 |  We are careful to limit potential dilution of our shareholders’ stakes as a result of our capital management actions.
An example is our use of trust preferred securities, which contribute to BIS tier 1 capital, but without the need to issue new shares. We followed up our first, successful, issuance of trust preferred securities in October 2000, with a further offering in June 2001, which took advantage of the distribution capabilities of UBS PaineWebber and our overall expanded institutional presence in the US following the merger. And to fund employee share programs, UBS makes use of treasury share purchases as opposed to issuing new shares.
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