Ubs Group Ag · SIX:UBSG
Ubs — UBS AG (Amna, Amnd, Amtr, Amub, BDCX, BDCZ, Cefd, DJCB, Esus, Fedl, HDLB, Ifed, Iwdl, Iwfl, Iwml, Mlpb) — Q3 2012 Earnings Presentation
73 slides from Ubs's earnings presentation, Oct 30, 2012
Slide 1: UBS AG Form 6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: October 30, 2012 Commission File Number: 1-15060 UBS AG (Registrant’s Name) Bahnhofstrasse 45, Zurich, S
Slide 2: Form 6-K presentation materials note
This Form 6-K consists of the presentation materials related to the Third Quarter 2012 Results and Strategy Update of UBS AG, which appear immediately following this page.
Slide 3: Third Quarter 2012 Results & Strategy Update
Third Quarter October 30, 2012 2012 Results & Strategy Update
Slide 4: Cautionary statement
Cautionary This anticipated matters factors F information, Important Use Throughout Own Net CHF Credit Gain Unauthorized Pro-forma The from the interpretation Currency Monthly 1in for UBS’s effect restructuring calculation of presentation capital on credit 3,064 the to adjusted isdescribed, the year
Slide 5: Agenda
Topic S. Agenda Introduction Overview 3Q12 Strategy 2Q&A –Speaker Key Results Ermotti update of messages C. strategy Stewart T. S. –/ financial T. Naratil Ermotti Naratil update S. Ermotti implications announced T.today Naratil S. Ermotti
Slide 6: Key messages
Refer Key Our Targeting Further We Basel Return A total have are franchise Investment messages to III payout on accelerating firmly extensive slide built fully aequity ~30% “Group is committed the applied ratio Bank unrivaled of measures foundation reduction of at ourwill targets” least CET1 more tr
Slide 7: 3Q12 results
3Q12 results
Slide 8: 3Q12 key messages
Refer 3Q12—Key Industry We Best Wealth Third Retail Adjusted CHF Highest 7.2%are quarterly 1.4 0.9 3.1 14 annualized to consecutive &accelerating Management third billion slide leading Corporate billion pre-tax messages quarter 1adjusted NNM for adjusted own goodwill capital net profit record detail
Slide 9: 3Q12 results
Refer 3Q12 (CHF Income Credit Own Personnel Non-personnel of and Total Adjusted (Excluding impairment % Pre-tax Tax Net Diluted which of other profit (expense) Group credit operating to results million) loss profit 1,789 EPS slide restructuring effect pre-tax assets attributable expenses (expense) o
Slide 10: 3Q12 pre-impairment results and goodwill impairment
3Q12 Pre-impairment CHF Goodwill Intangible intangible Property Total 71Our Goodwill Basel million goodwill 3,064 goodwill and and 9,119 assets1 2.5 assets and 30.9.12 equipment other and and impairment intangible 3,030 Impairment 559 Basel 9,678 asset balance 15 6,088 5,928 544 III impairments 3,04
Slide 11: Further Basel III capital strength
Further 81Basel ~12.7% 15.9% 11.0% 214.1% ~9.1% ~34.3 4.9 29.4 31.12.10 (CHF billion) Hybrid Core 8.7% 36.7 4.6 30.6 tier 2.5—Capital 2.5 35. 37.5 11.7% 19.2% tier increased 12.6% 31.3.11 1tier risk-weighted 32.4 4.3 capital 138.4 capital 4.3 111.7% 20.2% 33.2 13.2% capital 39.6 30.6.11 4.4 industry
Slide 12: Wealth Management positioned for growth
Our We Invested WM 720 Wealth 783 Adjusted Net (combined 1Quarterly 3Q12 2011 2010 (4.6) (CHF 8.9 billion) 602 million) 12.3 816 717 portfolio Excluding are new wealth Americas well Management money assets in pre-tax average result) management 2011 positioned restructuring ofprofit1 (WM) CHF for 1.6
Slide 13: Wealth Management
