Industrial Holdings

In first quarter 2007, Industrial Holdings reported a net profit of CHF 146 million, of which CHF 87 million was attributable to UBS shareholders.

In first quarter 2007, we completed the sale of one fully consolidated investment. The realized divestment is presented as discontinued operations for Industrial Holdings. Previous income statements have also been restated to reflect the divestment.

Private equity treated as "Financial Investments available-for-sale" achieved divestment gains of CHF 150 million in first quarter 2007, with writedowns of CHF 1 million. The level of these investments fell to CHF 283 million on 31 March 2007 from CHF 344 million on 31 December 2006 due to a number of exits. The fair value of this part of the portfolio decreased by CHF 168 million to CHF 693 million in the quarter due to revaluations and successful divestments. Unfunded commitments on 31 March 2007 were CHF 219 million, down from CHF 227 million on 31 December 2006.