4 Preso Weil

UBS Investor Day – Zurich
Wealth Management International

Raoul Weil, Head of Wealth Management International
May 31, 2006

SECTION 1
Wealth Management International (WMI) –

An overview
[t211887] [printed: Mai 23, 2006] [saved: Mai 23, 2006] R:\PRESENTATIONS\2006 Raoul Weil Presentations\investor's day 31052006\R Weil WMI for May 31v9 with SN.ppt
WMI – Our strategy
Best Hire, retain and train the best client

People advisors
Perfecting
our Best Industry leading structured advisory
"UBS Client Process process
experience"
Segment-specific offering with focus on:

Best
Core Affluent, HNW, KeyClients and
Products
Financial Intermediaries
Efficiency in Growth in expanding Selected start-up

established markets markets projects
2
Best People
WMI - Hiring process
Structured and selective hiring process
100%
CVs
submitted
1st structured interview

round against profile 25%
Numerical test
2nd interview
round
H
I
R
E 5%
3
Best People
WMI - NNM per client advisor
Our selection process has improved client advisor quality and
productivity
25 22.5
20
15.8
13.1
15 12.3
CHF m
10.0
10
0
2001 2002 2003 2004 2005
4
Best People
WMI – Client advisor & other staff leavers
Despite an aggressive competitive environment, the proportion
of regretted leavers has remained low
10
9 0.6%
0.4%
8
7
4.6%
4.3%
6
Other
%
5
Voluntary Regretted
4
Voluntary Non Regretted
3 2.2% 2.3%
Forced
2
1 2.1% 1.9%
0
2004 2005
5
Best People
WMI – Client advisor compensation model
Salary Bonus
Based on Compensation in
performance – Cash
Based on role
– Shares
profile 60 – 70%
– Options
Financial KPIs
– Fringe benefits
Based on
seniority 30 – 40% "living
the integrated
business model"
40-70% 30-60%
6
Best People
WMI – Education & development
Mentoring
Leadership and management
Group Leadership programs
Desk Head Training Coaching (cascade & peer)
Lead
Junior Talent Local KeyClient
WM Diploma Offering (by
programs regulatory training
segment)
Technical
7
Best Process
WMI – Advisory approach
Our competitive advantage
8
Best Process
WMI – Using best practices
Leverage top-performer practices to maximize business results
Via segment
specific Lead
Offering
9
Best Process
WMI – Delivering our brand promise to our clients
Linking our global capabilities
UBS Client
Experience
Using Best Best Shift

Practices
+ Global Real Estate fund
+ Structured products
Return
+ Alternative Investments
+ Stock/ bonds into funds
Risk
Key
CorA HNW FIM
Client
Lead Offering Asset Management / Mandates
Advisory
per Segment Liability Management
Life Cycle Management
10
Best
Products
WMI – RoA ranges per client segment
180
160
140 130 - 155
120
90 - 115 WMI Average 1021
100
BPS
80
55 - 80
60 45 - 70
40
20
0
Core Affluent High Net Worth KeyClients Financial
Intermediaries
1. Q106 annualized
11
Best
Products
WMI & CH – Improving gross margin
We have improved the stability of our revenues substantially…
Gross margin in bps (WMI & CH)
102
100
96
27
80 26
60
40 75
70
20
2001 2005
Recurring Non-recurring
12
Best
Products
WMI & CH – Improving gross margin
… by shifting our clients' assets into value-adding products and
services
Invested assets by asset classes
2003 Non traditional 2005
asset classes Non traditional
asset classes
External 7%
Accounts / Money
mutual funds 16%
Markets / Fiduciaries Accounts / Money
4% Markets / Fiduciaries
24% External
mutual funds 23%
Equities
18% 8%
Bonds
Equities 17%
18%
Bonds
UBS mutual funds 27%
20% UBS mutual funds
18%
Total Assets WMI & CH: Total Assets WMI & CH:
CHF 701bn CHF 982bn
13
Best
Products
WMI & CH – Discretionary solutions growth
Discretionary asset growth outpaces overall asset growth
1'000
900 982
800
700
600 701 776

IA in CHF bn
CAGR1 +17.7%
500
400 560
300
200
100 CAGR1 +20.9% 206

141
0
2003 2005
Discretionary CHF bn Client directed CHF bn
1 CAGR= Compound Annual Growth Rate (2003-2005)
14
SECTION 2
Addressing the Markets

