Financial Statements

Statement of changes in equity (unaudited)

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Statement of changes in equity (unaudited)

Statement of changes in equity (unaudited)
	Quarter ended
CHF million	31.3.08	31.3.07
Share capital
Balance at the beginning of the period	207	211
Issue of share capital	0	0
Capital repayment by par value reduction	0	0
Cancellation of second trading line treasury shares	0	0
Balance at the end of the period	207	211
Share premium
Balance at the beginning of the period	8,884	9,870
Change in accounting policy	3,549	2,770
Premium on shares issued and warrants exercised	(5,414)	10
Net premium / (discount) on treasury share and own equity derivative activity	(2,150)	(12)
Employee share and share option plans	(1,610)	(1,102)
Tax benefits from deferred compensation awards	68	122
Balance at the end of the period attributable to UBS shareholders	3,327	11,658
Balance at the end of the period attributable to minority interests	425	513
Balance at the end of the period	3,752	12,171
Net income recognized directly in equity, net of tax
Foreign currency translation
Balance at the beginning of the period	(2,627)	(1,618)
Change in accounting policy	27	4
Movements during the period	(2,656)	57
Subtotal - balance at the end of the period attributable to UBS shareholders	(5,256)	(1,557)
Balance at the end of the period attributable to minority interests	(1,114)	(204)
Subtotal - balance at the end of the period	(6,370)	(1,761)
Net unrealized gains / (losses) on financial investments available-for-sale, net of tax
Balance at the beginning of the period	1,471	2,876
Net unrealized gains / (losses) on financial investments available-for-sale	(351)	645
Impairment charges reclassified to the income statement	3	10
Realized gains reclassified to the income statement	(29)	(168)
Realized losses reclassified to the income statement	1	1
Subtotal - balance at the end of the period attributable to UBS shareholders	1,095	3,364
Balance at the end of the period attributable to minority interests	1	32
Subtotal - balance at the end of the period	1,096	3,396
Changes in fair value of derivative instruments designated as cash flow hedges, net of tax
Balance at the beginning of the period	(32)	(443)
Net unrealized gains / (losses) on the revaluation of cash flow hedges	619	24
Net realized (gains) / losses reclassified to the income statement	22	58
Subtotal - balance at the end of the period attributable to UBS shareholders	609	(361)
Balance at the end of the period attributable to minority interests	0	0
Subtotal - balance at the end of the period	609	(361)

Net income recognized directly in equity, net of tax - attributable to UBS shareholders	(3,552)	1,446
Net income recognized directly in equity - attributable to minority interests	(1,113)	(172)
Balance at the end of the period	(4,665)	1,274

Revaluation reserve from step acquisitions, net of tax
Balance at the beginning of the period	38	38
Movements during the period	0	0
Balance at the end of the period attributable to UBS shareholders	38	38

Statement of changes in equity (continued) (unaudited)
	Quarter ended
CHF million	31.3.08	31.3.07
Retained earnings
Balance at the beginning of the period	38,081	49,151
Change in accounting policy	(3,942)	(3,079)
Net profit attributable to UBS shareholders for the period	(11,535)	3,031
Dividends paid	0	0
Cancellation of second trading line treasury shares	0	0
Balance at the end of the period attributable to UBS shareholders	22,604	49,103
Balance at the end of the period attributable to minority interests	171	(16)
Balance at the end of the period	22,775	49,087
Equity classified as obligation to purchase own shares
Balance at the beginning of the period	(74)	(185)
Movements during the period	(20)	(10)
Balance at the end of the period attributable to UBS shareholders	(94)	(195)
Treasury shares
Balance at the beginning of the period	(10,363)	(10,214)
Acquisitions	(288)	(3,481)
Disposals	4,507	2,745
Cancellation of second trading line treasury shares	0	0
Balance at the end of the period attributable to UBS shareholders	(6,144)	(10,950)

Minority interests - preferred securities	6,827	5,831

Total equity attributable to UBS shareholders	16,386	51,311
Total equity attributable to minority interests	6,310	6,156
Total equity	22,696	57,467

Additional information: Equity attributable to minority interests
	Quarter ended
CHF million	31.3.08	31.3.07
Balance at the beginning of the period	6,951	6,089
Issuance of preferred securities	0	0
Other increases	4	13
Decreases and dividend payments	(164)	(109)
Foreign currency translation	(634)	1
Minority interest in net profit	153	162
Balance at the end of the period	6,310	6,156

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