瑞银设定增长计划，确认资本回报目标

瑞银保持战略不变，公司仍将依靠自身独特业务模式、强大市场地位及资本实力推动增长。

瑞银将继续以实现调整后15%以上的股本回报率1 为目标，并承诺维持分配至少50%的净利润作为资本回报派息比率。

财富管理业务力争在周期内实现 10–15%的综合调整后年度税前利润增长

环球资产管理业务的目标是实现 10亿瑞郎的调整后年度税前利润。²

实现与2013财年相比减少净成本21亿瑞郎。³

降低财富管理业务和美洲财富管理业务的成本/收入率目标区间，并收窄投资银行的目标区间。

瑞士 SRB 杠杆比率的分母目标值设定为2016年前达到9,000亿瑞郎。⁴

2015年前，非核心和遗留资产组合的巴塞尔协议 III风险加权资产从约550亿瑞郎减至约 400亿瑞郎。

苏黎世/巴塞尔，2014年5月6日 – 今天，瑞银发布了战略执行的最新情况，以及进一步释放瑞银潜能的措施。得益于自身独特的业务模式及长期扎根于重要地区，瑞银将继续依靠自身强大的市场地位、全球覆盖面及资本实力推动增长。 瑞银的业务组合专注于能产生现金流及资本效率的业务，其回报相对风险具吸引力，从而持续实现可预测及优质收入。

瑞银致力于保持自身作为世界一流财富管理机构的地位，向客户提供种类丰富的产品和服务，卓越的专业能力，以及出色的投资和财富管理意见。 瑞银的财富管理业务将透过投资来促进增长，并通过瑞银所有业务服务客户，努力实现综合调整后年度税前利润 10-15%的增长目标。

瑞银力求在瑞士本土保持领先的全能银行地位，在本国市场维持强大的增长动力。 零售与企业银行业务率先在网上和移动银行服务领域实现创新，并通过与瑞银其他业务的高度融合体现差异化。

环球资产管理力求加强深受客户信赖的合作伙伴角色，并充分利用公司的各项专业能力提供优质解决方案。 该业务结合有利的行业基本面因素和策略性计划，力求实现调整后年度税前利润1 0亿瑞郎的中期目标。

投资银行力求加强自身在目标行业顾问、研究、股票、外汇及贵金属业务领域的地位，并继续提供专注及优质的利率及信贷业务能力。 投资银行在全面采纳的巴塞尔协议III风险加权资本（RWA）限定为 700亿瑞郎，以及融资资产限定为2,000亿瑞郎的经营下 ，将继续争取实现调整后年度税前专属股本回报率超过15%的目标。

集团首席执行官 Sergio P. Ermotti 指出 ：“过去三年来，我们已经对瑞银进行改造，增强资本，减少成本，提高股东回报。 我们对自身战略具有充分承诺，并将继续严谨执行战略，为客户和股东谋求利益。”

瑞银向股东坚定承诺资本回报
瑞银已经实现2014年全面采纳巴塞尔协议III普通股一级资本（CET1）充足率13%的目标，并将承诺今年实现承压后全面采纳巴塞尔协议III CET1充足率 10% 的目标。 实现上述目标后，瑞银打算向股东分配至少50%的净利润作为资本回报，同时仍通过投资实现增长。

Sergio P. Ermotti表示： “基于继续有效利用资源，我们将投入必要资本支持和发展业务，满足监管规定，同时不损害我们的资本回报目标。”

瑞银争取实现与2013财年相比节省净成本21亿瑞郎的目标。³
瑞银强化了成本管理和透明度，力求进一步提高成本效率。 相比2013年，瑞银力求在2015年底前实现企业中心运营费用节省14亿瑞郎的目标。此后 ，瑞银预期将全面退出非核心和遗留资产组合，并在此过程中进一步 削减该部门成本 7亿瑞郎。 瑞银已经调整财富管理业务、美洲财富管理业务和投资银行的成本/收入率目标区间，反映公司 减少企业中心分配的成本及提升前线部门效率的目标。 这将使得瑞银能够继续通过投资实现盈利性增长，同时最大程度提高成本效率。 经调整后的集团成本/收入比率目标自2015年保持为60–70%。

瑞银依然是重要的雇主，雇员人数约为 6万名。尽管瑞银公布的雇员人数有所减少，但通过外包业务至优选外部合作机构的方式，在全球维持雇佣规模，集团估计在全球范围创造超过9万个工作岗位。 因成本削减计划会影响雇员人数，瑞银将不再提供预期未来人员规模的估计。

