
exercise
Number of
price
Number of
price
Number of
price
options
(in CHF)
options
(in CHF)
options
(in CHF)
31.12.00
31.12.00
31.12.99
31.12.99
31.12.98
31.12.98
Outstanding, at the beginning of the year
10,138,462
197
7,202,786
177
1,899,924
186
Options due to acquisition of PaineWebber
6,325,270
1
102
0
0
0
0
Granted during the year
7,082,682
2
215
3,439,142
237
5,811,778
182
Exercised during the year
(1,796,769
)
150
(71,766
)
179
(22,970
)
178
Forfeited during the year
(646,811
)
193
(431,700
)
190
(485,946
)
268
Outstanding, at the end of the year
21,102,834
175
10,138,462
197
7,202,786
177
Exercisable, at the end of the year
6,103,613
101
650,640
186
0
0
1
UBS AG
issued options in exchange for vested options of PaineWebber,
which have been included in the purchase price for PaineWebber
at fair value (see Note 2: Acquisition of Paine Webber
Group, Inc.).
2
Includes options granted to
key employees of PaineWebber, vesting over a 3-year period,
subject to the employee's continued employment and other
restrictions.
Some of the options in the table above have
exercise prices denominated in US dollars, which have been
converted to Swiss francs for inclusion in the table.
The following table summarizes information
about stock options outstanding at 31 December
2000:
Options outstanding
Range of exercise
Number of
Weighted-average
Weighted-average
prices per share
options outstanding
exercise price
remaining contractual life
CHF
CHF
years
170.00–225.00
9,755,040
186.81
4.1
225.01–270.00
3,436,805
237.80
4.1
170.00–270.00
13,191,845
200.09
4.1
USD
USD
years
14.65–25.00
1,129,643
21.84
3.2
25.01–50.00
1,236,743
32.11
3.9
50.01–75.00
1,194,960
70.40
4.3
75.01–100.00
1,880,768
80.50
6.4
100.01–125.00
–
–
–
125.01–143.07
2,468,875
141.01
6.8
14.65–143.07
7,910,989
81.92
5.4
[Additional columns below]
[Continued from above table, first column(s) repeated]
Options exercisable
Range of exercise
Number of
Weighted-average
prices per share
options exercisable
exercise price
CHF
CHF
170.00–225.00
460,408
184.24
225.01–270.00
–
–
170.00–270.00
460,408
184.24
USD
USD
14.65–25.00
1,129,643
21.84
25.01–50.00
1,236,743
32.11
50.01–75.00
1,194,960
70.40
75.01–100.00
1,880,768
80.50
100.01–125.00
–
–
125.01–143.07
201,091
142.96
14.65–143.07
5,643,205
58.24
During 1998, options that had been issued to
Swiss Bank Corporation employees were revised to reflect the
1  1/13 SBC to UBS AG share conversion rate of the merger.
Also, during 1998, because of a significant drop in the UBS AG
share price in the third quarter, employees were given the
opportunity to convert options received earlier in the year with
a strike price of CHF 270 to a reduced number (  2/3) of
options with a strike price of CHF 170.
Had the Group determined compensation cost for
its stock-based compensation plans based on fair value at the
award grant dates, the net income and earnings per share for
2000, 1999 and 1998 would approximate the amounts in the
following table.
120
Table of Contents
Note 35   Equity Participation Plans
(continued)
UBS Group Financial Statements
Notes to the Financial Statements
CHF million, except per share data
31.12.00
31.12.99
31.12.98
Net income
As reported
7,792
6,153
2,972
Pro forma
7,614
6,027
2,893
Basic EPS
As reported
19.33
15.20
7.33
Pro forma
18.89
14.89
7.14
Diluted EPS
As reported
19.04
15.07
7.20
Pro forma
18.61
14.76
7.01
The pro forma amounts in the table above reflect
the vesting periods of all options granted. The effects of
recognizing compensation expense and providing pro forma
disclosures are not likely to be representative of the effects
on reported Net profit for future years.
The weighted-average fair-value of options
granted in 2000, 1999 and 1998 was CHF 48, CHF 59 and
CHF 54 per share, respectively. The fair value of options
granted was determined as of the date of issuance using a
proprietary option pricing model, substantially similar to the
Black-Scholes model, with the following assumptions:
31.12.2000
31.12.1999
31.12.1998
Expected volatility
30%
33%
40%
Risk free interest rate (CHF)
3.27%
2.07%
2.56%
Risk free interest rate (USD)
5.66%
–
–
Expected dividend rate
2.44%
1.44%
1.64%
Expected life
4 years
6 years
6 years
Stock bonus and stock purchase plans
The following table shows the shares awarded and
the weighted-average fair value per share for the Group's
equity-based compensation plans. The fair values for the stock
purchase awards reflect the purchase price paid. The stock bonus
awards for 2000 include approximately 6,622,000 shares granted
under the retention agreements with key employees of PaineWebber
and the bonus awards for 1999, in addition to the 1998 plan-year
awards, include 1,405,000 shares issued in exchange for
previously issued non-share awards and for special bonuses. The
stock purchase awards for 1999 include 666,000 shares issued for
the 1999 plan-year.
Stock bonus plans
31.12.2000
31.12.1999
31.12.1998
Shares awarded
12,780,000
3,469,000
2,524,000
Weighted-average fair market value per share (in CHF)
228
220
210
Stock purchase plans
31.12.2000
31.12.1999
31.12.1998
Shares awarded
322,000
1,802,000
1,338,000
Weighted-average fair market value per share (in CHF)
104
148
155
Shares awarded in 1998 under both types of plans
included Swiss Bank Corporation shares issued to employees prior
to the merger. For the above table, the number of these shares
and their fair market value have been adjusted for the 1 
1/13 Swiss Bank Corporation to UBS AG share conversion rate of
the merger.
121
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 36   Related Parties
Related parties include the Board of Directors,
the Group Executive Board, the Group Managing Board, close
family members and enterprises which are controlled by these
individuals as well as certain persons performing similar
functions.
Total remuneration of related parties recognized
in the income statement amounted to CHF 272.3 million in
2000 and CHF 193.1 million in 1999, including accrued
pension benefits of approximately CHF 30.0 million in 2000
and CHF 21.2 million in 1999.
The number of long-term stock options outstanding
from equity plans was 1,564,486 at 31 December 2000
and 274,616 at 31 December 1999. This scheme is further
explained in Note 35 Equity Participation Plans.
The external members of the Board of Directors do
not have employment or service contracts with UBS, and thus are
not entitled to benefits upon termination of their service on
the Board of Directors. The full-time Chairman and Vice-Chairman
have top-management employment contracts and receive pension
benefits upon retirement.
The total amounts of shares and warrants held by
members of the Board of Directors, Group Executive Board and
Group Managing Board were 2,527,728 and 69,504,577 as of
31 December 2000 and 2,456,092 and 11,424,514 as of
31 December 1999.
Total loans and advances receivable (mortgages
only) from related parties were as follows:
CHF million
2000
1999
Mortgages at the beginning of the year
28
27
Additions
9
6
Reductions
(1
)
(5
)
Mortgages at the end of the year
36
28
Members of the Board of Directors, Group
Executive Board and Group Managing Board are granted mortgages
at the same terms and conditions as other employees. Terms and
conditions are based on third party conditions excluding credit
margin.
Loans and advances to significant associated
companies were as follows:
CHF million
2000
1999
Loans and advances at the beginning of the year
62
165
Additions
0
42
Reductions
(62
)
(145
)
Loans and advances at the end of the year
0
62
Note 38 provides a list of significant
associates.
Note 37   Post-Balance Sheet Events
There have been no material post-balance sheet
events which would require disclosure or adjustment to the
December 2000 financial statements.
Long-term debt, excluding medium-term notes, has
decreased by CHF 582 million since the balance sheet date
to 5 March 2001.
On 14 February 2001, the Board of Directors
reviewed the financial statements and authorised them for issue.
These financial statements will be submitted to the Annual
General Meeting of Shareholders to be held on 26 April 2001
for approval.
122
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Footnotes
1
CH: UBS Switzerland
2
AM: UBS Asset Management
3
WA: UBS Warburg
4
CC: Corporate Center
5
Share Capital and Share Premium
6
Joined UBS Asset Management on 20 February 2001
	and was renamed Brinson Advisors Inc
Note 38   Significant Subsidiaries and
Associates
The legal entity group structure of UBS is
designed to support the Group's businesses within an
efficient legal, tax, regulatory and funding framework. Neither
the Business Groups of UBS (namely UBS Warburg, UBS Switzerland
and UBS Asset Management) nor Corporate Center are replicated in
their own individual legal entities but rather they generally
operate out of the parent bank, UBS AG, through its Swiss and
foreign branches.
The goal of the focus on the parent bank is to
capitalize on the synergies offered by the use of a single legal
platform, enable the flexible use of capital in an efficient
manner and to provide a structure where the activities of the
Business Groups may be carried on without the need to set up
separate subsidiaries beforehand.
