Industrial Holdings

In first quarter 2006, industrial holdings reported a net profit from continuing operations of CHF 198 million, of which CHF 142 million was attributable to UBS shareholders.

Fully consolidated investments realized gains of CHF 181 million in first quarter 2006 following the sale of underlying businesses.

Private equity treated as “Financial investments available-for-sale” achieved divestment gains of CHF 37 million in first quarter 2006, with writedowns of CHF 3 million.

The level of these investments was stable at CHF 0.7 billion. The fair value of this part of the portfolio increased slightly by CHF 0.1 billion to CHF 1.1 billion in first quarter 2006 due to revaluations, offset by successful divestments. Unfunded commitments on 31 March 2006 were CHF 323 million, down from CHF 367 million at the end of December 2005.