Wealth 1,745 million) 888 3Q11 Pre-tax Higher Adjusted Operating 3.9% Positive •Strong Net 11.1 10 billion) 7.7 3.8 (CHF 3Q10 Refer Continued 3.1 new 9.5 net 2Q12 to 4Q10 1,734 1.0 contribution activity Management profit 5.6 540 net slide money new pre-tax cost 0.0 income expenses 6.7 3Q12 new 1Q11
Slide 14: Wealth Management operating income
Wealth Gross assets billion) 1,7452 1,673 186 229 million) income(bps) Operating 3Q11 Interest Invested Trading Recurring 1Net 32fund Operating Excludes Net interest 194 243 shares 4Q11 fee 89 772 margin1 1,769 Management—Operating 750 (excl. and 812 9.6 11.8 (CHF assets and (CHF fees 783 gain of 1Q
Slide 15: Wealth Management Americas
Wealth Our million) 1,631 1,587 1,552 3Q11 Operating Pre-tax Net NNM 9.3 8.5 billion) 3.5 (USD Adjusted Financial Record USD Annualized 9.7 7.9 3.9 new YTD 4.8 9.8 2Q12 0.3 excl. 3.0 Management profit USD revenue 4.7 170 money billion cost advisor pre-tax income 5.0 dividends NNM 3Q12 183 revenues (
Slide 16: Investment Bank
Investment Improved Operating CHF 31% 2,277 2,131 1,773 383 215 1,107 372 1,099 925 630 (million) Equities Revenues Basel Average Adjusted 3Q11 (CHF million)(14)(178) 178 Refer 13 397 783 29% USD 2Q12 to III 2,387 403 1,736 1,107 1,164 slide 759 FICC VaR RWAs 247(million) cost pre-tax revenues incre
Slide 17: Investment Bank IBD, equities and FICC
Investment 263 IBD 221 222 144 206 129 240 (342)(213) (160) 759 EQUITIES 121 272 300 347 3291 (67) (10)(83) 132 1,107 FICC 397 113 868 425 Significant (42)(230) (117)(123) Advisory ECM Fixed Other Equities Cash Derivatives methodology Prime Solid Macro improvement 3Q11 21Refer 86 Q11 All750 403 257
Slide 18: Global Asset Management
Global Adjusted 446 million) 399 3Q11 Pre-tax Performance Net Operating Gross Strong NNM Quarterly Third billion) 2.1 (CHF (2.0)(2.9) (0.8)(1.0)(0.7) FY10 Refer 15 2.3 management 468 2Q12 to party 0.3 FY11 by margin Asset investment 1.2 profit 4.1 79 slide channel pre-tax 0.3 average (2.6)(2.2) inco
Slide 19: Retail & Corporate
Retail 14929 683 3Q11 Pre-tax 6.4% 8.5% (annualized) 4.2% (0.2%) 2.4% Operating Modest Adjusted 1.83% 18 interest new 927 399 1.75% 16 6.2% 3.3% 2Q12 &(0.8%) million) 3Q10 (CHF Net Refer toprofit reduction 1.69% 932 395 business Corporate pre-tax cost income 7.2% 1.74% 4Q10592 margin 3Q12 slide409 (
Slide 20: Corporate Center
Corporate 1,819 Own (19) (CHF(936) mainly –CHF million) (CHF(62) (119) SNB Legacy (527) Pre-tax 13Q11 17 Adjusted CHF Option gain credit 998 62 StabFund income 2Q12 Operating 263 on profit Portfolio million included option fair partially million –Center personnel-related operating –million gains 3Q1
Slide 21: Strong liquidity and funding
Strong UBS’s Liquidity ??25% are Cash Funded Liabilities Assets Short-term issued Due Additional Available funding contingent sources cash(CHF reserves Loans billion NSFR 87654321Refer intooutflows to the surplus ~5% (& Basel liquidity banks3 of Dedicated Interbank Assets Additional 18 /balance Pro-
Slide 22: Basel III RWAs continued reduction
Basel Continued ~21 ~380 ~400 (99) ~80 ~53 ~59 ~220 ~191 (CHF billion) •30.9.11 Quarter Legacy Other ~CHF Wealth Investment 1Refer 19 Sales RWAs ~20 ~62 ~49 ~212 ~170 to III—Risk-weighted businesses: ~79 256and Management Portfolio: 31.12.11 on billion slide associated ~350 ~21~86 reduction quarter
Slide 23: Industry-leading Basel III capital
Industry-leading Basel ~ +480 ~0.6% ~1.2% ~10.7% ~11.8% ~10.0% ~0.5% ~9.3% ~7.5% 30.9.11 ~6.2% Loss-absorbing Common We (~40 Refer 20phase-in expect bps bps to III CET1 ~13.1% ~8.8% ~6.7% 31.12.11 ~1.3% ~0.6% slide Basel decrease +440 equity a2019 limited ratio 1 III ~13.6% bps for capital rules Bas