Where, usually due to local legal, tax or
regulatory rules or due to additional legal entities joining the
UBS Group via acquisition, it is either not possible or not
efficient to operate out of the parent bank then local
subsidiary companies host the appropriate businesses. The
significant operating subsidiary companies in the Group are
listed below:
Significant subsidiaries
Equity
Share
interest
Registered
Business
capital
accumul-
Company
office
Group
in millions
ated in %
Armand von Ernst & Cie AG
Bern
CH
1
CHF
5.0
100.0
Aventic AG
Zurich
CH
CHF
30.0
100.0
Bank Ehinger & Cie AG
Basel
CH
CHF
6.0
100.0
BDL Banco di Lugano
Lugano
CH
CHF
50.0
100.0
Brinson Partners Inc
Chicago
AM
2
USD
1.9
5
100.0
Brunswick UBS Warburg Limited
George Town
WA
3
USD
25.0
5
50.0
Cantrade Privatbank AG
Zurich
CH
CHF
10.0
100.0
Cantrade Private Bank Switzerland (CI) Limited
St. Helier
CH
GBP
0.7
100.0
Correspondent Services Corporation
Delaware
WA
USD
26.8
5
100.0
Crédit Industriel SA
Zurich
CH
CHF
10.0
100.0
EIBA "Eidgenössische Bank"
Beteiligungs- und Finanzgesellschaft
Zurich
WA
CHF
14.0
100.0
Factors AG
Zurich
CH
CHF
5.0
100.0
Ferrier Lullin & Cie SA
Geneva
CH
CHF
30.0
100.0
Fondvest AG
Zurich
AM
CHF
4.3
100.0
Global Asset Management Limited
Hamilton
AM
USD
2.0
100.0
HYPOSWISS, Schweizerische Hypotheken- und Handelsbank
Zurich
CH
CHF
26.0
100.0
IL Immobilien-Leasing AG
Opfikon
CH
CHF
5.0
100.0
Klinik Hirslanden AG
Zurich
CC
4
CHF
22.5
91.2
Mitchell Hutchins Asset Management Inc
6
Delaware
WA
USD
35.1
5
100.0
NYRE Holding Corporation
Delaware
WA
USD
30.3
5
100.0
PaineWebber Capital Inc
Delaware
WA
USD
25.5
5
100.0
PaineWebber Incorporated
Delaware
WA
USD
1,625.6
5
100.0
PaineWebber Incorporated of Puerto Rico
Puerto Rico
WA
USD
24.2
5
100.0
PaineWebber Life Insurance Company
California
WA
USD
29.3
5
100.0
PT UBS Warburg Indonesia
Jakarta
WA
IDR
11,000.0
85.0
PW Trust Company
New Jersey
WA
USD
4.4
5
99.6
Schröder Münchmeyer Hengst AG
Hamburg
WA
DEM
100.0
100.0
SG Warburg & Co International BV
Amsterdam
WA
GBP
40.5
100.0
SG Warburg Securities SA
Geneva
WA
CHF
14.5
100.0
Thesaurus Continentale Effekten-Gesellschaft Zürich
Zurich
CH
CHF
30.0
100.0
UBS (Bahamas) Ltd
Nassau
CH
USD
4.0
100.0
UBS (Cayman Islands) Ltd
George Town
CH
USD
5.6
100.0
UBS (France) SA
Paris
WA
EUR
10.0
100.0
UBS (Italia) SpA
Milan
WA
ITL
43,000.0
100.0
UBS (Luxembourg) SA
Luxembourg
CH
CHF
150.0
100.0
UBS (Monaco) SA
Monte Carlo
CH
EUR
9.2
100.0
123
Table of Contents
Note 38   Significant Subsidiaries and
Associates (continued)
UBS Group Financial Statements
Notes to the Financial Statements
Significant subsidiaries (continued)
Equity
Share
interest
Registered
Business
capital
accumul-
Company
office
Group
in millions
ated in %
UBS (Panama) SA
Panama
CH
USD
6.0
100.0
UBS (Sydney) Limited
Sydney
CH
AUD
12.7
100.0
UBS (Trust and Banking) Limited
Tokyo
WA
JPY
10,500.0
100.0
UBS (USA) Inc
New York
WA
USD
315.0
100.0
UBS Americas Inc
Stamford
WA
USD
3,562.9
5
100.0
UBS Asset Management (Australia) Ltd
Sydney
AM
AUD
8.0
100.0
UBS Asset Management (France) SA
Paris
AM
EUR
0.8
100.0
UBS Asset Management (Japan) Ltd
Tokyo
AM
JPY
2,200.0
100.0
UBS Asset Management (New York) Inc
New York
AM
USD
72.7
5
100.0
UBS Asset Management (Singapore) Ltd
Singapore
AM
SGD
4.0
100.0
UBS Asset Management (Taiwan) Ltd
Taipei
AM
TWD
340.0
82.0
UBS Asset Management Holding Limited
London
AM
GBP
8.0
5
100.0
UBS Australia Holdings Ltd
Sydney
WA
AUD
11.7
100.0
UBS Australia Limited
Sydney
WA
AUD
15.0
100.0
UBS Bank (Canada)
Toronto
CH
CAD
20.7
100.0
UBS Beteiligungs-GmbH & Co KG
Frankfurt
WA
EUR
398.8
100.0
UBS Capital AG
Zurich
WA
CHF
0.5
100.0
UBS Capital Asia Pacific Limited
George Town
WA
USD
5.0
100.0
UBS Capital BV
The Hague
WA
EUR
104.1
5
100.0
UBS Capital GmbH
Munich
WA
EUR
–
100.0
UBS Capital II LLC
Delaware
WA
USD
2.6
5
100.0
UBS Capital LLC
New York
WA
USD
18.5
5
100.0
UBS Capital Partners Limited
London
WA
GBP
6.7
100.0
UBS Capital SpA
Milan
WA
ITL
50,000.0
100.0
UBS Card Center AG
Glattbrugg
CH
CHF
40.0
100.0
UBS España SA
Madrid
WA
EUR
55.3
100.0
UBS Finance (Cayman Islands) Limited
George Town
CC
USD
0.5
100.0
UBS Finance (Curação) NV
Willemstad
CC
USD
0.1
100.0
UBS Finance (Delaware) LLC
Delaware
WA
USD
37.3
5
100.0
UBS Finanzholding AG
Zurich
CC
CHF
10.0
100.0
UBS Fund Holding (Luxembourg) SA
Luxembourg
AM
CHF
42.0
100.0
UBS Fund Holding (Switzerland) AG
Basel
AM
CHF
18.0
100.0
UBS Fund Management (Switzerland) AG
Basel
AM
CHF
1.0
100.0
UBS Fund Services (Luxembourg) SA
Luxembourg
AM
CHF
2.5
100.0
UBS Futures & Options Limited
London
WA
GBP
2.0
100.0
UBS Global Trust Corporation
St. John
CH
CAD
0.1
100.0
UBS Immoleasing AG
Zurich
CH
CHF
3.0
100.0
UBS Inc
New York
WA
USD
375.3
5
100.0
UBS International Holdings BV
Amsterdam
CC
CHF
5.5
100.0
UBS Invest Kapitalanlagegesellschaft mbH
Frankfurt
AM
DEM
15.0
100.0
UBS Investment Management Pte Ltd
Singapore
WA
SGD
0.5
90.0
UBS Lease Finance LLC
Delaware
WA
USD
16.7
100.0
UBS Leasing AG
Brugg
CH
CHF
10.0
100.0
UBS Life AG
Zurich
CH
CHF
25.0
100.0
UBS Limited
London
WA
GBP
10.0
100.0
UBS O'Connor Limited
London
AM
GBP
8.8
100.0
UBS Overseas Holding BV
Amsterdam
WA
EUR
18.1
100.0
UBS Preferred Funding Company LLC I
Delaware
WA
USD
–
100.0
UBS Securities Limited
London
WA
GBP
10.0
100.0
UBS Services Limited
London
WA
GBP
–
100.0
UBS Trust (Canada)
Toronto
CH
CAD
12.5
100.0
UBS Trustees (Singapore) Ltd
Singapore
CH
SGD
0.8
100.0
UBS UK Holding Limited
London
WA
GBP
5.0
100.0
UBS UK Limited
London
WA
GBP
609.0
100.0
UBS Warburg Asia Limited
Hong Kong
WA
HKD
20.0
100.0
UBS Warburg (France) SA
Paris
WA
EUR
22.9
100.0
UBS Warburg (Italia) SIM SpA
Milan
WA
EUR
1.9
100.0
124
Table of Contents
Note 38   Significant Subsidiaries and
Associates (continued)
UBS Group Financial Statements
Notes to the Financial Statements
Significant subsidiaries (continued)
Equity
Share
interest
Registered
Business
capital
accumul-
Company
office
Group
in millions
ated in %
UBS Warburg (Japan) Limited
George Town
WA
JPY
30,000.0
50.0
UBS Warburg (Malaysia) Sdn Bhd
Kuala Lumpur
WA
MYR
0.5
70.0
UBS Warburg (Nederland) BV
Amsterdam
WA
EUR
10.9
100.0
UBS Warburg AG
Frankfurt
WA
EUR
155.7
100.0
UBS Warburg Australia Corporation Pty Limited
Sydney
WA
AUD
50.4
5
100.0
UBS Warburg Australia Limited
Sydney
WA
AUD
571.5
5
100.0
UBS Warburg Derivatives Limited
Hong Kong
WA
HKD
20.0
100.0
UBS Warburg Futures Inc
Delaware
WA
USD
2.0
100.0
UBS Warburg Hong Kong Limited
Hong Kong
WA
HKD
30.0
100.0
UBS Warburg International Ltd
London
WA
GBP
18.0
100.0
UBS Warburg LLC
Delaware
WA
USD
450.1
100.0
UBS Warburg Ltd
London
WA
GBP
17.5
100.0
UBS Warburg Pte Limited
Singapore
WA
SGD
3.0
100.0
UBS Warburg Real Estate Securities Inc
Delaware
WA
USD
0.4
5
100.0
UBS Warburg Securities (España) SV SA
Madrid
WA
EUR
13.4
100.0
UBS Warburg Securities (South Africa) (Pty) Limited
Sandton
WA
ZAR
22.1
100.0
UBS Warburg Securities Co Ltd
Bangkok
WA
THB
400.0
100.0
UBS Warburg Securities India Private Limited
Mumbai
WA
INR
237.8
75.0
UBS Warburg Securities Ltd
London
WA
GBP
140.0
100.0
UBS Warburg Securities Philippines Inc
Makati City
WA
PHP
120.0
100.0
Significant associates
Equity interest
Share capital
Company
in %
in millions
FSG Swiss Financial Services Group AG, Zurich
33.0
CHF  26
Giubergia UBS Warburg SIM SpA, Milan
50.0
EUR  15
Motor Columbus AG, Baden
35.6
CHF 253
Telekurs Holding AG, Zurich
33.3
CHF  45
Volbroker.com Limited, London
20.6
GBP  16
None of the above investments carry voting rights
that are significantly different from the proportion of shares
held.
Consolidated companies: changes in
2000
Significant new companies
Correspondent Services Corporation,
Delaware
Fondvest AG, Zurich
Mitchell Hutchins Asset Management Inc,
Delaware
6
PaineWebber Capital Inc, Delaware
PaineWebber Incorporated of Puerto Rico, Puerto
Rico
PaineWebber Incorporated, Delaware
PaineWebber Life Insurance Company,
California
PW Trust Company, New Jersey
UBS Americas Inc, Stamford
UBS Asset Management (Taiwan) Ltd, Taipei
(formerly Fortune Securities Investment & Trust Co
Ltd)
UBS Global Trust Corporation, St. John
UBS Life AG, Zurich
UBS Preferred Funding Company LLC I,
Delaware
UBS Trustees (Singapore) Ltd, Singapore
UBS Warburg Real Estate Securities Inc,
Delaware
125
Table of Contents
Note 38   Significant Subsidiaries and
Associates (continued)
UBS Group Financial Statements
Notes to the Financial Statements
Deconsolidated companies
Significant deconsolidated companies
Reason for deconsolidation
IMPRIS AG, Zurich
Sold
Solothurner Bank, Solothurn
Sold
Note 39   Significant Currency Translation
Rates
The following table shows the significant rates
used to translate the financial statements of foreign entities
into Swiss francs.