集团首席财务官兼首席运营官Tom Naratil指出：“我们正在加紧努力减少企业中心的成本，并进一步提高各业务部门的成本效率。 我们相信，这些行动将改善我们的客户服务方式，让我们能够增加投资促进增长，并提高盈利能力。”

瑞士 SRB 杠杆比率的分母2016年前达到9,000亿瑞郎的目标⁴
2014年第一季度，瑞银实现全面采纳的巴塞尔协议III CET1充足率13%的目标，并将保持该比率作为衡量资本实力的核心指标 – 这正是瑞银总体战略的基础。 瑞银将继续三管齐下管理资本和资产负债表，实现CET1、承压后CET1和瑞士SRB杠杆比率的平衡。

缩减非核心和遗留资产组合
瑞银继续在减少非核心及遗留资产组合方面取得显著进展。 过去5个季度以来，不包括运营风险的风险加权资产规模已减少将近60%，远超原计划。 虽然上述过程会在执行当中带来一些成本并消耗资本，但瑞银充分了解相关风险。 2015年针对非核心和遗留资产组合的巴塞尔协议III风险加权资产目标已从约550亿瑞郎降低至约400亿瑞郎，反映出目前为止的进展及预期未来缩减规模。

集团首席风险官Philip J. Lofts指出，“我们充分了解投资组合承受的风险，并对其进行严格管理、积极对冲，因此风险不断降低。 我们的交易对手风险基本获得担保，或者对方具备良好的信贷状况。 我们拥有合适的人才，良好的业绩记录及计划以继续高效执行非核心和遗留资产组合的缩减，以实现股东价值最大化。”

年度业绩目标
以下详述瑞银集团和业务部门的年度外部业绩目标，均超过此前目标。 下述业绩目标假定基于恒定汇率。

集团

• 全面采纳的巴塞尔协议III CET1比率： 13%
• 巴塞尔协议 III 风险加权资产： 2015 年12月31日前低于2,15 0亿瑞郎（先前为低于2,250亿瑞郎）
• 巴塞尔协议 III 风险加权资产： 2017年12月31日前低于2,000亿瑞郎
• 瑞士 SRB 杠杆比率的分母2016年前达到9000亿瑞郎的目标4 （新目标）
• 调整后的成本/收入比率： 2015年后为60–70%
• 调整后的股本回报率： 2015年后高于15%¹
  

财富管理业务

• 净新资金增长率： 3–5%
• 毛利： 95–105个基点
• 调整后的成本/收入比率：  2015年后为55–65%（2014年仍为60–70%）

美洲财富管理业务

• 净新资金增长率： 2–4%
• 毛利： 75-85个基点
• 调整后的成本/收入比率：  2015年后为75-85%（2014年仍为80-90%）

零售与企业业务

• 零售业务的净新业务量增幅： 1-4%
• 净息差： 140-180个基点
• 调整后的成本/收入比率： 50–60%

环球资产管理业务

• 净新资金增长率： 3–5%，货币市场除外（此前包括货币市场）
• 毛利： 32-38个基点
• 调整后的成本/收入比率： 60–70%
• 调整后的年度税前利润： 中期为10亿瑞郎（新目标）

投资银行业务

• 调整后的年度税前专属股本回报率： 高于15%
• 经调整的成本/收入比率：  2015年后为70-80%（2014年仍为65-85%
• 巴塞尔协议 III 风险加权资产限额：700亿瑞郎
• 融资资产限额：2,000亿瑞郎

企业中心 – 核心职能业务

• 2015年底前年度净成本节省额为10亿瑞郎^5,6

企业中心 – 非核心和遗留资产组合

• 巴塞尔协议 III 风险加权资产： 2015 年12月31日前为400亿瑞郎（先前约为550亿瑞郎）
• 巴塞尔协议 III 风险加权资产： 2017年12月31日前为250亿瑞郎
• 2015年底前年度净成本节省额为4亿瑞郎⁵
• 2015年后年度净成本节省额增加7亿瑞郎⁷

¹ 虽然我们继续以2015年集团股本回报率高于15%为目标，但由于运营风险相关的风险加权资产增加，我们可能要到2016年才实现该目标。
² 就中期而言。
³ 就企业中心而言。
⁴ 基于当今适用的规则。
⁵ 相对于 2013财年调整后运营费用，以2015年底退出率计算，不包括诉讼、监管及类似事项的拨备费用变动。
⁶ 计算时不考虑临时汇率波动及监管要求变动。
⁷ 相对于2013财年减少的年度调整后运营费用。

UBS's media release and slide presentations for the Investor Update 2014 will be available from 06.45 CEST on Tuesday 6 May 2014 at www.ubs.com/investors.