Slide 24: Strategy update
Strategy update
Slide 25: Key messages
Key Our Targeting Further We Basel Return A Refer 22total have are franchise Investment messages to III payout on accelerating firmly extensive slide built fully aequity ~30% “Group is committed the applied ratio Bank unrivaled of measures foundation reduction of at ourwill targets” least CET1 more
Slide 26: UBS—the world's leading wealth manager
UBS—The An WM World’s UHNW unrivaled capabilities Wealth growth Prepared Clear strategy Committed Return Refer 23 unrivaled businesses Solid toon generation rates wealth leading foundation slide for scope equity to bank financial channels the 2x franchise “Group deliver manager; GDP and Retail HNW f
Slide 27: Successful execution of key strategic priorities
Successful Basel Reduce RWAs (CHF Build III strength 130.9.11 Reduce ~301 23.3(1.4) 1H11 costs(CHFbillion) annualized1 adjusted Focused 2012 Consistent Basel Execution Adjusted Refer RWA 9M12 to III RWAs capitalexecution 30.9.12 ~6.2% CET1 6.2% billion) 1H11 slide for and fully operating~400(25%) fu
Slide 28: Our transformation journey
Our We Implement and Accelerate [Graphic Build Reduce 2012 •Investment efficiency 2013/2014 measures …to 25 Transform Reduce Implement are execute journey—The maximize capital taking costs operational Appears balance and 2015 Unlock Bank full the long-term strength action productivity value potentia
Slide 29: Accelerating the transformation: considerations
Accelerating Considerations Capitalizing management core traditional strengths… best-in-class volatility •developments 26 Needs Competitive Revenue Operational Interdependencies Expected Regulatory external ofpotential /wealth returns market earnings execution developments the and clients complexity
Slide 30: Investment Bank: capitalizing on strengths
Investment Capitalizing Strong and •all Our Ideal Highly A The To Clear 27Global Consistently unique rewarding, major be solutions ability Investment clients partnership accountability part advisory capital-efficient footprint financial and of to will Bank on an intellectually capabilities attractiv
Slide 31: Creating a client-centric Investment Bank
Creating Corporate structuring, businesses counterparties relationships •Our Expected: ~15% Targeting Financials cost Refer 28 Thought Professionals High Provider Leading Client-centric Clear Advisory clients platform culture / income to of speed accountability slide aBasel aportfolio leadership ~1/
Slide 32: Exiting businesses
Businesses Our Exiting Substantial Rigorous Positions FICC ~CHF [Graphic Significant •RWA We Refer 29 Total RWA Funded have will strong reductions to /10 110 80 Basel from FICC-related some exit manage slide appointed Appears assets control to billion billion capital reduction and cost be these ~CHF
Slide 33: Investing in growth and reducing costs
Investing Our Group Adjusted ~23.3 Total CHF ~(1.4) ~0.6 Investments ~(4.0) moves 1H11 (CHF billion) ~20.0 1annualized1 301H11 operational 3.3 5.4 gross cost 9M12 Currency headcount costs billion operating in reductions cost businesses 2015 annualized ofrun CHF reductions efficiency of for ~22.5 rat
Slide 34: Group targets
Group Balance excl. 31.12.15 0.6 (0.3) 0.9 (CHF Basel 31.12.17 31.12.13 <200 <250 ~301 fully Cost 2014 2013 30.9.12 9.3% 13.0% 11.5% Return 60-70% 79% Refer 2015 annualized from 9M12 ~8% >15% 21(%) 31Excluding RoE/applied PRVs to III trillion) billion) income as targets1 on sheet slide RWAs CET1 rep
