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Investor Day 2005 Investment Bank Investor Day 2005 Investment Bank New York, 13th May 2005 John P. Costas, Chairman and CEO You & Us Investment Bank’s Position in 2000 UBS Investment Bank’s position in 2000 A growing franchise among corporate and institutional clients ♦ Third largest secondary equities UBS-IB Revenue (2000) firm in the world Non-core ♦ Top 9 Investment Banking Fixed income, Rates Investment and Currencies Banking business globally, 3.8% market share1 ♦ Bulk of revenues from European business ♦ Established leading issuer of corporate, institutional, sovereign and supranational bonds ♦ Multiple brands with limited advertising awareness Equities 1 Dealogic analysis Source: Management accounting 2 Key Developments and Accomplishments (2000-2004) The PaineWebber acquisition Success based upon a powerful strategic fit and a shared business philosophy ♦ Enhanced service of institutional and private clients — Powerful US equity distribution franchise — Leading global investment product platform — Significant US institutional equities and fixed income franchises — Top ranking mortgage-backed securities business ♦ Powerful and complementary brand name with “household name” recognition across the US ♦ Enhanced the IB’s status as a more attractive employer for key talent 4 Commitment to Equities Winning in a challenging environment through strategic investment in people and technology to close remaining gaps US - II ranking improvement US - Broker review average ranking improvement1 2000 2001 2002 2003 2004 2001 2002 2003 2004 3rd th 5 4.1 8th 8th 9th 6.6 Rank Rank 10.0 17th UBS 13.0 Paine Webber 1 USEPC Historical Rank – Broker Reviews 5 Filling in the remaining gaps in Equities UBS enhanced its Prime Brokerage and US equities capabilities with strategic acquisitions Schwab Capital Markets - ABN AMRO Prime Brokerage Group development of OTC market share 60 ♦ Added the #1 ranked Prime 10.7% Brokerage for funds 50 <$100MM 40 ♦ Increased our market share, ranking us among the top 5 30 5.0% PBs in the world 4.4% 3.9% ♦ Volume (bn) Volume Doubled client base 20 2.3% — Largely start-up and small 10 1.2% hedge funds 1.2% ♦ Filled product gaps 0 1999 2000 2001 2002 2003 2004 1Q05 annualized Notes: AutEx rankings, Investment Banks & Trading Firms Schwab Capital Markets became effective on 1 November 2004 6 Capturing the US FIRC market Dramatic increase in results from broad business expansion … 2000 2004 Business lines added or expanded1 250% increase between Prriinciipall Enerrgy 2000-2004 Fiinance Trradiing Leverraged Fiinance Morrttgage-- Wholle Backed Loanss Securriittiiess Crrediitt Derriivattiivess Commerrciiall Liiabiilliitty Reall Essttatte Managementt CDOss Assssett bassed Hiigh Yiielld llendiing Source: Based on internal management accounting data Revenue 1 Selected business lines – not all inclusive … while sustaining momentum in the rest of the world 7 Transformation in FX globally From market laggard to dominant player in 3 years … FX market share and average direct cost per trade 14% 12.4% 11.5% 12% 11.0% UBS Deutsche Bank 10% 8% Citigroup 6% 5.0% 4% JP Morgan Goldman Sachs 2% 3.6% 0% 2000 2001 2002 2003 2004 UBS average direct cost $/trade, UBS market share (LHS) as % of 2001 cost (RHS) Source: Euromoney, UBS analysis … with the ability to fully leverage our platform with growing volumes 8 Strategic hiring in IBD Aggressive strategic hiring across regions, sectors and products has expanded our footprint and capabilities Americas EMEA APAC Energy Financial Sponsors Asia (ex Japan) Equity Capital Markets France China Financial Institutions Germany Japan Financial Sponsors Italy ECMG Industrials M&A Financial Institutions Leveraged Finance Netherlands M&A M&A Senior Management Privatization Media Spain Real Estate Real Estate Switzerland Strategic Solutions Regional Expansion Group Senior Management Australasia Strategic Solutions Equity Capital Markets Group Equity Origination Technology (Hybrid Capital) Telecom M&A Senior Management 9 Building a global bulge bracket investment banking team This continued investment in our business has led to the achievement of all objectives identified in 1999 Our starting point Objectives set in 1999 Achieved by 2004 ♦ ♦ Relatively weak Global bulge bracket ✔ overall position in status US/APAC ♦ Build sustainable US ✔ ♦ Strong, but not platform market leading ♦ Reinforce APAC ✔ positions in UK, position Switzerland, South ♦ Africa and Australia Lead with talent and ✔ teamwork, not credit ♦ Positive market ✔ perception ♦ Strengthen and ✔ balance the team 10 Developing a significant footprint in APAC Substantial expansion of local market business to fully capitalize on growth in APAC UBS-IB APAC Revenue ♦ No.1 for Equities with strength in 140 structured products (consistently, and including Japan) 