Our
Markets
WMI – Our global presence
Bad Homburg
Berlin
Bielefeld
Cologne
Düsseldorf
Frankfurt
Hamburg
Munich
Stuttgart
Luxembourg
Birmingham Brussels
Brighton Antwerp
Bury St Edmunds
Edinburgh
London Stockholm
Manchester Moscow
Newcastle Prague
Montreal St. Helier
Vancouver Taunton Switzerland Vienna Warsaw
Calgary Toronto
San Francisco Monte Carlo
New York Bordeaux Istanbul Beijing
Beverly Hills Athens Beirut
San Diego Cannes Lisbon Suzhou Tokyo
Phoenix Houston
Coral Gables Lille Barcelona Nicosia Tel Aviv Shanghai Osaka
San Antonio Boca Raton Lyon Bologna Cairo Abu Dhabi Guangzhou Fuzhou
McAllen Miami Marseille Madrid Brescia Shenzen Taipei
Mexico City Nassau Marbella Florence Dubai Hong Kong
Nantes Mumbai
Paris Sevilla Genoa Bangkok
Panama City Caracas Strasbourg Valencia Milan Manama Kuala Lumpur
Bogota Naples Singapore
Padova Jakarta
Rome
Lima Torino
Rio de Janeiro
Sao Paulo Sydney
Santiago de Chile Montevideo Johannesburg
Punta del Este Melbourne
Buenos Aires
91 Booking Locations
27 UBS Representative Offices
New locations since 2000
As of April 10, 2006

16
Our
Markets
WMI – Assets by client domicile
Total CHF 774bn as per Q1, 2006
Americas
18%
APAC
Europe
16%
55%
Eastern Mediterranean,
Middle East & Africa
(EMMEA)
11%
17
Our
Markets
WMI – Our most important markets
3 to 4% global market share: "From Beach Head to Leadership"
Market size
14%
China
Russia
Growth p.a.
South Korea Spain

India
Taiwan
United
Mexico Belgium
Brazil States
Italy
France
Germany
6% Austria
Netherlands
Canada United
Avg. growth rate 5.8% Kingdom
Switzerland
Australia
2%
Japan
Ability to capture market opportunity

UBS Market share
Established Domestic Presence
Planned Domestic presence
Evaluation in progress
18
Our
Markets
WMI – Break even models
Business setups are aligned to market characteristics
Time to
Type Assets required breakeven Example
Austria
Light Setup CHF 2-3 bn 2.5 – 4 years
Belgium
Intermediate
CHF 5-8 bn 4 – 5 years Brazil
Setup
Fully fledged
CHF 10-20 bn 5 – 6 years Core 5 EU
Setup
19
Our
Markets
WMI & CH – Operational leverage
Investing in growth while reducing the cost / income ratio
5,000 65.0%
4,500 63.0%
4,000 61.0%
3,500 59.0%
Client Advisors FTEs
3,000 57.0%
C/I Ratio
2,500 55.0%
2,000 53.0%
1,500 51.0%
1,000 49.0%
500 47.0%
0 45.0%
20021 2003 2004 2005 1Q 2006
Client Advisors WM CH Client Advisors Established Markets WMI Client Advisors Growth WMI
Cost / Income Ratio
1. 2002 figures have been restated to reflect structural changes in WMI
20
Our
Markets
WMI – Results
Client Advisors Net New Money
4'000 75
CAGR1= 22% CAGR1= 95%
3'000 3'338 64.2
3'202
50
(CHFbn)
(FTE)
2'000
25
1'000 1'204 21.8
2.3
0 0
20002 2005 1Q06 20002 2005 1Q06
Income Invested Assets
7'500
CAGR1= 9% 800
CAGR1= 11%
774
6'476 729
600
5'000
(CHFbn)
(CHFm)
4'209 400
437
2'500
200
1'922
0 0
20002 2005 1Q06 20002 2005 1Q06
1 .CAGR= Compound Annual Growth Rate (2000-2005) 2. 2000 figures have been restated to reflect structural changes in WMI
21
SECTION 3
Market Challenges
Challenges
WMI – Global trends and industry hurdles
Increasing Client Better education, knowledge and transparency

Sophistication
Need for "holistic" advice (after-tax optimization)
Tightening Harmonization and creation of global standards

Regulatory
Framework High implementation and ongoing compliance costs
Proliferation of Accelerated product and process innovation