Slide 35: Reducing capital needs and shifting business mix
Reducing We Attributed to ~20% Investment ~65% 3Q12 ~35% pro Adjusted 1.3 1.2 CHF (CHF 1Q11business will forma2 21Refer 2013 WM ~80% 5.0 1.3 improve pre-tax capital 1.1 2Q11 to Pro-forma equity divisions1 businesses, Bank 1.3 1.2 billion) 1.3 profit the needs, Expected 1 Annual Excluding slide billi
Slide 36: Progressive capital returns
Ourare Progressive Future Baseline Supplementary profitability Reinvestments: only Management capital We 33 business when dividend buffer: firmly targeting dividend: clearly capital mix countercyclical committed returns: in policy asupports accretive existing total sustainable returns –payout specia
Slide 37: Attractive returns and future prospects
Our An Positioned franchise growth Prepared future Attractive Targeted A 34 unique unrivaled vision and Compelling return for and returns track forthe Leading valuable the on record Clear UBS equity industry positions strategy, proposition of ofof execution theat growth future least solid in all to1
Slide 38: Strategy – Capital and Funding
Strategy – Capital and Funding
Slide 39: Financial strength: Basel III capital and balance sheet
Financial Basel Group We Our The Lower 1Refer Total will proportion business total strong leverage to III Basel funding capital reduce slide CET capital strength liquidity III ratios model 11requirement requirements of our for RWA ratio requirements deposits isdetails funded will will and the target
Slide 40: Targeting Basel III CET1 ratio
Targeting Basel ~ ~13.1% ~11.8% ~10.0% ~8.8% ~7.5% 30.9.11 ~6.2% target Loss-absorbing Common Refer 37phase-in to III—Capital III target ~9.3% ~6.7% 31.12.11 11.5% ~13.6% ~10.7% slide Basel equity a2019 13% 1 III for capital rules 13.0% fully-applied 31.3.12 ratios details fully 30.6.12 about applie
Slide 41: Our funded balance sheet
Our Funded replacement Cash, banks Financial borrowed agreements Loans 30% Funding CHF 30.9.12 Due Short-term Cash lent Trading 2015 Long-term debt be Other Customer deposits 40% Equity funding 1Lower 38Funded significantly and funded to issued ~40% >0.9 target collateral balances assets liabilities
Slide 42: Leverage ratio
Leverage Our Simple FINMA 2.2 Funded 2.1 5.1% 1.8 5.7% 5.4% 4.5% leverage leverage FINMA leverage ratios balance 6.1% 5.7% expected based ratios Basel ratio1 ratio2 will sheet4 IIIimprove direction leveragesubstantially ratio3 as we reduce our balance sheet 4.4% 1.2 0.9 2.8% 2.0% 2.5% 4Q06 (CHF 1tri
Slide 43: FINMA capital requirements
FINMA UBS’s Capital requirements for banks 19% Low-trigger 17.5% absorbing •~6.0%(ii) ~4.5% loss-absorbing High-trigger 3% Common equity capital Our 2110% commitments 3% Based Balance large C. total •base our Based capital Capital total 13% UBS Basel on Swiss capital •market equity plans capital cas
Slide 44: Basel III RWA targets
Basel We ~21 ~400(25%) ~20 ~80 ~62 ~53 ~59 ~85 <225 ~220 ~191 <70 (CHF billion) 30.9.11 31.12.13 Estimated Investment SNB 21Refer Targets RWAs aim ~380 ~350(50%) ~21 ~305 ~49 <200 <70 StabFund1 ~212 ~170 to III—Risk-weighted ~79 31.12.11 to slide associated <250 <70 target2 assume ~301 pro-forma ~86
Slide 45: Investment Bank and Legacy Portfolio RWAs
Investment Basel Legacy and ~49 Transfer ~162 ~55 <70 Of ~CHF operational 30.9.12 as Businesses pro-forma 1Refer Targets reported which positions ~49 <70 ~25 to III—Investment III 15-18 Portfolio 30.9.12 slide Investment to <70 RWAs assume CC and estimated Bank risk billion <70 to 1 ~90 positions fo