Spot rate
Average rate
At
Year-to-date
31.12.00
31.12.99
31.12.00
31.12.99
31.12.98
1 USD
1.64
1.59
1.69
1.50
1.45
1 EUR
1.52
1.61
1.56
1.60
1 GBP
2.44
2.58
2.57
2.43
2.41
100 JPY
1.43
1.56
1.57
1.33
1.11
100 DEM
82.07
81.88
82.38
Note 40   Swiss Banking Law Requirements
The significant differences between International
Accounting Standards (IAS), which are the principles followed by
the Group, and the accounting requirements for banks under Swiss
laws and regulations, are as follows:
Securities borrowing and lending
Under IAS only the cash collateral delivered or
received is recognized in the balance sheet. There is no
recognition or derecognition for the securities received or
delivered. Up to 31 December 1999, the Swiss requirement
was to recognize the securities received or delivered in the
balance sheet along with any collateral in respect of those
securities for which control is transferred.
For the year ended 31 December 2000 the
Swiss regulators accepted the same treatment as for IAS and
therefore there is no difference in the balance sheet.
Treasury shares
Treasury shares is the term used to describe the
holding by an enterprise of its own equity instruments. In
accordance with IAS treasury shares are presented in the balance
sheet as a deduction from equity. No gain or loss is recognized
in the income statement on the sale, issuance, or cancellation
of those shares. Consideration received is presented in the
financial statement as a change in equity.
Under Swiss requirements, treasury shares would
be carried in the balance sheet (trading portfolio assets,
financial investments or other liabilities) with gains and
losses on the sale, issuance, or cancellation of treasury shares
reflected in the income statement.
Extraordinary income and expense
Under IAS most items of income and expense arise
in the course of ordinary business, and extraordinary items are
expected to be rare. Under the Swiss requirements, income and
expense items not directly related with the core business
activities of the enterprise (e.g. sale of fixed assets or bank
premises) are recorded as extraordinary income or expense.
126
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 40   Swiss Banking
Law Requirements (continued)
CHF million
31.12.00
31.12.99
1
Differences in the balance sheet
Securities borrowing and lending
Assets
Trading portfolio / Money market paper
47,401
Due from banks / customers
273,093
Liabilities
Due to banks / customers
375,080
Trading portfolio liabilities
(54,586
)
Treasury shares
Assets
Trading portfolio
4,561
Financial investments
4,007
3,136
Liabilities
Other liabilities
2,516
0
Differences in the income statement
Treasury shares
201
(182
)
Reclassification of extraordinary income and expense
Other income, including income from associates
(211
)
(1,726
)
Differences in the shareholders' equity
Share premium
(2,509
)
Treasury shares
1
4,000
8,023
1
The 1999
figures have been restated to reflect retroactive changes in
accounting policy arising from newly applicable International
Accounting Standards and changes in presentation (see
Note 1: Summary of Significant Accounting Policies).
127
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UBS Group Financial Statements
Notes to the Financial Statements
Note 41   Reconciliation of International
Accounting Standards to United States Generally Accepted
Accounting Principles
Note 41.1 Valuation and income
recognition differences between International Accounting
Standards and United States Generally Accepted Accounting
Principles
The consolidated financial statements of the
Group have been prepared in accordance with IAS. The principles
of IAS differ in certain respects from United States Generally
Accepted Accounting Principles
("U.S. GAAP").
The following is a summary of the relevant
significant accounting and valuation differences between IAS and
U.S. GAAP.
a.  Purchase
accounting (merger of Union Bank of Switzerland and Swiss Bank
Corporation)
Under IAS, the Group accounted for the 1998
merger of Union Bank of Switzerland and Swiss Bank Corporation
under the pooling of interests method. The balance sheets and
income statements of the banks were combined and no adjustments
to the carrying values of the assets and liabilities were
made.
Under U.S. GAAP, the business combination
creating UBS AG is accounted for under the purchase method
with Union Bank of Switzerland being considered the acquirer.
Under the purchase method, the cost of acquisition is measured
at fair value and the acquirer's interests in identifiable
tangible assets and liabilities of the acquiree are restated to
fair values at the date of acquisition. Any excess consideration
paid over the fair value of net tangible assets acquired is
allocated, first to identifiable intangible assets based on
their fair values, if determinable, with the remainder allocated
to goodwill.
Goodwill
Under U.S. GAAP, goodwill and other intangible
assets acquired are capitalized and amortized over the expected
periods to be benefited with adjustments for any
impairment.
For purposes of the U.S. GAAP
reconciliation, the excess of the consideration paid for Swiss
Bank Corporation over the fair value of the net tangible assets
received has been recorded as goodwill and is being amortized on
a straight line basis over a weighted average life of
13 years beginning 29 June 1998.
In 2000 and 1999, goodwill was reduced by CHF 211
million and CHF 118 million respectively, due to recognition of
deferred tax assets of Swiss Bank Corporation which had
previously been subject to valuation reserves.
Other purchase accounting
adjustments
Under U.S. GAAP, the results of operations
of Swiss Bank Corporation would have been included in the
Group's consolidated financial statements beginning
29 June 1998. For purposes of the U.S. GAAP
reconciliation, Swiss Bank Corporation's Net profit for the
six-month period ended 29 June 1998 has been excluded from
the Group's Net profit. For purposes of the U.S. GAAP
reconciliation, the restatement of Swiss Bank Corporation's
net assets to fair value resulted in decreasing net tangible
assets by CHF 1,077 million. This amount will be amortized
over a period ranging from two years to 20 years.
b.  Harmonization of
accounting policies
The business combination noted above was
accounted for under the pooling of interests method under IAS.
Under the pooling interest method of accounting, a single
uniform set of accounting policies was adopted and applied to
all periods presented. This resulted in a restatement of 1997
Shareholders' equity and Net loss.
U.S. GAAP requires that accounting changes be
accounted for in the income statement in the period the change
is made. For purposes of the U.S. GAAP reconciliation the
accounting policy harmonization recorded in 1997 was reversed
because the business combination noted above is being accounted
for under the purchase method and the impact of the accounting
changes was recorded in 1998.
128
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UBS Group Financial Statements
Notes to the Financial Statements
Harmonization of accounting policies
The income statement effect of this conforming
adjustment was as follows:
CHF million
For the year ended
31.12.99
31.12.98
Depreciation policies
(20
)
(338
)
Credit risk adjustments on derivatives
0
(193
)
Policies for other real estate
0
(140
)
Retirement benefit and equity participation plans
0
(47
)
Settlement-risk adjustments on derivatives
0
(33
)
Total
(20
)
(751
)
There was no income statement effect after year
1999.
c.  Restructuring
provision
Under IAS, restructuring provisions are
recognized when a legal or constructive obligation has been
incurred. In 1997, the Group recognized a CHF 7,000 million
restructuring provision to cover personnel, IT, premises and
other costs associated with combining and restructuring the
merged Group. A further CHF 300 million provision was recognized
in 1999, reflecting the impact of increased precision in the
estimation of certain leased and owned property costs.
Under U.S. GAAP, the criteria for establishing
restructuring provisions were more stringent than under IAS
prior to 2000. For purposes of the U.S. GAAP reconciliation, the
aggregate CHF 7,300 million restructuring provision was
reversed. As a result of the business combination with Swiss
Bank Corporation and the decision to combine and streamline
certain activities of the banks for the purpose of reducing
costs and improving efficiencies, Union Bank of Switzerland
recognized a restructuring provision of CHF 1,575 million during
1998 for purposes of the U.S. GAAP reconciliation. CHF 759
million of this provision related to estimated costs for
restructuring the operations and activities of Swiss Bank
Corporation and that amount was recorded as a liability of the
acquired business. The remaining CHF 816 million of estimated
costs were charged to restructuring expense during 1998. The
reserve is expected to be substantially utilized by 2001.
The U.S. GAAP restructuring provision was
adjusted in 1999 (increase of CHF 600 million) and 2000
(increase of CHF 130 million) as shown in the table below.
During 2000, the IAS requirements for
restructuring provisions were changed such that they became
substantially identical to the U.S. GAAP requirements. As of
31 December 2000, the remaining IAS provision was higher
than the remaining U.S. GAAP provision by approximately CHF 114
million. This amount represents an accrual permitted under IAS
for lease costs on properties to be vacated. Under U.S. GAAP,
such costs may not be recognized until the premises are actually
vacated.
Restructuring provision
The usage of the U.S. GAAP restructuring
provision was as follows:
Balance
Revision
Usage
Balance
Revision
Usage
Balance
Usage
Provision
CHF million
31.12.00
2000
2000
31.12.99
1999
1999
31.12.98
1998
1998
Personnel
422
(71
)
(188
)
681
553
(254
)
382
(374
)
756
Premises
143
194
(291
)
240
179
(244
)
305
(27
)
332
IT
31
67
(63
)
27
7
(5
)
25
(68
)
93
Other
20
(60
)
(49
)
129
(139
)
(45
)
313
(81
)
394
Total
616
130
(591
)
1,077
600
(548
)
1,025
(550
)
1,575
Additionally, for purposes of the U.S. GAAP
reconciliation, CHF 138 million, CHF 150 million and CHF 273
million of restructuring costs were expensed as incurred in
2000, 1999 and 1998, respectively.
129
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UBS Group Financial Statements
Notes to the Financial Statements
d.  Derivatives
instruments held or issued for non-trading
purposes
Under IAS, the Group recognizes transactions in
derivative instruments hedging non-trading positions in the
income statement using the accrual or deferral method, which is
generally the same accounting as the underlying item being
hedged.
U.S. GAAP requires that derivatives be reported
at fair value with changes in fair value recorded in income
unless specified criteria are met to obtain hedge accounting
treatment (accrual or deferral method).
The Group does not comply with all of the
criteria necessary to obtain hedge accounting treatment under
U.S. GAAP. Accordingly, for purposes of the U.S. GAAP
reconciliation, derivative instruments held or issued for
non-trading purposes that did not meet U.S. GAAP hedging
criteria have been carried at fair value with changes in fair
value recognized as adjustments to Net trading income.
e.  Financial
investments
Under IAS, financial investments are classified
as either current investments or long-term investments. The
Group considers current financial investments to be held for
sale and carried at lower of cost or market value
("LOCOM"). The Group accounts for long-term financial
investments at cost, less any permanent impairments.
Under U.S. GAAP, investments are classified as
either held to maturity (essentially debt securities) which are
carried at amortized cost or available for sale (debt and
marketable equity securities), which are carried at fair value
with changes in fair value recorded as a separate component of
Shareholders' equity. Realized gains and losses are
recognized in net profit in the period sold.
For purposes of the U.S. GAAP reconciliation,
marketable equity securities are adjusted from LOCOM to fair
value and classified as available for sale investments. Held to
maturity investments that do not meet U.S. GAAP criteria are
also reclassified to the available for sale category. Unrealized
gains or unrealized losses relating to these investments are
recorded as a component of Shareholders' equity.
f.  Retirement benefit
plans
Under IAS, the Group has recorded pension expense
based on a specific method of actuarial valuation of projected
plan liabilities for accrued service including future expected
salary increases and expected return on plan assets. Plan assets
are held in a separate trust to satisfy plan liabilities. Plan
assets are recorded at fair value. The recognition of a prepaid
asset on the books of the Group is subject to certain
limitations. These limitations generally cause amounts
recognized as expense to equal amounts funded in the same
period. Any amount not recognized as a prepaid asset and the
corresponding impact on pension expense has been disclosed in
the financial statements.