Asset Classes Open architecture
Industry Accelerating M&A activity

Consolidation Lack of business focus and / or sub critical mass
23
SECTION 4
Areas of Focus
WMI Focus
European Wealth Management – Strategy
Organic growth is combined with bolt on acquisitions providing
a good strategic fit
'Light versions' Austria

Opportunistic Belgium
add-on acquisition
France
Germany EWM
Italy Core
Spain
UK
25
WMI Focus
European Wealth Management – Recent acquisitions
Dolfi Finance SAS

Total acquired assets: CHF 50 bn
Etra SIM S.p.A
EWMI acquired assets: CHF 24bn Dresdner Latin America
Julius Bär North America
Sauerborn Trust
Amex Luxembourg
Scott Goodman Harris
Laing & Cruickshank
Merrill Lynch (Germany)
Lloyds (France)
Bank of Amercia (Int. PB)
Standard Chartered (Int. PB)
UBS Wealth Management
1996 1998 2003 2004 2005 2006
26
WMI Focus
WMI – Asia Pacific strategy
Organic growth in the core domestic and international markets
combined with acquisitions
Opportunistic
add-on acquisitions Australia
China
Domestic Expansion
Japan
Regional
Taiwan
Hong Kong
Hubs India (planned)
Singapore
South Korea
(evaluation)
27
WMI Focus
WMI – Asia Pacific presence & results
UBS' Asia Pacific WM Locations Invested Assets
150 CAGR1 = 16.6%
125
124
100 114
CHF bn
75
50
53
25
0
2000 2005 Q106
Client Advisors
600 CAGR1 = 28.4%
561
500 534
Onshore Branches 400
Japan (Tokyo & Osaka) 300

FTE
China (Beijing) + 6 in Joint Venture

Taiwan (Taipei) 200
Hong Kong (on- and offshore) 153
100
Singapore (on- and offshore)
Australia (Sydney & Melbourne) 0
2000 2005 Q106
1 CAGR= Compound Annual Growth Rate (2000-2005)
28
WMI Focus
WMI – Asia Pacific market opportunities
All major markets in APAC covered or about to be covered
100% 57.7%
Offshore
Onshore
10.6%
6.6%
6.3%
4.5%
3.5%
3.2%
7.5%
Total Japan Taiwan Hong China South Australia India Rest of

APAC Kong (excl. HK) Korea APAC
Domestic
evaluation planned
Presence
29
SECTION 5
Wealth Management – Vision 2010

Vision 2010
WMI – Growth initiatives by regions 2010
Americas
Europe
Focus on UHNW APAC
individuals Maintain growth
Establishment of a momentum in the Accelerate the WM
holistic WM Product European WM Asia Pacific Growth
Offering Business initiative
Achieve home status
in 5 EWM Core
Markets with
significant profit
contribution
31
Vision 2010
WMI – Way forward
Best People
"UBS Client
Best Processes
Experience"
Best Products
Global Expansion / Leverage One Firm / Stringent Cost Discipline
32
Questions…
33

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UBS Investor Day – Zurich

Wealth Management International

May 31, 2006

Wealth Management International (WMI) –

WMI – Our strategy

Best Hire, retain and train the best client

Segment-specific offering with focus on:

Efficiency in Growth in expanding Selected start-up

1st structured interview

Group Leadership programs

Desk Head Training Coaching (cascade & peer)

Using Best Best Shift

+ Global Real Estate fund

+ Stock/ bonds into funds

Lead Offering Asset Management / Mandates

per Segment Liability Management

Life Cycle Management

140 130 - 155

Gross margin in bps (WMI & CH)

600 701 776

100 CAGR1 +20.9% 206

1 CAGR= Compound Annual Growth Rate (2003-2005)

Addressing the Markets

As of April 10, 2006

South Korea Spain

Ability to capture market opportunity

Income Invested Assets

Increasing Client Better education, knowledge and transparency

Tightening Harmonization and creation of global standards

Proliferation of Accelerated product and process innovation

Industry Accelerating M&A activity

'Light versions' Austria

Dolfi Finance SAS

UBS Wealth Management

1996 1998 2003 2004 2005 2006

Onshore Branches 400

Japan (Tokyo & Osaka) 300

China (Beijing) + 6 in Joint Venture

Total Japan Taiwan Hong China South Australia India Rest of

Wealth Management – Vision 2010

Global Expansion / Leverage One Firm / Stringent Cost Discipline

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