Slide 46: Legacy Portfolio Basel III RWAs
Legacy Total Basel (CHF CDOs Auction Muni Monolines Reference-linked Real Blackrock Other Operational Total5 21Refer 543RWAs Positive Of Credit Including Excluding which estate Basel swaps to III 3.3 billion) 9.2 49.0 inPortfolio(30.9.12) rate slide valuation B/S 4Q12 4.1 replacement 3.1 loan 7.6 as
Slide 47: Basel III RWAs of exited businesses
Basel RWAs Businesses ~20 ~28 Other Subtotal OTC Operational Total ~32 ~37 billion) ~22 Level (CHF Sep We in Refer 44 the will 12positions Basel ~90 to III most 3~10 billion) PRVs Dec ~17 assets manage slide ~80 RWAs B/S ~260 ~120(CHF and within value III 13 risk PRVs ~260 excl. 1Cash are RWAs Dec –
Slide 48: Attributed equity
UBS’s Attributed Tangible 50% 25% G M + Resources Equity Deferred Prepaid Effective Average 5.3 47.6 8.4 1.9 ~7.0 21.9 ~13.5 billion) (CHF 3Q12 Corporate Investment Global Retail 21Wealth oodwill ~4.0 Risk-based Pro-forma anagement ~42.5 ~8.5 ~2.0 RWAs assets RBC1 pro-forma2 3. &equity Asset in Mana
Slide 49: Implementing cost efficiency initiatives
Implementing 4Q12 Initiatives IB Org. Lean Hubbing Independent 2Q11 3Q12 program Cost per ~2.0 restructuring Expected 1CHF 46Based efficiency annum effectiveness ~2.0 savings 3.3 front-back program 2013 on ~CHF billion ~2.0 Expected ~CHF 9M12 2014 buying 2Q11 costs long-term 5.4 2015 1.4 annualized
Slide 50: Business division target ranges
Business Ranges Wealth Global Management to NNM Gross Cost Group 321Refer As Excluding NNBV be reported /exited—Basel to growth margin income RoE Asset Wealth of slide division =sustainable net expected own Investment Americas effective 132-38 95-105 rate ratio Management new forcredit targets1 3-5%
Slide 51: UBS—unrivaled franchise
UBS—A Unrivaled UBS’s Compelling Prepared Clear Decisive Proven Firmly Our Industry-leading 13% Substantial Large Solid Broadly Significant Basel 48 business fully financial funding strategy III multi-currency franchise committed track diversified fully Liquidity Net action for unique applied franch
Slide 52: Appendix
Appendix
Slide 53: Basel III fully applied capital
Basel~9.4% Fully 13% ~10.6% ~8.0% ~0.6% ~6.7% ~6.2% 30.9.11 (CHF capital CET1 Loss-absorbing Pro-forma Refer (~4) RWAs 50 applied to III billion) capital ratio ~1.3% 11.5% ~0.5% ~8.8% ~7.5% capital ~6.7% 24.6 31.12.11 slide fully ~400 25.3 + CET1 1+1.3 13.0% ~9.3% common equity ~7.5% applied loss-ab
Slide 54: Basel III phase-in capital
Basel Phase-in ~12.3% ~13.7% ~10.7% ~0.5% 2~1.1% ~6.1% ~10.0% 30.9.11 (CHF capital CET1 RWAs 1Pro-forma ~9.2% Refer (~4) ~305 41.5 +0.9 30.9.12 ~13.6% 51~1.1% ~2.8% Goodwill to III billion) capital ratio ~403 ~3.0% 2~6.6% 40.4 31.12.11 ~0.6% ~1.4% ~1.2% ~10.7% slide ~3.2% ~3.0% Capital CET1 phase-in
Slide 55: FINMA Basel III leverage ratio
UBS’s (Phase-in = (Total The xTotal Minimum FINMA Based 3.7% 3.0% 2.5% 2.0% 12013 the add-ons 24% 3-month = FINMA Basel 3.4% minimum 2014 exposure1 capital 3.7% 3.2% 2.7% 2.0% IFRS on current FINMA for Basel II 17.5% 19.0% CET1 leverage average. 2015 4.0% 3.4% ETDs framework. Basel assets requiremen
Slide 56: Deferred tax assets
Deferred The as Recognized billion) 18.8 24.6 (CHF US 0.1 Unrecognized Tax Profitability 21DTAs Net Equals ofSwitzerland losses potential 30.9.12 operating 1.7 have 2.4 the tax 3.6 have been DTAs assumptions potential assets 2.6 topotential losses. aUK recognize remeasured 0.8 remaining on on RoW 5.