Generally, under U.S. GAAP, pension expense is
based on the same method of valuation of liabilities and assets
as under IAS. Differences in the levels of expense and
liabilities (or prepaid assets) exist due to the different
transition date rules and the stricter provisions for
recognition of a prepaid asset.
As a result of the merger of the benefit plans of
Union Bank of Switzerland and Swiss Bank Corporation, there was
a one time increase of the vested plan benefits for the
beneficiaries of such plans. This had the effect of increasing
the defined benefit obligation by CHF 3,525 million. Under
IAS this resulted in a one time charge to income which was
offset by the recognition of assets (previously unrecognized due
to certain limitations under IAS).
Under U.S. GAAP, in a business combination that
is accounted for under the purchase method, the assignment of
the purchase price to individual assets acquired and liabilities
assumed must include a liability for the projected plan
liabilities in excess of plan assets or an asset for plan assets
in excess of the projected plan liabilities, thereby recognizing
any previously existing unrecognized net gains or losses,
unrecognized prior service cost, or unrecognized net liabilities
or assets.
For purposes of the U.S. GAAP reconciliation, the
Group recorded a prepaid asset for the Union Bank of Switzerland
plans as of 1 January 1998. Swiss Bank Corporation recorded
a purchase accounting adjustment to recognize its prepaid asset
at 29 June 1998. The recognition of these assets impacts
the pension expense recorded under U.S. GAAP versus IAS. The
assets recognized under IAS
130
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UBS Group Financial Statements
Notes to the Financial Statements
(which had been previously unrecognized due to
certain limitations under IAS) were already recognized under
U.S. GAAP due to the absence of such limitations under
U.S. GAAP.
g.  Other employee
benefits
Under IAS, the Group has recorded expenses and
liabilities for post-retirement benefits determined under a
methodology similar to that described above under retirement
benefit plans.
Under U.S. GAAP, expenses and liabilities for
post-retirement benefits would be determined under a similar
methodology as under IAS. Differences in the levels of expenses
and liabilities have occurred due to different transition date
rules and the treatment of the merger of Union Bank of
Switzerland and Swiss Bank Corporation under the purchase
method.
h.  Equity
participation plans
IAS does not specifically address the recognition
and measurement requirements for equity participation
plans.
U.S. GAAP permits the recognition of compensation
cost on the grant date for the estimated fair value of equity
instruments issued (Statement of Financial Accounting Standard
"SFAS" No. 123) or based on the intrinsic value
of equity instruments issued (Accounting Principles Board
"APB" No. 25), with the disclosure of the pro
forma effects of equity participation plans on net profit and
earnings per share, as if the fair value had been recorded on
the grant date. The Group recognizes only intrinsic values at
the grant date with subsequent changes in value not
recognized.
For purposes of the U.S. GAAP reconciliation,
certain of the Group's option awards have been determined
to be variable pursuant to APB No. 25, primarily because
they may be settled in cash or the Group has offered to hedge
their value. Additional compensation expense from these options
awards for the years ended 31 December 2000, 1999 and 1998,
is CHF 85 million, CHF 41 million and CHF 1 million,
respectively. In addition, certain of the Group's equity
participation plans provide for deferral and diversification of
the awards, and the instruments are held in trusts for the
participants. Certain of these trusts are recorded on the
Group's balance sheet for U.S. GAAP presentation. The net
effect on income of recording these assets and liabilities is a
debit to expense of CHF 82 million, CHF 8 million and
nil for the years ended 31 December 2000, 1999 and 1998,
respectively.
i.  Software
capitalization
Under IAS, effective 1 January 2000, certain
costs associated with the acquisitions or development of
internal use software are required to be capitalized. Once the
software is ready for its intended use, the costs capitalized
are amortized to the Income statement over estimated lives.
Under U.S. GAAP, the same principle applies, however this
standard was effective 1 January 1999. For purposes of the
U.S. GAAP reconciliation, the costs associated with the
acquisition or development of internal use software that met the
U.S. GAAP software capitalization criteria in 1999 have been
reversed from Operating expenses and amortized over a life of
two years once it is ready for its intended use. From
1 January 2000, the only remaining reconciliation item is
the amortization of software capitalized in 1999 for U.S. GAAP
purposes.
j.  Trading in own
shares and derivatives on own shares
As of 1 January 2000, upon adoption of the
Standing Interpretations Committee's ("SIC")
interpretation 16 "Share Capital –
Reacquired Own Equity Instruments (Treasury Shares)" for
IAS, all own shares are treated as treasury shares and reduce
total shareholders' equity. This applies also to the number
of shares outstanding. Derivatives on own shares are classified
as assets, liabilities or in shareholders' equity depending
upon the manner of settlement. As a result of this adoption,
there is no difference between IAS and U.S. GAAP. For 1999 and
1998, figures have been retroactively restated (see Note 1,
Summary of Significant Accounting Policies).
131
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UBS Group Financial Statements
Notes to the Financial Statements
k.  Recently issued US
accounting standards
Accounting for derivative instruments and
hedging activities
In June 1998, the US Financial Accounting
Standards board ("FASB") issued SFAS No. 133,
Accounting for Derivative Instruments and Hedging Activities,
which, as amended, is required to be adopted for financial
statements as of 1 January 2001. The standard establishes
accounting and reporting standards for derivative instruments,
including certain derivative instrument embedded in other
contracts, and for hedging activities. Under International
Accounting Standards, the Group is not required to comply with
all the criteria necessary to obtain hedge accounting under U.S.
GAAP. Accordingly, for future U.S. GAAP reconciliation,
derivative instruments held or issued for non-trading purposes
that do not meet U.S. GAAP hedging criteria under SFAS
No. 133 will be carried at fair value with changes in fair
value recognized as adjustments to trading income. The specific
impact on earnings and financial position as a result of SFAS
No. 133 is not possible to quantify as the Group will be
complying with hedge accounting criteria necessary to obtain
hedge accounting for certain activity, but not all.
Accounting for Transfers and Servicing of
Financial Assets and Extinguishment of Liabilities
In 1996 the FASB issued SFAS No. 125,
"Accounting for Transfers and Servicing of Financial Assets
and Extinguishment of Liabilities". That statement provided
standards for distinguishing transfers of financial assets that
are sales from those that are financing transactions. In
September 2000, the FASB issued SFAS No. 140,
"Accounting for Transfers and Servicing of Financial Assets
and Extinguishment of Liabilities – a replacement of
SFAS No. 125". SFAS No. 140 revises the standards
for accounting for securitizations and other transfers of
financial assets and collateral and requires certain new
disclosures, but it carries over most of SFAS
No. 125's provisions without reconsideration.
Generally, the new provisions of this standard are to be applied
prospectively and become effective 31 March 2001. However,
certain recognition and classification requirements for
collateral and disclosures for collateral and securitization
transactions have been adopted by the Group as of
31 December 2000. Adoption of the remaining provisions of
this revised accounting standard is not expected to have a
material impact on the Group.
132
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UBS Group Financial Statements
Notes to the Financial Statements
Note
41.2   Reconciliation of IAS Shareholders'
equity and Net profit/loss to U.S. GAAP
Shareholders' equity
Net profit/(loss)
CHF million
31.12.00
31.12.99
31.12.98
31.12.00
31.12.99
31.12.98
Amounts determined in accordance with IAS
44,833
30,608
28,794
7,792
6,153
2,972
Adjustments in respect of
a. SBC purchase accounting:
Goodwill
17,835
19,765
21,612
(1,719
)
(1,729
)
(864
)
Other purchase accounting adjustments
(808
)
(858
)
(895
)
50
37
(2,415
)
b. Harmonization of accounting policies
0
0
20
0
(20
)
(751
)
c. Restructuring provision
112
350
1948
(238
)
(1,598
)
(3,982
)
d. Derivative instruments held or issued for non-trading
	purposes
(857
)
507
1,052
(1,353
)
(545
)
(405
)
e. Financial investments
379
52
108
28
36
23
f. Retirement benefit plans
1,898
1,839
1,858
59
(19
)
88
g. Other employee benefits
(16
)
(24
)
(26
)
8
2
(20
)
h. Equity participation plans
(311
)
(113
)
(40
)
(167
)
(47
)
(1
)
i. Software capitalization
229
389
0
(160
)
389
0
Tax adjustments
(334
)
(682
)
330
137
178
1,690
Total adjustments
18,127
21,225
25,967
(3,355
)
(3,316
)
(6,637
)
Amounts determined in accordance with U.S.  GAAP
62,960
51,833
54,761
4,437
2,837
(3,665
)
133
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UBS Group Financial Statements
Notes to the Financial Statements
Note 41.3   Earnings per
share
Under IAS and U.S. GAAP, basic earnings per share
("EPS") is computed by dividing income available to
common shareholders by the weighted average common shares
outstanding. Diluted EPS includes the determinants of basic EPS
and, in addition, gives effect to dilutive potential common
shares that were outstanding during the period.
The computations of basic and diluted EPS for the
years ended 31 December 2000, 31 December 1999
and 31 December 1998 are presented in the following table.
The adjustment in 1998 is due to the difference in weighted
average shares calculated under purchase accounting for
U.S. GAAP versus the pooling method under IAS for the Union
Bank of Switzerland merger with Swiss Bank Corporation on 29
June 1998. There is otherwise no difference between IAS and
U.S. GAAP for the calculation of weighted average shares
for EPS.
% change from
For the year ended
31.12.00
31.12.99
31.12.98
31.12.99
Net profit / (loss) available
for Basic earnings per share (CHF million)
IAS
7,792
6,153
2,972
27
U.S. GAAP
4,437
2,837
(3,665
)
56
Basic weighted average shares outstanding
IAS
403,029,309
404,742,482
405,222,295
0
U.S. GAAP
403,029,309
404,742,482
414,609,886
0
Basic earnings / (loss) per share (CHF)
IAS
19.33
15.20
7.33
27
U.S. GAAP
11.01
7.01
(8.84
)
57
Net profit / (loss) available
for Diluted earnings per share (CHF million)
IAS
7,778
6,153
2,972
26
U.S. GAAP
4,423
2,837
(3,665
)
56
Diluted weighted average shares outstanding
IAS
408,525,900
408,375,152
412,881,04
1
0
U.S. GAAP
408,525,900
408,375,152
414,609,886
1
0
Diluted earnings / (loss) per share (CHF)
IAS
19.04
15.07
7.20
26
U.S. GAAP
10.83
6.95
(8.84
)
1
56
The following are adjustments to the calculation
of weighted average outstanding common shares which result from
valuation and presentation differences between IAS and
U.S. GAAP:
Weighted average shares outstanding
31.12.00
31.12.99
31.12.98
Basic weighted-average ordinary shares (IAS)
403,029,309
404,742,482
405,222,295
add: Treasury shares adjustments
0
0
9,387,591
Basic weighted-average ordinary shares (U.S. GAAP)
403,029,309
404,742,482
414,609,886
1
No
potential ordinary shares may be included in the computation of
any diluted per-share amount when a loss from continuing
operations exists.
