Industrial Holdings

In first quarter 2005, net profit was CHF 258 million. Attributable profit was CHF 198 million, reflecting high private equity divestment gains of CHF 272 million, which were partially offset by CHF 27 million in writedowns.

The level of unconsolidated private equity investments was unchanged at CHF 1.2 billion on 31 March 2005 compared to three months earlier as a number of exits and writedowns were offset by the funding of existing commitments. Driven by exits and revaluations, the fair value of this part of the portfolio decreased to CHF 1.5 billion in first quarter 2005 from CHF 1.7 billion in fourth quarter 2004. Unfunded commitments continued to fall, totaling CHF 0.7 billion at the end of March 2005, down from CHF 0.8 billion at the end of December 2004.