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	Note 1 Summary of Significant Accounting Policies

	Note 2

	Note 3 Net Interest and Trading Income

	Note 4 Net Fee and Commission Income

	Note 5 Other Income

	Note 6 Personnel Expenses

	Note 7 General and Administrative Expenses

	Note 8 Earnings per Share (EPS) and Shares Outstanding

	Note 9 Financial Assets Designated at Fair Value

	Note 10

	Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements

	Note 12 Trading Portfolio

	Note 13 Financial Investments Available-for-Sale

	Note 14 Investments in Associates

	Note 15 Property and Equipment

	Note 16 Goodwill and Other Intangible Assets

	Note 17 Other Assets

	Note 18 Due to Banks and Customers

	Note 19 Financial Liabilities Designated at Fair Value and Debt Issued

	Note 20 Other Liabilities

	Note 21 Provisions

	Note 22 Income Taxes

	Note 23 Derivative Instruments and Hedge Accounting

	Note 24 Pledgeable Off-Balance Sheet Securities

	Note 25 Fiduciary Transactions

	Note 26 Commitments and Contingent Liabilities

	Note 27 Operating Lease Commitments

	Note 28 Pledged Assets

	Note 29 Financial Instruments Risk Position

	Note 30 Fair Value of Financial Instruments and Continued Recognition of Transferred Financial Assets

	Note 31 Pension and Other Post-Retirement Benefit Plans

	Note 32 Equity Participation and Other Compensation Plans

	Note 33 Related Parties

	Note 34 Post-Balance Sheet Events

	Note 35 Significant Subsidiaries and Associates

	Note 36 Invested Assets and Net New Money

	Note 37 Business Combinations

	Note 38 Discontinued Operations

	Note 39 Currency Translation Rates

	Note 40 Swiss Banking Law Requirements

	Note 41 Reconciliation of International Financial Reporting Standards (IFRS) to United States Generally Accepted Accounting Principles (US GAAP)

	Note 42 Additional Disclosures Required under US GAAP and SEC Rules





	Parent Bank Review

	Financial Statements

	Accounting Principles

	Additional Income Statement Information

	Additional Balance Sheet Information

	Off-Balance Sheet and Other Information





	A - Introduction

	B - Selected Financial Data

	C - Information on the Company

	D - Information Required by Industry Guide 3

UBS Homepage > Analysts & Investors > Annual Reporting 2006 > Financial Report > Note 8 Earnings per Share (EPS) and Shares Outstanding

Note 8 Earnings per Share (EPS) and Shares Outstanding

Earnings per Share (EPS)
	For the year ended			% change from
	31.12.06	31.12.05	31.12.04	31.12.05

Basic earnings (CHF million)
Net profit attributable to UBS shareholders	12,257	14,029	8,016	(13)
from continuing operations	11,491	9,776	7,547	18
from discontinued operations	766	4,253	469	(82)

Diluted earnings (CHF million)
Net profit attributable to UBS shareholders	12,257	14,029	8,016	(13)
Less: (Profit) / loss on equity derivative contracts	(8)	(22)	(5)	64
Net profit attributable to UBS shareholders for diluted EPS	12,249	14,007	8,011	(13)
from continuing operations	11,483	9,777	7,550	17
from discontinued operations	766	4,230	461	(82)

Weighted average shares outstanding
Weighted average shares outstanding ¹	1,976,405,800	2,013,987,754	2,059,836,926	(2)
Potentially dilutive ordinary shares resulting from unvested exchangeable shares, options and warrants outstanding ²	82,429,012	83,203,786	104,085,794	(1)
Weighted average shares outstanding for diluted EPS	2,058,834,812	2,097,191,540	2,163,922,720	(2)

Earnings per share (CHF)
Basic	6.20	6.97	3.89	(11)
from continuing operations	5.81	4.85	3.66	20
from discontinued operations	0.39	2.12	0.23	(82)
Diluted	5.95	6.68	3.70	(11)
from continuing operations	5.58	4.66	3.49	20
from discontinued operations	0.37	2.02	0.21	(82)
1 Includes an average of 143,809 exchangeable shares for the year ended 31 December 2006 that can be exchanged into the same number of UBS shares. 2 Total equivalent shares outstanding on options that were not dilutive for the respective periods but could potentially dilute earnings per share in the future were 37,229,136; 29,117,750; and 37,956,398 for the years ended 31 Decem- ber 2006, 31 December 2005 and 31 December 2004 respectively.

Shares outstanding
	As of			% change from
	31.12.06	31.12.05	31.12.04	31.12.05
Total ordinary shares issued	2,105,273,286	2,177,265,044	2,253,716,354	(3)
Second trading line treasury shares
2004 program			79,870,188
2005 program		67,770,000
2006 program	22,600,000
Other treasury shares	141,875,699	140,749,748	169,456,432	1
Total treasury shares	164,475,699	208,519,748	249,326,620	(21)
Shares outstanding	1,940,797,587	1,968,745,296	2,004,389,734	(1)

All shares and earnings per share figures reflect the 2-for-1 share split made on 10 July 2006.

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