134
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UBS Group Financial Statements
Notes to the Financial Statements
Note 41.4   Presentation
differences between IAS and U.S. GAAP
In addition to the differences in valuation and
income recognition, other differences, essentially related to
presentation, exist between IAS and U.S. GAAP. Although these
differences do not cause differences between IAS and U.S. GAAP
reported shareholders' equity and net profit, it may be
useful to understand them to interpret the financial statements
presented in accordance with U.S. GAAP. The following is a
summary of presentation differences that relate to the basic IAS
financial statements.
1.  Purchase accounting
As described in Note 42.1, under U.S. GAAP
the business combination creating UBS AG was accounted for under
the purchase method with Union Bank of Switzerland being
considered the acquirer. In the U.S. GAAP Condensed Consolidated
Balance Sheet, the assets and liabilities of Swiss Bank
Corporation have been restated to fair value at the date of
acquisition (29 June 1998). In addition, the following
table presents summarized financial results of SBC for the
period from 1 January to 29 June 1998 which, under
U.S. GAAP, would be excluded from the U.S. GAAP condensed
consolidated Income statement for the year ended
31 December 1998.
2.  Settlement date vs. trade date
accounting
The Group's transactions from securities
activities are recorded on the settlement date for balance sheet
and on the trade date for income statement purposes. This
results in recording an off-balance sheet forward transaction
during the period between the trade date and the settlement
date. Forward positions relating to trading activities are
revalued to fair value and any unrealized profits and losses are
recognized in Net profit.
Under U.S. GAAP, trade date accounting is
required for purchases and sales of securities. For purposes of
U.S. GAAP presentation, all purchases and sales of securities
previously recorded on settlement date have been recorded as of
trade date for balance sheet purposes. Trade date accounting has
resulted in receivables and payables to broker-dealers and
clearing organizations recorded in Other assets and Other
liabilities.
135
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UBS Group Financial Statements
Notes to the Financial Statements
SBC's summarized Income statement
for the period 1 January 1998 to
29 June 1998
CHF million
Operating income
Interest income
8,205
Less: Interest expense
6,630
Net interest income
1,575
Less: Credit loss expense
164
Total
1,411
Net fee and commission income
3,701
Net trading income
2,135
Income from disposal of associates and subsidiaries
1,035
Other income
364
Total
8,646
Operating expenses
Personnel
3,128
General and administrative
1,842
Depreciation and amortization
511
Total
5,481
Operating profit before taxes and minority interests
3,165
Tax expense
552
Profit
2,613
Less: Minority interests
(1
)
Net profit
2,614
3.  Securities lending, Securities
borrowing, Repurchase, Reverse repurchase and Other
collateralized transactions
Under IAS, the Group's repurchase agreements
and securities lending are accounted for as collateralized
borrowings. Reverse repurchase agreements and securities
borrowing are accounted for as collateralized lending
transactions. Cash collateral is reported on the balance sheet
at amounts equal to the collateral advanced or received.
Under U.S. GAAP, these transactions are also
generally accounted for as collateralized borrowing and lending
transactions. However, certain such transactions may be deemed
sale or purchase transactions under specific circumstances. U.S.
GAAP (SFAS No. 125) required recognition of securities
collateral controlled, and an offsetting obligation to return
such securities collateral on certain financing transactions,
when specific control conditions existed. Pursuant to the
guidance in SFAS No. 140, Accounting for Transfers of
Servicing of Financial Assets and Extinguishment of Liabilities
(a replacement of SFAS No. 125) issued in 2000, the Group
has restated its 1999 U.S. GAAP Balance sheet to derecognize
securities collateral received that are no longer required to be
recognized.
Additionally, SFAS No. 140 requires
segregation of the balance, as of 31 December 2000, of the
Group's Trading portfolio assets which it has pledged under
agreements permitting the transferee to repledge or resell such
collateral. For presentation purposes, such reclassifications
are reflected in the U.S. GAAP Balance Sheet in Trading
portfolio assets, pledged.
4.  Financial investments
Under IAS, the Group's private equity
investments, real estate held for sale and non-marketable equity
financial investments have been included in Financial
investments.
Under U.S. GAAP, private equity investments, real
estate held for sale and non-marketable financial investments
generally are
136
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
reported in Other assets or reported as a
separate caption in the Balance sheet.
For purposes of U.S. GAAP presentation, private
equity investments are reported as a separate caption in the
Balance sheet and real estate held for sale and non-marketable
equity financial investments are reported in Other assets.
5.  Equity participation plans
Certain of the Group's equity participation
plans provide for deferral and diversification of the awards.
The shares and other diversified instruments are held in trusts
for the participants. Certain of these trusts are recorded on
the Group's balance sheet for U.S. GAAP presentation, the
effect of which is to increase assets by CHF 1,298 million and
CHF 655 million, liabilities by CHF 1,377 million and CHF 717
million, and decrease shareholders' equity by CHF 69
million and CHF 62 million (for UBS AG shares held by the trusts
which are treated as treasury shares) at 31 December 2000
and 31 December 1999, respectively.
6.  Net trading income
The Group has implemented a change in accounting
policy for interest and dividend income and expenses on trading
related assets and liabilities (see Note 1, Summary of
Significant Accounting Policies). For the years ended 31
December 1999 and 31 December 1998, figures have been
retroactively restated. As a result of this change, there is no
longer a difference between IAS and U.S. GAAP.
137
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UBS Group Financial Statements
Notes to the Financial Statements
Note 41.5   Consolidated
Income Statement
The following is a Consolidated Income Statement
of the Group, for the years ended 31 December 2000,
31 December 1999 and 31 December 1998, restated to
reflect the impact of valuation and income recognition
differences and presentation differences between IAS and U.S.
GAAP.
31.12.00
31.12.99
1
31.12.98
1
For the year ended
CHF million
Reference
U.S. GAAP
IAS
U.S. GAAP
IAS
U.S. GAAP
IAS
Operating income
Interest income
a, d, 1
51,565
51,745
35,404
35,604
29,136
37,442
Less: Interest expense
a, 1
(43,584
)
(43,615
)
(29,660
)
(29,695
)
(25,773
)
(32,424
)
Net interest income
7,981
8,130
5,744
5,909
3,363
5,018
Less: Credit loss expense
1
130
130
(956
)
(956
)
(787
)
(951
)
Total
8,111
8,260
4,788
4,953
2,576
4,067
Net fee and commission income
1
16,703
16,703
12,607
12,607
8,925
12,626
Net trading income
b, d, 1
8,597
9,953
7,174
7,719
455
3,313
Net gains from disposal of associates and subsidiaries
1
83
83
1,821
1,821
84
1,119
Other income
b, e, 1
1,431
1,403
1,361
1,325
641
1,122
Total
34,925
36,402
27,751
28,425
12,681
22,247
Operating expenses
Personnel
b, c, f, g, h, 1
17,262
17,163
12,483
12,577
7,938
9,816
General and administrative
a, c, i, 1
6,813
6,765
6,664
6,098
6,259
6,735
Depreciation and amortization
a, b, i, 1
3,952
2,275
3,454
1,857
2,403
1,825
Restructuring costs
c
191
0
750
0
1,089
0
Total
28,218
26,203
23,351
20,532
17,689
18,376
Operating profit/(loss) before
tax and minority interests
6,707
10,199
4,400
7,893
(5,008
)
3,871
Tax expense/(benefit)
1
2,183
2,320
1,509
1,686
(1,339
)
904
Net profit/(loss) before minority interests
4,524
7,879
2,891
6,207
(3,669
)
2,967
Minority interests
1
(87
)
(87
)
(54
)
(54
)
4
5
Net profit/(loss)
4,437
7,792
2,837
6,153
(3,665
)
2,972
1
Certain
IAS and U.S. GAAP 1999 and 1998 figures have been restated to
reflect retroactive changes in accounting policy arising from
newly applicable International Accounting Standards and changes
in presentation (see Note 1, Summary of Significant
Accounting Policies).
Note: References above coincide with the
discussions in Note 41.1 and Note 41.4. These
references indicate which IAS to U.S. GAAP adjustments affect an
individual financial statement caption.
138
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 41.6   Consolidated
Balance Sheet
The following is a Consolidated Balance Sheet of
the Group, as of 31 December 2000 and 31 December 1999
restated to reflect the impact of valuation and income
recognition principles and presentation differences between IAS
and U.S. GAAP.
31.12.00
31.12.99
1
CHF million
Reference
U.S. GAAP
IAS
U.S. GAAP
IAS
Assets
Cash and balances with central banks
2,979
2,979
5,073
5,073
Money market paper
66,454
66,454
69,717
69,717
Due from banks
a, 3
29,182
29,147
29,954
29,907
Cash collateral on securities borrowed
177,857
177,857
113,162
113,162
Reverse repurchase agreements
193,801
193,801
132,391
132,391
Trading portfolio assets
b, 2,3
197,048
253,296
184,085
211,932
Trading portfolio assets, pledged
3
59,448
Positive replacement values
2
57,775
57,875
62,294
62,957
Loans, net of allowance for credit losses
a, 3
245,214
244,842
235,401
234,858
Financial investments
b, e, 4
7,807
16,405
2,378
7,039
Accrued income and prepaid expenses
7,062
7,062
5,167
5,167
Investments in associates
880
880
1,102
1,102
Property and equipment
a, b, i
9,692
8,910
9,655
8,701
Intangible assets and goodwill
a
35,726
19,537
21,428
3,543
Private equity investments
4
6,658
0
3,001
0
Other assets
b, d, f, g, h, 2, 4, 5
26,971
8,507
18,717
11,007
Total assets
1,124,554
1,087,552
893,525
896,556
Liabilities
Money market paper issued
a
74,780
74,780
64,655
64,655
Due to banks
3
82,240
82,240
76,363
76,365
Cash collateral on securities lent
3
23,418
23,418
12,832
12,832
Repurchase agreements
3
295,513
295,513
173,840
196,914
Trading portfolio liabilities
2, 3
87,832
82,632
52,658
54,638
Negative replacement values
2
75,423
75,923
95,004
95,786
Due to customers
a, 3
310,686
310,679
279,971
279,960
Accrued expenses and deferred income
21,038
21,038
12,040
12,040
Long-term debt
a
54,970
54,855
56,049
56,332
Other liabilities
a, b, c, d, e, h, 2, 3
32,809
18,756
17,846
15,992
Total liabilities
1,058,709
1,039,834
841,258
865,514
Minority interests
2,885
2,885
434
434
Total shareholders' equity
62,960
44,833
51,833
30,608
Total liabilities, minority interests and shareholders'
	equity
1,124,554
1,087,552
893,525
896,556
1
Certain IAS
and U.S. GAAP 1999 and 1998 figures have been restated to
reflect retroactive changes in accounting policy arising from
newly applicable International Accounting Standards and changes
in presentation (see Note 1, Summary of Significant
Accounting Policies).