Slide 57: IFRS book value and tangible book value
(IFRS 65 196 54,716(448) (233) (2,172)(24) Book million) 30.6.12 (CHF currency 1translation (OCI)2 CHF 2billion 2,267) Tangible Net 348 30.6.12 5,348 equity value ofatsale Net Tangible tax. investments 30.9.12 book available-for-(OCI)2 million per premium(share profit attributable Total 30.9.12 shar
Slide 58: Basel III Investment Bank RWAs
Basel ~85% Investment (24) (11) (47) ~220 (17)(8)(2) (CHF ~162 Legacy 11(12) (42) billion) (CHF(11) 30.9.11 of CVA (2Q12) 1Refer other Other adjusted 4VaR ~209 model to III—Investment of 1MBIA hedging Allocation Portfolio ~80 includes slide RWAs ARS CVA ~49 risk loan Bank ~91(15)(5) and 1exposures r
Slide 59: Basel III CET1 capital change
Basel Phase-in billion) (2.2)(0.6) Fully 26.7 billion)(2.2) (0.4) 0.9 3.0 30.6.12 (CHF to 1Refer Basel shareholders 3.0 28.0 applied to III—Common 40.4 2.5 Net slide Basel own profit 41.5 Basel 1III for credit CET1 attributable details III equity adjustments CET1 capital about tier capital Own 1–adj
Slide 60: Wealth Management 3Q12 by region
Wealth Net Asia Europe Pacific 347 Invested assets CHF 8% Annualized growth 88 (8%) 3.9% Gross 81 54 margin Client 1,630 advisors 658 Based mainly Global 54Computed Gross Dedicated 102 34 8% new 352 Emerging 816 146 4on 961 Family 91 Markets attributable Management—3Q12 89bps(bps) rate3 Switzerland
Slide 61: Wealth Management Americas operating income
Wealth YoY QoQ 1,552 1,449 1,321 130 144 384 779 321 667 (USD million) 3Q10 Interest 21Trading As 4Q11 127 380 400 788 710 reported; +5% +3% 4Q10 1,568 1,506 1,417 169 Management includes Recurring Other 354 798 728 184 1Q11 1,587 1,504 119 332 2 income includes 762 178 129 USD 391 2Q11 fees 1,631 8
Slide 62: Wealth Management Americas net interest income and lending
Wealth 215 2371 Net 184 169 24.7 27.1 23.5 20.3 19.4 0.6 2.8 15.2 3Q10 (USD billion) QoQ YoY 1Credit our interest As0.9 2. AFS interest 218 178 28.0 25.5 1.7 21.4 1.1 16.0 reported; +13% +3% 4Q10 0. million) lines 0.8 Management income 218 2.0 73.7 portfolio. 25.7 1.4 16.4 80.9 income (HNW 1Q11 2.3
Slide 63: Wealth Management Americas financial advisor productivity
Wealth Revenue 927 882 835 104 thousand) 780 3Q10 (USD(USD 60 118 902 851 104 4Q10 Management 869 109 per million) 1Q11 897 108 FA, annualized 905 2Q11 Americas—Financial 1123Q11 113Invested 115 4Q11114 1Q12 assets2Q12 advisor per FA 3Q12 productivity 3Q10 4Q10(USD) 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q1
Slide 64: Invested assets
Invested 8Wealth 783 (0)(7) (CHF(CHF 2Global billion) 3% (2) 30.6.12 (CHF 61264% 19 5 29 Asset Management billion) 569 NNM 816 assets 588 757 Management Market 3% 783 Wealth FX / Other Management 30.9.12 30.6.12 AmericasNNM Market FX / Other 30.9.12
Slide 65: Investment Bank IBD