120 ♦ Consistently top 3 for IBD across 100 Australisia and Asia (ECM, DCM, M&A) 80 ♦ A leading diversified and fast- growing FIRC business 60 40 (Index rebased to 100 in 2000) in 100 to rebased (Index 20 0 2000 2001 2002 2003 2004 Source: Management Accounting 11 Global bulge bracket bank We have a much stronger, and better positioned IB today than ever before 2000 2004 IB IB FIRC IB FIRC Equities IB Equities FIRC Equities IB FIRC Equities IB IB FIRC FIRC Equities Equities Source: UBS IB disclosed financials, 2000 (full year), 2004 (full year) Note: Bubble size shows relative size of revenue in USD. The figures exclude revenues booked to Central Office and all Internal Management Accounting adjustments (including risk free income, NPV adjustments) 12 Investment Bank’s Position Today UBS Investment Bank’s position today UBS is one of the world’s leading firms in the investment banking and securities business ♦ World’s largest equity trading UBS-IB Revenue (2004) house Non-core Fixed income, Rates Investment ♦ Top 5 Investment Banking and Currencies Banking business globally, 5.4%1 market share — 91% penetration of Fortune 500 companies ♦ Diverse portfolio of FIRC businesses with excellence across the board ♦ Integrated business with a strong single brand Equities 1 Dealogic, 1Q05 Source: Management accounting 14 Strong Competitive Performance The UBS IB portfolio is one of the most balanced of our peers Last 12 months revenue split1 USD bn 18 Equities 16 Fixed Income Investment Banking 14 12 10 8 6 4 2 0 GS Citi IB DB UBS IB MS JPM MER LEH CSFB BSC Source: Quarterly reports, UBS IB Analysis, Management accounting 1 Equities and Fixed Income include institutional revenues only, Investment Banking includes gross corporate revenues only 15 Market share development Strong momentum in market share across all businesses … FIRC – UBS IB vs. the market IBD – Market share and ranking USD bn USD bn % 120 7 7 6 6 #5 #5 100 #4 #3 #8 5 5 80 #9 #8 4 4 60 3 3 #10 40 2 2 20 1 1 0 0 0 2000 2001 2002 2003 2004 Global EMEA Americas APAC Total market revenue UBS FIRC revenue 2000 1Q05 (LHS) (RHS) Source: Mercer Oliver Wyman, UBS Note: Net revenues, includes loans Source: Dealogic 16 Market share development …. fully leveraging our scale advantage in commoditizing businesses ♦ Investment in technology to increase efficiencies — Direct Market Access ♦ Liquidity pool – streamlining cash equities IT and operations e.g. trading confirmations Global secondary equity commission pool and UBS IB market share Global revenue pool (USD bn) Market share (%) 16% 4 12% 3 8% 2 1 4% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2002 2003 2004 Revenue pool (LHS) UBS share (RHS) Average of next two (RHS) Source: Independent survey 17 Best-in-class resource management UBS Investment Bank has one of the most consistent cost / income ratios amongst its peers Cost/income ratio ♦ 180% Dynamic cost and headcount forecasting 160% ♦ Management focus on costs 140% ♦ Systematic monitoring 120% 100% 80% 60% 40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2002 2003 2004 2005 Citi (GCIB) CSFB DB GS JPMC LEH ML (GMI) MS (IS) UBS IB Source: Quarterly reports, UBS IB Analysis. Note: UBS IB ratio is based on Total Operating Income before expected credit loss. *UBS IB figures exclude Private Equity. 18 Goals to 2010 Our key goals to 2010 We want to be the world’s most profitable investment bank Delivering success via organic growth Focusing on key geographic regions Delivering world class resource management Establishing the IB as a talent creator Attaining operational superiority 20 Equities—strategic initiatives UBS Equities aims to be the top provider of total customer solutions to a global community of investors and issuers Leverage cross Narrow the gap business opportunities - US Equities - FIRC - Prime Brokerage - Wealth Management - Middle Markets - IBD Prriime Serrviicess Penssiion Tecchnollogy Fundss Clliientt DMA//Liiquiidiitty Derriivattiivess Prroffiittabiilliitty Capture productivity APAC Regiion IIntterrmediiarriiess Manage for gains via technology profitability - Direct market access Primary - Client profitability - Schwab integration Primary Equiittiiess - Managing risk - Consolidated PB - Cost management platform Capitalize on APAC region growth - Japan Strategic focus - China Requirements - India 21 IBD—strategic initiatives We are building a relationship-driven and profitable investment bank with a sustainable top 3 ranking in the global fee pool Internal processes – Strengthen accountability – Center around client Personnel Amerriicass ((Larrge cap Coverage footprint – Become the No. 1 clliienttss)) – Increase penetration choice for talent – Fill coverage gaps – Focus on recruiting, EMEA ECM (Continental (Financial development and (Continental (Financial – Leverage
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