Note:  References above coincide with the
discussions in Note 41.1 and Note 41.4. These
references indicate which IAS and U.S. GAAP adjustments affect
an individual financial statement caption.
138
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note
41.7   Comprehensive income
Comprehensive income is defined as the change in
Shareholders' equity excluding transactions with
shareholders. Comprehensive income has two major components: Net
profit, as reported in the income statement, and Other
comprehensive income. Other comprehensive income includes such
items as foreign currency translation and unrealized gains in
available-for-sale securities. The components and accumulated
other comprehensive income amounts for the years ended
31 December 2000, 31 December 1999 and
31 December 1998 are as follows:
Unrealized
Accumulated
Foreign
gains in
other
currency
available-for-
comprehensive
Comprehensive
CHF million
translation
sale securities
income
income
Balance, 1 January 1998
(111
)
47
(64
)
Net loss
(3,665
)
Other comprehensive income:
Foreign currency translation
(345
)
(345
)
Unrealized gains, arising during the year, net of CHF 89 million
	tax
267
267
Reclassification adjustment for gains realized in net profit,
	net of CHF 76 million tax
(229
)
(229
)
(307
)
Comprehensive loss
(3,972
)
Balance, 31 December 1998
(456
)
85
(371
)
Net profit
2,837
Other comprehensive income:
Foreign currency translation
14
14
Unrealized gains, arising during the year, net of CHF 18 million
	tax
74
74
Reclassification adjustment for gains realized in net profit,
	net of CHF 40 million tax
(143
)
(143
)
(55
)
Comprehensive income
2,782
Balance, 31 December 1999
(442
)
16
(426
)
Net profit
4,437
Other comprehensive income:
Foreign currency translation
(245
)
(245
)
Unrealized gains, arising during the year, net of CHF 152
	million tax
456
456
Reclassification adjustment for gains realized in net profit,
	net of CHF 40 million tax
(121
)
(121
)
90
Comprehensive income
4,527
Balance, 31 December 2000
(687
)
351
(336
)
140
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 42   Additional Disclosures Required
under U.S. GAAP
In addition to the differences in valuation and
income recognition and presentation, disclosure differences
exist between IAS and U.S. GAAP. The following are additional
U.S. GAAP disclosures that relate to the basic financial
statements.
Note 42.1   Business
combinations
On 29 June 1998, Union Bank of Switzerland
and Swiss Bank Corporation consummated a merger of the banks,
resulting in the formation of UBS AG. New shares totaling
428,746,982 were issued exclusively for the exchange of the
existing shares of Union Bank of Switzerland and Swiss Bank
Corporation. Under the terms of the merger agreement, Union Bank
of Switzerland shareholders received 5 registered shares for
each bearer share held and 1 registered share for each
registered share held, totaling 257,500,000 shares of UBS AG.
Swiss Bank Corporation shareholders received 11/13 registered
shares of the Group for each Swiss Bank Corporation registered
share held, totaling 171,246,982 shares. The combined share
capital amounted to CHF 5,754 million. As a result of the
exchange of shares, CHF 1,467 million were transferred from
share capital to the share premium account. The merger was
accounted for under the pooling of interests method and,
accordingly, the information included in the financial
statements presents the combined results of Union Bank of
Switzerland and Swiss Bank Corporation as if the merger had been
in effect for all periods presented.
Summarized results of operations of the separate
companies for the period from 1 January 1998 through
29 June 1998, the date of combination, are as
follows:
Union Bank
Swiss Bank
CHF million
of Switzerland
Corporation
Total operating income
5,702
8,646
Net profit
739
2,614
As a result of the merger, the Group harmonized
its accounting policies that have been retrospectively applied
for the restatement of comparative information and opening
retained earnings at 1 January 1997. As a result,
adjustments were required for the accounting for treasury
shares, netting of balance sheet items, repurchase agreements,
depreciation, and employee share plans.
Summarized results of operations of the separate
companies for the year ended 31 December 1997 are as
follows:
Total operating
CHF million
income
Net loss
Union Bank of Switzerland
13,114
(129
)
Swiss Bank Corporation
13,026
(248
)
Total as previously reported
26,140
(377
)
Impact of accounting policy harmonization
(1,260
)
(290
)
Consolidated
24,880
(667
)
Prior to 29 June 1998, Union Bank of
Switzerland and Swiss Bank Corporation entered into certain
transactions with each other in the normal course of business.
These intercompany transactions have been eliminated in the
accompanying financial statements.
141
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 42.2   Financial
investments
See Note 15 for information on financial
investments. The following table summarizes the Group's
financial investments as of 31 December 2000 and
31 December 1999:
Gross
Gross
Amortized
unrealized
unrealized
Fair
CHF million
cost
gains
losses
value
31 December 2000
Equity securities
1
1,147
447
6
1,588
Debt securities issued by the Swiss national government and
	agencies
34
2
0
36
Debt securities issued by Swiss local governments
46
1
1
46
Debt securities issued by the U.S. Treasury and agencies
0
0
0
0
Debt securities issued by foreign governments and official
	institutions
4,852
7
3
4,856
Corporate debt securities
1,139
5
1
1,143
Mortgage-backed securities
47
0
0
47
Other debt securities
88
4
0
92
Total
7,353
466
11
7,808
31 December 1999
Equity securities 1
388
3
14
377
Debt securities issued by the Swiss national government and
	agencies
78
3
0
81
Debt securities issued by Swiss local governments
81
3
1
83
Debt securities issued by the U.S. Treasury and agencies
410
0
0
410
Debt securities issued by foreign governments and official
	institutions
321
6
1
326
Corporate debt securities
851
24
6
869
Mortgage-backed securities
109
1
1
109
Other debt securities
120
3
0
123
Total
2,358
43
23
2,378
1
The LOCOM
value of the equity securities as reported in Note 15 is
adjusted to cost basis for the purpose of fair value
calculation.
The following table presents an analysis of the
contractual maturities of the investments in debt securities as
of 31 December 2000:
1–5 years
5–10 years
Over 10 years
Within 1 year
CHF million, except percentages
Amount
Yield(%)
Amount
Yield(%)
Amount
Yield(%)
Amount
Yield(%)
Swiss national government and agencies
2
6.90
16
5.13
16
6.45
0
Swiss local governments
1
6.11
27
5.19
18
4.43
0
U.S. Treasury and agencies
0
0
0
0
Foreign governments and official institutions
2,451
1.62
1,236
1.80
1,165
0.85
0
Corporate debt securities
16
5.20
917
6.02
206
2.21
0
Mortgage-backed securities
20
6.02
5
6.54
22
14.46
0
Other debt securities
21
6.57
56
4.33
11
3.68
0
Total amortized cost
2,511
2,257
1,438
0
Total market value
2,514
2,272
1,434
0
Proceeds from sales and maturities of investment
securities available for sale during the year ended
31 December 2000 and the year ended 31 December 1999
were CHF 325 million and CHF 1,482 million, respectively. Gross
gains of CHF 162 million and gross losses of CHF 1 million were
realized in 2000 on those sales, and gross gains of CHF 180
million and gross losses of CHF 3 million were realized in
1999.
142
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Selected Financial Data
CHF million, except where indicated
For the year ended
31.12.00
31.12.99
1
31.12.98
1
31.12.97
Income statement key figures
Interest income
51,745
35,604
37,442
23,669
Interest expense
43,615
29,695
32,424
16,733
Net interest income
8,130
5,909
5,018
6,936
Credit loss recovery / (expense)
130
(956
)
(951
)
(1,278
)
Net interest income after credit loss expense
8,260
4,953
4,067
5,658
Net fee and commission income
16,703
12,607
12,626
12,234
Net trading income
9,953
7,719
3,313
5,491
Other income
1,486
3,146
2,241
1,497
Operating income
36,402
28,425
22,247
24,880
Operating expenses
26,203
20,532
18,376
18,636
Operating profit before tax
10,199
7,893
3,871
6,244
Restructuring costs
0
0
0
7,000
Tax expense (benefit)
2,320
1,686
904
(105
)
Minority interests
(87
)
(54
)
5
(16
)
Net profit
7,792
6,153
2,972
(667
)
Cost / income ratio (%)
2
72.2
69.9
79.2
71.2
Cost / income ratio before goodwill amortization (%)
2,3
70.4
68.7
77.7
70.7
Per share data(CHF)
Basic earnings per share
4,7
19.33
15.20
7.33
(1.59
)
Basic earnings per share before goodwill
3,4,7
20.99
16.04
8.18
Diluted earnings per share
4,7
19.04
15.07
7.20
(1.59
)
Diluted earnings per share before goodwill
3,4,7
20.67
15.90
8.03
Dividend payout ratio(%)
31.56
36.18
68.21
As of
31.12.00
31.12.99
1
31.12.98
1
31.12.97
Balance sheet key figures
Total assets
1,087,552
896,556
861,282
1,086,414
Shareholders' equity
44,833
30,608
28,794
30,927
Market capitalization
112,666
92,642
90,720
Outstanding shares (weighted average)
7
Registered ordinary shares
433,486,003
430,497,026
429,710,128
426,994,240
Own shares to be delivered
2,058,212
Treasury shares
(32,514,906
)
(25,754,544
)
(24,487,833
)
(7,724,236
)
Shares for basic earnings per share
403,029,309
404,742,482
405,222,295
419,270,004
BIS capital ratios
Tier 1 (%)
11.7
10.6
9.3
8.3
Total BIS (%)
15.7
14.5
13.2
12.6
Risk-weighted assets
273,290
273,107
303,719
345,904
Total assets under management (CHF billion)
2,469
1,744
1,573
Headcount (full time equivalents)
6
71,076
49,058
48,011
Long-term ratings
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa1
Aa1
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
1
The 1999
and 1998 figures have been restated to reflect retroactive
changes in accounting policy arising from newly applicable
International Accounting Standards and changes in presentation
(see Note 1: Summary of Significant Accounting Policies).
2
Operating expenses/operating income before
credit loss expense.
3
The amortization of
goodwill and other purchased intangible assets are excluded from
the calculation.
4
For EPS calculation, see Note
10 to the Financial Statements.
5
Net
profit/average shareholders' equity excluding dividends.
