Capital management

2Q08 vs 1Q08:

Total UBS shares issued increased from 2,073,567,252 shares on 31 March 2008 to 2,932,567,827 shares on 30 June 2008. The increase is the result of the stock dividend and the rights issue. For the stock dividend, shareholders were allocated on 25 April 2008 one entitlement per share held with the right to receive one share for free against 20 entitlements. This resulted in a total of 98,698,754 new shares being issued to UBS's shareholders. As part of the CHF 15.6 billion ordinary capital increase, 760,295,181 new shares were issued in the rights offering to UBS's shareholders (refer to the sidebars "Stock dividend" and "Rights offering June 2008").

As of 30 June 2008, UBS expects 270,438,942 new shares to be issued out of conditional capital upon the settlement of the CHF 13 billion mandatory convertible notes on 5 March 2010. A further 150,112,086 new shares to be issued out of conditional capital were available to settle employee options at exercise.