Statement of Changes in Equity (unaudited)

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Statement of Changes in Equity

	For the six-month period ended

CHF million	30.6.05	30.6.04


Issued and paid up share capital
Balance at the beginning of the period	901	946
Issue of share capital	1	1
Cancellation of second trading line treasury shares		(47)


Balance at the end of the period	902	900


Share premium
Balance at the beginning of the period, restated	9,231	7,595
Premium on shares issued and warrants exercised	148	128
Net premium / (discount) on treasury share and own equity derivative activity	57	1,350
Employee share and share option plans	7	2


Balance at the end of the period	9,443	9,075


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	1,712	33


Subtotal – balance at the end of the period	(808)	(1,661)


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	230	338
Impairment charges reclassified to the income statement	42	93
Realized gains reclassified to the income statement	(207)	(256)
Realized losses reclassified to the income statement	27	6


Subtotal – balance at the end of the period	853	580


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	(505)	(24)
Net realized (gains) / losses reclassified to the income statement	157	(19)


Subtotal – balance at the end of the period	(670)	(187)


Balance at the end of the period	(625)	(1,268)


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	4,772	4,320
Dividends paid	(3,105)	(2,806)
Cancellation of second trading line treasury shares	0	(4,469)


Balance at the end of the period	38,668	33,304


Equity classified as obligation to purchase own shares
Balance at the beginning of the period, restated	(96)	(49)
Net movements	42	(36)


Balance at the end of the period	(54)	(85)


Treasury shares, at cost
Balance at the beginning of the period, restated	(11,105)	(9,654)
Acquisitions	(2,935)	(6,181)
Disposals	3,618	2,760
Cancellation of second trading line treasury shares	0	4,516


Balance at the end of the period	(10,422)	(8,559)


Equity attributable to UBS shareholders	38,002	33,367


Minority interests
Balance at the beginning of the period, restated	5,426	3,879
Issuance of preferred securities	1,539	0
Other increases	27	55
Decreases and dividend payments	(359)	(205)
Foreign currency translation	431	9
Minority interest in net profit	354	202


Balance at the end of the period	7,418	3,940


Total equity	45,420	37,307

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