6
The Group headcount does not include the
Klinik Hirslanden AG headcount of 1,839 and 1,853 for
31 December 2000 and 31 December 1999,
respectively.
7
1999, 1998 and 1997 share
figures are restated for the two-for-one share split, effective
8 May 2000.
143
Table of Contents
UBS Group Financial Statements
Report of the Group Auditors
Report of the Group Auditors
to the General Meeting of
UBS AG, ZURICH AND BASEL
Mr. Chairman,
Ladies and Gentlemen,
As auditors of the Group, we have audited the
Group financial statements (income statement, balance sheet,
statement of changes in equity, statement of cash flows and
notes) of UBS AG for the year ended 31 December 2000.
These Group financial statements are the
responsibility of the Board of Directors. Our responsibility is
to express an opinion on these Group financial statements based
on our audit. We confirm that we meet the legal requirements
concerning professional qualification and independence.
Our audit was conducted in accordance with
auditing standards generally accepted in the United States of
America as well as those promulgated by the profession in
Switzerland, which require that an audit be planned and
performed to obtain reasonable assurance about whether the Group
financial statements are free from material misstatement. We
have examined on a test basis evidence supporting the amounts
and disclosures in the Group financial statements. We have also
assessed the accounting principles used, significant estimates
made and the overall Group financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the Group financial statements
give a true and fair view of the financial position, the results
of operations and the cash flows in accordance with
International Accounting Standards (IAS) and comply with the
Swiss law.
We recommend that the Group financial statements
submitted to you be approved.
Basel, 5 March
2001                           Ernst
 & Young Ltd.
Roger K. Perkin
Peter Heckendorn
Chartered Accountant
lic. oec.
in charge of the audit
in charge of the audit
Enclosures
144
Table of Contents
[INTENTIONALLY LEFT BLANK]
Table of Contents
UBS AG
(Parent Bank)
Table of Contents
UBS AG (Parent Bank)
Table of Contents
UBS AG (Parent Bank)
Table of Contents
Parent Bank Review
148
Financial Statements
149
Income Statement
149
Balance Sheet
150
Statement of Appropriation of Retained Earnings
151
Notes to the Financial
	Statements
152
Additional Income Statement Information
153
Net Trading Income
153
Extraordinary Income and Expenses
153
Additional Balance Sheet Information
154
Value Adjustments and Provisions
154
Statement of Shareholders' Equity
154
Share Capital
154
Off-Balance Sheet and other Information
155
Assets Pledged or Assigned as Security for own Obligations,
	Assets Subject to Reservation of Title
155
Fiduciary Transactions
155
Due to UBS Pension Plans, Loans to Corporate Bodies / Related
	Parties
155
Report of the Statutory
	Auditors
156
147
Table of Contents
UBS AG (Parent Bank)
Parent Bank Review
Parent Bank Review
Income
statement
UBS AG net profit increased CHF 1,118 million
from CHF 6,788 million in 1999 to CHF 7,906 million in
2000.
Income from investments in associates decreased
to CHF 896 million in 2000, from CHF 1,669 million in 1999,
mainly due to lower dividends received.
Sundry operating expenses were CHF 614
million, up from CHF 21 million in 1999. This was mainly due to
a net write-down of financial investments.
Allowances, provisions and losses were CHF 345
million in 2000, down from CHF 1,815 million in 1999,
mainly due to the release of previously established provisions
as credit quality improved as a result of the strong performance
of the Swiss economy in 2000.
Extraordinary income contains CHF 496 million
from the sale of former subsidiaries, down from CHF 2,100
million in 1999, and CHF 15 million from the sale of tangible
fixed assets, down from CHF 417 million in 1999. It also
contains CHF 139 million from the release of provisions.
Extraordinary expenses consist mainly of losses
of CHF 20 million from the sale of tangible fixed assets,
compared to losses of CHF 254 million in 1999. There were
no losses from the disposal of investments in associated
companies in 2000, compared to losses of CHF 157 million in
1999.
Balance sheet
Total assets declined by CHF 164 billion to CHF
935 billion at 31 December 2000. This decline is
principally due to changes in the accounting treatment of the
securities lending and borrowing business, bringing it closer
into line with the treatment in UBS Group's Financial
Statements.
148
Table of Contents
UBS AG (Parent Bank)
Financial Statements
Financial Statements
Income Statement
CHF million
% change from
For the year ended
31.12.00
31.12.99
31.12.99
Interest and discount income
1
40,375
24,172
67
Interest and dividend income from financial assets
93
41
127
Interest expense
1
(32,161
)
(18,148
)
77
Net interest income
8,307
6,065
37
Credit-related fees and commissions
292
361
(19
)
Fee and commission income from securities and investment business
9,574
7,758
23
Other fee and commission income
492
534
(8
)
Fee and commission expense
(1,229
)
(763
)
61
Net fee and commission income
9,129
7,890
16
Net trading income
1
7,378
5,593
32
Net income from disposal of financial assets
785
440
78
Income from investments in associated companies
896
1,669
(46
)
Income from real estate holdings
41
30
37
Sundry income from ordinary activities
380
894
(57
)
Sundry ordinary expenses
(614
)
(21
)
Other income from ordinary activities
1,488
3,012
(51
)
Operating income
26,302
22,560
17
Personnel expenses
10,292
9,178
12
General and administrative expenses
5,405
5,154
5
Operating expenses
15,697
14,332
10
Operating profit
10,605
8,228
29
Depreciation and write-offs on fixed assets
1,623
423
284
Allowances, provisions and losses
345
1,815
(81
)
Profit before extraordinary items and taxes
8,637
5,990
44
Extraordinary income
650
2,518
(74
)
Extraordinary expenses
20
411
(95
)
Tax expense / (benefit)
1,361
1,309
4
Profit for the period
7,906
6,788
16
1
The
figures for 2000 are not comparable to 1999. See Notes to the
Financial Statements for further details.
149
Table of Contents
UBS AG (Parent Bank)
Financial Statements
Balance Sheet
% change from
CHF million
31.12.00
31.12.99
31.12.99
Assets
Liquid assets
2,242
3,975
(44
)
Money market paper
61,152
62,154
(2
)
Due from banks
243,911
356,858
(32
)
Due from customers
175,255
195,464
(10
)
Mortgage loans
117,830
123,151
(4
)
Trading balances in securities and precious metals
155,342
196,782
(21
)
Financial assets
12,133
5,067
139
Investments in associated companies
10,587
6,727
57
Tangible fixed assets
5,949
5,709
4
Accrued income and prepaid expenses
3,239
3,555
(9
)
Positive replacement values
141,516
131,730
7
Other assets
6,242
7,923
(21
)
Total assets
935,398
1,099,095
(15
)
Total subordinated assets
805
939
(14
)
Total amounts receivable from Group companies
187,724
197,211
(5
)
Liabilities
Money market paper issued
36,340
47,931
(24
)
Due to banks
228,928
352,775
(35
)
Due to customers on savings and deposit accounts
68,069
76,414
(11
)
Other amounts due to customers
263,459
341,509
(23
)
Medium-term note issues
5,408
5,918
(9
)
Bond issues and loans from central mortgage institutions
42,731
44,254
(3
)
Accruals and deferred income
11,230
8,746
28
Negative replacement values
155,059
159,713
(3
)
Other liabilities
73,585
7,835
839
Value adjustments and provisions
7,817
18,554
(58
)
Share capital
4,444
4,309
3
General statutory reserve
18,047
14,528
24
Reserve for own shares
4,007
3,462
16
Other reserves
8,361
6,356
32
Profit brought forward
7
3
133
Profit for the period
7,906
6,788
16
Total liabilities
935,398
1,099,095
(15
)
Total subordinated liabilities
15,302
13,362
15
Total liabilities to Group companies
142,263
160,055
(11
)
150
Table of Contents
UBS AG (Parent Bank)
Financial Statements
Statement of Appropriation of Retained Earnings
CHF million
The Board of Directors proposes to the Annual General Meeting
	the following appropriation:
Profit for the financial year 2000 as per the Parent Bank's
	Income Statement
7,906
Retained earnings from prior years
7
Release of other reserves
1,764
Available for appropriation
9,677
Appropriation to General statutory reserve
165
Distributed partial dividend (1.1.00–30.9.00)
1,764
Appropriation to other reserve
7,748
Total appropriation
9,677
The Extraordinary General Meeting on
7 September 2000 accepted a proposal to pay a partial
dividend of CHF 4.50 gross per CHF 10.00 share in respect of the
first three quarters of the reporting year. This payment, after
deduction of 35% Swiss withholding tax, was made on
5 October 2000, to all UBS shareholders on record on
2 October 2000.
The Board of Directors proposes to repay CHF 1.60
of the par value of each CHF 10.00 share, instead of
distributing a final dividend for the remaining months of the
reporting year: October, November and December. This repayment
would reduce the share capital by CHF 682 million and reduce the
par amount per share to CHF 8.40. This proposal would be
approved on the explicit condition that the revised
article 622 paragraph 4 of the Swiss Code of
Obligations comes into force. If the proposal is approved and
the condition met, the repayment of CHF 1.60 of the par value
would be made on 18 July 2001 to those shareholders who
hold UBS shares on 13 July 2001, through their depository
banks.
151
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Notes to the
Financial Statements
Accounting and Valuation Principles
The Parent Bank's accounting and valuation
policies are in compliance with Swiss federal banking law. The
accounting and valuation policies are principally the same as
outlined for the Group in Note 1 to the Group Financial
Statements. Major differences between the Swiss federal banking
law requirements and International Accounting Standards are
described in Note 40 to the Group Financial
Statements.
In addition, the following principles are applied
for the Parent Bank:
Treasury shares
Treasury shares is the term used to describe a
company's holdings in its own equity instruments. In
accordance with IAS, treasury shares are presented in the
balance sheet as a deduction from equity. No gain or loss is
recognised in the income statement on the sale, issuance, or
cancellation of those shares. Consideration received is
presented in the financial statement as a change in
equity.
Under Swiss federal banking requirements,
treasury shares are carried in the balance sheet as trading
balances, financial assets or other liabilities with gains and
losses on the sale, issuance or cancellation, unrealised losses
on treasury shares, and unrealised gains on treasury shares
included in trading balances and other liabilities reflected in
the income statement.
Securities borrowing and lending
At 31 December 1999, securities received or
delivered were recognised in the balance sheet together with any
collateral in respect of those securities for which control was
transferred. At 31 December 2000, securities borrowed and
lent that are collateralized by cash are included in the balance
sheet at amounts equal to the collateral advanced or received.
Non-cash collateral is not reflected in the balance sheet.
Investments in associated companies
Investments in associated companies are equity
interests which are held on a long-term basis for the purpose of
the Parent Bank's business activities. They are carried at
a value no higher than their cost price.
