UBS - Note 8 Earnings per Share (EPS) and Shares Outstanding

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Earnings per Share (EPS) and Shares Outstanding

	Quarter ended			% change from		Year ended
	31.12.07	30.9.07	31.12.06	3Q07	4Q06	31.12.07	31.12.06
Basic earnings (CHF million)
Net profit attributable to UBS shareholders	(12,451)	(830)	3,407			(4,384)	12,257
from continuing operations	(12,482)	(925)	3,146			(4,785)	11,469
from discontinued operations	31	95	261	(67)	(88)	401	788
Diluted earnings (CHF million)
Net profit attributable to UBS shareholders	(12,451)	(830)	3,407			(4,384)	12,257
Less: (Profit) / loss on equity derivative contracts	(13)	(21)	(4)	38	(225)	(16)	(8)
Net profit attributable to UBS shareholders for diluted EPS	(12,464)	(851)	3,403			(4,400)	12,249
from continuing operations	(12,495)	(946)	3,142			(4,801)	11,461
from discontinued operations	31	95	261	(67)	(88)	401	788

	Quarter ended			% change from		Year ended
Weighted average shares outstanding	31.12.07	30.9.07	31.12.06	3Q07	4Q06	31.12.07	31.12.06
Weighted average shares outstanding ¹	1,914,195,275	1,916,996,084	1,965,088,096	0	(3)	1,926,328,078	1,976,405,800
Potentially dilutive ordinary shares resulting from unvested exchangeable shares, options and warrants outstanding ²	1,398,761	1,536,676	80,613,811	(9)	(98)	1,370,654	82,429,012
Weighted average shares outstanding for diluted EPS	1,915,594,036	1,918,532,760	2,045,701,907	0	(6)	1,927,698,732	2,058,834,812

	Quarter ended			% change from		Year ended
Earnings per share (CHF)	31.12.07	30.9.07	31.12.06	3Q07	4Q06	31.12.07	31.12.06
Basic	(6.50)	(0.43)	1.73			(2.28)	6.20
from continuing operations	(6.52)	(0.48)	1.60			(2.49)	5.80
from discontinued operations	0.02	0.05	0.13	(60)	(85)	0.21	0.40
Diluted	(6.51)	(0.44)	1.66			(2.28)	5.95
from continuing operations	(6.53)	(0.49)	1.54			(2.49)	5.57
from discontinued operations	0.02	0.05	0.12	(60)	(83)	0.21	0.38

	As of			% change from
Shares outstanding	31.12.07	30.9.07	31.12.06	30.9.07	31.12.06
Total ordinary shares issued	2,073,547,344	2,073,536,484	2,105,273,286	0	(2)
Second trading line treasury shares
2006 program			22,600,000
2007/2010 program		36,400,000
Other treasury shares	158,105,524	125,598,409	141,875,699	26	11
Total treasury shares	158,105,524	161,998,409	164,475,699	(2)	(4)
Shares outstanding	1,915,441,820	1,911,538,075	1,940,797,587	0	(1)
1 Includes an average of 469,591 and 510,276 exchangeable shares for the quarters ended 31 December 2007 and 30 September 2007, respectively, and a year-to-date average of 490,118 shares for 31 December 2007 that can be exchanged into the same number of UBS shares. For 2006, amounts include an average of 147,231 exchangeable shares for the quarter ended 31 December 2006 and a year to date average of 143,809 shares for 31 December 2006 that can be exchanged into the same number of UBS shares. 2 Due to UBS losses, 33.7 million, 41.3 million and 50.1 million potential ordinary shares from unexercised employee shares and options are not considered as they have an anti-dilutive effect for the quarters ended 31 December 2007, 30 September 2007 and the year ended 31 December 2007, respectively.

The total equivalent shares outstanding of options that were not dilutive (out-of-the-money) but could potentially dilute earnings per share in the future were 119,309,645 and 37,229,136 for the years ended 31 December 2007 and 31 December 2006, respectively.

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Notes (unaudited)

Note 8 Earnings per Share (EPS) and Shares Outstanding