Statement of Changes in Equity (unaudited)

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Statement of Changes in Equity

	For the quarter ended

CHF million	31.3.05	31.3.04
Issued and paid up share capital

Balance at the beginning of the period	901	946
Issue of share capital	1	2
Cancellation of second trading line treasury shares	0	0


Balance at the end of the period	902	948



Share premium

Balance at the beginning of the period, restated	9,231	7,595
Premium on shares issued and warrants exercised	136	90
Net premium / (discount) on treasury share and own equity derivative activity	(264)	1,323
Employee share and share option plans	4


Balance at the end of the period	9,107	9,008



Net gains / (losses) not recognized in the income statement, net of taxes

Foreign currency translation
Balance at the beginning of the period, restated	(2,520)	(1,694)
Movements during the period	712	142


Subtotal – balance at the end of the period	(1,808)	(1,552)
Net unrealized gains / (losses) on available-for-sale investments, net of taxes

Balance at the beginning of the period, restated	761	399
Net unrealized gains / (losses) on available-for-sale investments	63	222
Impairment charges reclassified to the income statement	20	55
Realized gains reclassified to the income statement	(94)	(158)
Realized losses reclassified to the income statement		2


Subtotal – balance at the end of the period	750	520
Change in fair value of derivative instruments designated as cash flow hedges, net of taxes

Balance at the beginning of the period	(322)	(144)
Net unrealized gains / (losses) on the revaluation of cash flow hedges	(369)	(156)
Net realized (gains) / losses reclassified to the income statement	72	(6)


Subtotal – balance at the end of the period	(619)	(306)


Balance at the end of the period	(1,677)	(1,338)
Revaluation reserve from step acquisitions, net of taxes

Balance at the beginning of the period	90	0
Movements during the period	0	0


Balance at the end of the period	90	0
Retained earnings

Balance at the beginning of the period, restated	37,001	36,259
Net profit for the period	2,625	2,277
Cancellation of second trading line treasury shares	0	0


Balance at the end of the period	39,626	38,536
Equity classified as obligation to purchase own shares

Balance at the beginning of the period, restated	(96)	(49)
Net movements	(94)	(123)


Balance at the end of the period	(190)	(172)
Treasury shares, at cost

Balance at the beginning of the period, restated	(11,105)	(9,654)
Acquisitions	(1,696)	(3,202)
Disposals	3,073	2,104
Cancellation of second trading line treasury shares	0	0


Balance at the end of the period	(9,728)	(10,752)


Equity attributable to UBS shareholders	38,130	36,230
Minority interests

Balance at the beginning of the period, restated	5,426	4,216
Issuance of trust preferred securities
Other increases	12	529
Decreases and dividend payments	(198)	(161)
Foreign currency translation	168	89
Minority interest in net profit	208	92


Balance at the end of the period	5,616	4,765


Total equity	43,746	40,995

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