Property and equipment
Bank buildings and other real estate are carried
at cost less depreciation at a rate which takes account of the
economic and business situation and which is permissible for tax
purposes. Depreciation of computer and telecommunication
equipment, as well as other equipment, fixtures and fittings is
recognised on a straight-line basis over the estimated useful
lives of the related assets. The useful lives of Property and
Equipment are summarised in Note 1 to the Group Financial
Statements.
Interest and dividend income on trading
assets
In 1999, interest and dividend income and expense
on trading assets and liabilities were included in Net trading
income. In order to improve comparability with the main
competitors, interest and dividend income and expense on trading
assets and liabilities are now included in Interest income and
interest expense respectively.
Extraordinary Income and Expenses
Certain items of income and expense appear as
extraordinary within the Parent Bank Financial Statements,
whereas in the Group Financial Statements they are considered to
be operating income or expenses and appear within the
appropriate income or expense category. These are separately
identified below.
Taxation
Deferred Tax Assets, except those relating to
Restructuring Provisions, and Deferred Tax Liabilities, except
for a few immaterial exceptions, are not recognised in the
Parent Bank Financial Statements as it is not required by Swiss
federal banking law to do so.
152
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Additional Income Statement
Information
Net Trading Income
CHF million
For the year ended
31.12.00
31.12.99
Foreign exchange and bank notes
1,151
717
Bonds and other interest rate instruments
88
1,816
Equities
6,117
3,089
Precious metals and commodities
22
(29
)
Total
7,378
5,593
Extraordinary Income and Expenses
Extraordinary income contains CHF 496
million (1999: CHF 2,100 million) from the sale of
subsidiaries, CHF 15 million (1999: CHF 417 million)
from the sale of tangible fixed assets and CHF 139 million from
the release of provisions no longer operationally
necessary.
Extraordinary expenses consist mainly of losses
of CHF 20 million (1999: CHF 254 million) from the
sale of tangible fixed assets. There were no losses from the
disposal of investments in associated companies in 2000 (1999:
CHF 157 million).
153
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Additional Balance Sheet
Information
Value Adjustments and
Provisions
Provisions
Recoveries,
applied in
doubtful
accordance
interest,
New
Provisions
with their
currency
provisions
released and
Balance at
specified
translation
charged
credited
Balance at
CHF million
31.12.99
purpose
differences
to income
to income
31.12.00
Default risks (credit and country risk)
12,929
(2,890
)
489
0
(139
)
10,389
Other business risks
1
3,267
(1,211
)
404
473
0
2,933
Capital and income taxes
1,153
(421
)
(8
)
1,330
0
2,054
Other provisions
2,380
(659
)
(344
)
196
0
1,573
Total allowance for general credit losses and other
	provisions
19,729
(5,181
)
541
1,999
(139
)
16,949
Allowances deducted from assets
1,175
9,132
Total provisions as per balance sheet
18,554
7,817
1
Provisions for
litigation, settlement and other business risks.
Statement of Shareholders' Equity
CHF million
31.12.00
31.12.99
Change
%
Shareholders' equity
Share capital at the beginning of the year
4,309
4,300
9
0
General statutory reserve
14,528
14,295
233
2
Reserves for own shares
3,462
490
2,972
607
Other reserves
6,356
10,806
(4,450
)
(41
)
Retained earnings
6,791
653
6,138
940
Total shareholders' equity at the beginning of the period
	(before distribution of profit)
35,446
30,544
4,902
16
Capital increase
135
9
126
Increase in General statutory reserve
215
190
25
13
Premium
3,304
45
3,259
Other allocations
1
(1,979
)
(38
)
(1,941
)
Prior-year dividend
(2,255
)
(2,092
)
(163
)
8
Profit for the period
7,906
6,788
1,118
16
Total shareholders' equity at the end of the year
	(before distribution of profit)
42,772
35,446
7,326
21
of which:
Share capital
4,444
4,309
135
3
General statutory reserve
18,047
14,528
3,519
24
Reserves for own shares
4,007
3,462
545
16
Other reserves
8,361
6,356
2,005
32
Retained earnings
7,913
6,791
1,122
17
1
Includes
distributed partial dividend (1.1.–30.9.2000).
Share Capital
Par value
Ranking for dividends
No. of shares
Capital in CHF
No. of shares
Capital in CHF
Issued and paid up
444,379,729
4,443,797,290
444,379,729
4,443,797,290
Conditional share capital
16,571,341
165,713,410
154
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Off-Balance Sheet and other
Information
Assets Pledged or Assigned as Security for own Obligations,
Assets Subject to Reservation of Title
31.12.00
31.12.99
Change in %
Book
Effective
Book
Effective
Book
Effective
CHF million
value
liability
value
liability
value
liability
Money market paper
28,355
0
35,475
702
(20
)
Mortgage loans
1,565
1,066
1,869
1,325
(16
)
(20
)
Securities
40,649
24,721
3,722
188
992
Total
70,569
25,787
41,066
2,215
72
Assets are pledged as collateral for securities
borrowing and repo transactions, for collateralized credit lines
with central banks, loans from mortgage institutions and
security deposits relating to stock exchange membership.
Fiduciary Transactions
CHF million
31.12.00
31.12.99
Change
%
Deposits
with other banks
50,274
47,802
2,472
5
with Group banks
682
759
(77
)
(10
)
Loans and other financial transactions
403
415
(12
)
(3
)
Total
51,359
48,976
2,383
5
Due to UBS Pension Plans, Loans to Corporate Bodies/ Related
Parties
CHF million
31.12.00
31.12.99
Change
%
Due to UBS pension plans (including securities borrowed) and UBS
	securities held by pension plans
4,644
6,785
(2,141
)
(32
)
Loans to directors, senior executives and auditing bodies
1
61
(61
)
(100
)
1
Loans to
directors, senior executives and auditing bodies are loans to
members of the Board of Directors, the Group Executive Board,
the Group Managing Board and the Group's official auditors
under Swiss company law. This also includes loans to companies
which are controlled by these natural or legal persons.
155
Table of Contents
UBS AG (Parent Bank)
Report of the Statutory Auditors
Report of the statutory auditors
to the General Meeting of
UBS AG, ZURICH AND BASEL
Mr. Chairman,
Ladies and Gentlemen,
As statutory auditors, we have audited the
accounting records and the financial statements (income
statement, balance sheet and notes) of UBS AG for the year ended
31 December 2000.
These financial statements are the responsibility
of the Board of Directors. Our responsibility is to express an
opinion on these financial statements based on our audit. We
confirm that we meet the legal requirements concerning
professional qualification and independence.
Our audit was conducted in accordance with
auditing standards promulgated by the Swiss profession, which
require that an audit be planned and performed to obtain
reasonable assurance about whether the financial statements are
free from material misstatement. We have examined on a test
basis evidence supporting the amounts and disclosures in the
financial statements. We have also assessed the accounting
principles used, significant estimates made and the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the accounting records and
financial statements and the proposed appropriation of available
earnings comply with the Swiss law and the company's
articles of incorporation.
We recommend that the financial statements
submitted to you be approved.
Basel, 5 March
2001                           Ernst
 & Young Ltd.
Roger K. Perkin
Peter Heckendorn
Chartered Accountant
lic. oec.
in charge of the audit
in charge of the audit
Enclosures
156
Table of Contents
Information for
Shareholders
Information for
Shareholders
UBS Registered Shares (Par Value CHF 10),
ISIN Number CH0010740741, CUSIP Number H8920G155
Ticker symbols
Stock exchange listings
Bloomberg
Reuters
Telekurs
SWX (Swiss exchange)
UBSN SW
UBSZn.S
UBSN, 004
NYSE (New York Stock Exchange)
UBS US
UBS.N
UBS, 65
Tokyo
8657 JP
UBS.T
N16631, 106
Financial calendar
Annual General Meeting
Thursday, 26 April 2001
Publication of first quarter 2001 results
Tuesday, 15 May 2001
Publication of second quarter 2001 results
Tuesday, 14 August 2001
Publication of third quarter 2001 results
Tuesday, 13 November  2001
For information contact
Change of address
UBS AG
Investor Relations G41B
P.O. Box
CH-8098 Zurich
Phone +41-1-234 41 00
Fax +41-1-234 34 15
E-Mail SH-investorrelations@ubs.com
www.ubs.com/investor-relations
UBS AG
Shareholder Services GUMV
P.O. Box
CH-8098 Zurich
Phone +41-1-235 62 02
Fax +41-1-235 31 54
E-Mail SH-shareholder-services@ubs.com
157
Table of Contents
Cautionary statement regarding forward-looking
statements
This communication contains statements that
constitute "forward-looking statements", including,
without limitation, statements relating to the implementation of
strategic initiatives, including the implementation of the new
European wealth management strategy and the implementation of a
new business model for UBS Capital, and other statements
relating to our future business development and economic
performance.
While these forward-looking statements represent
our judgments and future expectations concerning the development
of our business, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from our expectations.
These factors include, but are not limited to,
(1) general market, macro-economic, governmental and
regulatory trends, (2) movements in local and international
securities markets, currency exchange rates and interest rates,
(3) competitive pressures, (4) technological
developments, (5) changes in the financial position or
credit-worthiness of our customers, obligors and counterparties,
(6) legislative developments and (7) other key factors
that we have indicated could adversely affect our business and
financial performance which are contained in our past and future
filings and reports, including those with the SEC.
More detailed information about those factors is
set forth in documents furnished by UBS and filings made by UBS
with the SEC. UBS is not under any obligation to (and expressly
disclaims any such obligations to) update or alter its
forward-looking statements whether as a result of new
information, future events, or otherwise.
For information contact:
UBS AG, Investor Relations G41B, P.O. Box,
CH-8098 Zurich
Phone: +41-1-234 41 00, Fax: +41-1-234 34
15
E-mail: SH-investorrelations@ubs.com, Internet:
www.ubs.com/investor-relations
Change of address
UBS AG, Shareholder Services GUMV, P.O. Box,
CH-8098 Zurich
Phone: +41-1-235 6202, Fax: +41-1-235 31 54
E-mail: SH-shareholder-services@ubs.com
Published by UBS AG
Content: UBS AG, Investor Relations and Corporate
Control and Accounting.
Languages: English, German. Copyright: UBS
AG.
Table of Contents
UBS AG
P.O. Box, CH-8098 Zurich
P.O. Box, CH-4002 Basel
www.ubs.com
Table of Contents
Index to Exhibits
Exhibit
Number
Description
1.1.
Articles of Association of UBS AG
1.2.
Bylaws of UBS AG(1)
7.
Statement regarding ratio of earnings to fixed charges
8.
Significant Subsidiaries of UBS AG.
10.
Consent of Ernst & Young Ltd.
(1)
Incorporated by reference to Exhibit 3.2 to
	the registration statement (File No. 333-52832) filed on
	Form F-1 on 27  December 2000.