UBS will hold a presentation of its first quarter 2014 results followed by an Investor Update on Tuesday 6 May 2014. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer and Group Chief Operating Officer, Martin Osinga, Global Head of Investor Relations (ad interim), and Hubertus Kuelps, Group Head of Communications & Branding.

Results presentation (followed by analyst Q&A and media Q&A) time:

10.00 – 10.55 (CEST) / 09.00 – 09.55 (BST) / 04.00 – 04.55 (US EDT)

Investor Update time:

11.10 – 15.45 (CEST) / 10.10 – 14.45 (BST) / 05.10 – 09.45 (US EDT)

Video webcast

All presentations and Q&A sessions (first quarter 2014 results and Investor Update) can be followed live via video webcast on www.ubs.com/investors.

An archived version of the video webcast of the results presentation will be available on www.ubs.com/investors.

Audio

6 May 2014, 10.00 – 15.45 CEST

Dial-in numbers:

+41 (0)58 310 50 00 (CH/Europe)

+44 (0)203 059 58 62 (UK)

+1 (1)631 570 5613 (USA)

+41 (0)58 310 50 00 (other locations)

Please dial in 15 minutes in advance.

UBS AG

Investor contact

Switzerland: +41-44-234 41 00

Media contact

Switzerland: +41-44-234 85 00

UK: +44-207-567 47 14

Americas: +1-212-882 58 57

APAC: +852-297-1 82 00

www.ubs.com

Cautionary Statement Regarding Forward-Looking Statements

This document contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance and statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development. While these forward-looking statements represent UBS’s judgments and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. These factors include, but are not limited to: (i) the degree to which UBS is successful in executing its announced strategic plans, including its efficiency initiatives and its planned further reduction in its Basel III risk-weighted assets (RWA) and leverage ratio denominator; (ii) developments in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates and interest rates and the effect of economic conditions and market developments on the financial position or creditworthiness of UBS’s clients and counterparties; (iii) changes in the availability of capital and funding, including any changes in UBS’s credit spreads and ratings, or arising from requirements for bail-in debt or loss-absorbing capital; (iv) changes in or the implementation of financial legislation and regulation in Switzerland, the US, the UK and other financial centers that may impose more stringent capital (including leverage ratio), liquidity and funding requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration or other measures; (v) uncertainty as to when and to what degree the Swiss Financial Market Supervisory Authority (FINMA) will approve reductions to the incremental RWA resulting from the supplemental operational risk-capital analysis mutually agreed to by UBS and FINMA effective 31 December 2013, or will approve a limited reduction of capital requirements due to measures to reduce resolvability risk; (vi) the degree to which UBS is successful in executing the announced creation of a new Swiss banking subsidiary, a holding company for the UBS Group, a US intermediate holding company, changes in the operating model of UBS Limited and other changes which UBS may make in its legal entity structure and operating model, including, the possible consequences of such changes, and the potential need to make other changes to the legal structure or booking model of UBS Group in response to legal and regulatory requirements, including capital requirements, resolvability requirements and the pending Swiss parliamentary proposals and proposals in other countries for mandatory structural reform of banks; (vii) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers will adversely affect UBS’s ability to compete in certain lines of business; (viii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations; (ix) the effects on UBS’s cross-border banking business of tax or regulatory developments and of possible changes in UBS’s policies and practices relating to this business; (x) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors including differences in compensation practices; (xi) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xii) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xiii) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (xiv) the occurrence of operational failures, such as fraud, unauthorized trading and systems failures; and (xv) the effect that these or other factors or unanticipated events may have on our reputation and the additional consequences that this may have on our business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. Our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed 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, including UBS’s Annual Report on Form 20-F for the year ended 31 December 2013. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

Rounding

Numbers presented throughout this report may not add up precisely to the totals provided in the tables and text. Percentages and percent changes are calculated based on rounded figures displayed in the tables and text and may not precisely reflect the percentages and percent changes that would be derived based on figures that are not rounded.