Investment Significant CHF 215 12% 587 503 182 194 144 120 240 206 (million) (288)(342) (204)(213) (150)(160) –bookrunner 3Q11 Advisory Refer 62Participated Increased 372 605 522 –245 ?174 11% USD 2Q12 Fixed to Participated slide 383 616 557 221 222 201 Equity –Comparison ?market Bank—IBD mark-to-ma
Slide 66: Investment Bank Equities
Investment Equities CHF 217% 36783 251 227 247 274 99 (million) 347 125 (11) 3Q11 (62)(67) Comparison Cash Strong Derivatives Improved APAC 2Q12 Prime Steady Refer 63 30 132 759 286 300 272 121 291 (89)(10)(83) USD Derivatives (n/m) 2Q12 to was 201% services and performance slide 820 238 performed 2
Slide 67: Investment Bank FICC
Investment CHF 1% 1,107 1,161 1,099 925 113 397 336 745 868 3Q11 (40)(42) (214)(230) (116)(113)(117)(123) (million)(million) Comparison Macro Credit Strong Solid Emerging Improved Refer 64 0% 106 510 396 710 USD result performance 2Q12 to 1,164 107 +20% Credit +2% revenue improvement slide 483 731 r
Slide 68: 3Q12 operating expenses
3Q12 5,516 507 6,110 473 5,616 717 135 4,846 496 131 402 818 Of 8,803 510 of Significant 3,042 5,181 579 pension benefit WMA to Amortization (discretionary 1,696 1,739 the million) (CHF 1Q11 (359)(75) 21Refer Grid-based Excluding recruited goodwill which respective 387 5,049 604 602 528 129 569 2Q11
Slide 69: Eurozone periphery exposure
Exposure Our 30.9.12 (CHF Before hedges4 France Italy Spain Austria Ireland6 Belgium Portugal Greece Other7 7654321The 866 The Bymajority Banking Not Includes direct 2,601 atdeducted 174 million) majority Net 3,016 190 32 least 1,254 Sovereigns2 hedges 84 30 921 to 174 32 exposures Andorra, central
Slide 70: 3Q12 tax expense
Pre-tax Net Other DTAs Tax of 3Q12 67 3Q12 tax deferred expense benefits net effective positions loss taxable tax(as arising tax benefit expenses tax reported) that profits benefit rate from had of in CHF13.7% CHF with previously CHF the respect (345 345 release respect 2,516 million) CHF million be
Slide 71: Headcount
223 225 QoQ1 Headcount 896 63,520 (1,041) 30.6.12 Wealth Management Americas YoY1 (64) (967) 30.9.11 (FTEs) 63,745 165,921(1,266) (2,176) corresponding 3Q12 80 50 1410 96 16 63,745 Wealth 30.9.12 personnel Management Management decrease Investment allocations of 1,100 Global Bank have in Asset Retai
Slide 72: Incorporation by reference
This Form 6-K is hereby incorporated by reference into (1) each of the registration statements of UBS AG on Form F-3 (Registration Number 333- 178960) and Form S-8 (Registration Numbers 333-49210; 333-49212; 333-127183; 333-127184; 333-162798; 333-162799; 333-162800; 333-178539; 333- 178540; 333-178
Slide 73: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UBS AG By: /s/ Louis Eber Name: Louis Eber Title: Group Managing Director By: /s/ Sarah M. Starkweather