Note 8

Earnings per Share (EPS) and Shares Outstanding

	For the year ended			% change from
	31.12.07	31.12.06	31.12.05	31.12.06

Basic earnings (CHF million)
Net profit attributable to UBS shareholders	(4,384)	12,257	14,029
from continuing operations	(4,785)	11,469	9,748
from discontinued operations	401	788	4,281	(49)

Diluted earnings (CHF million)
Net profit attributable to UBS shareholders	(4,384)	12,257	14,029
Less: (Profit) / loss on equity derivative contracts	(16)	(8)	(22)	(100)
Net profit attributable to UBS shareholders for diluted EPS	(4,400)	12,249	14,007
from continuing operations	(4,801)	11,461	9,749
from discontinued operations	401	788	4,258	(49)

Weighted average shares outstanding
Weighted average shares outstanding ¹	1,926,328,078	1,976,405,800	2,013,987,754	(3)
Potentially dilutive ordinary shares resulting from unvested exchangeable shares, options and warrants outstanding ²	1,370,654	82,429,012	83,203,786	(98)
Weighted average shares outstanding for diluted EPS	1,927,698,732	2,058,834,812	2,097,191,540	(6)

Earnings per share (CHF)
Basic	(2.28)	6.20	6.97
from continuing operations	(2.49)	5.80	4.84
from discontinued operations	0.21	0.40	2.13	(48)
Diluted	(2.28)	5.95	6.68
from continuing operations	(2.49)	5.57	4.65
from discontinued operations	0.21	0.38	2.03	(45)
1 Includes an average of 490,118 and 143,809 exchangeable shares for the years ended 31 December 2007 and 31 December 2006, respectively, that can be exchanged into the same number of UBS shares. 2 Due to the net loss in 2007, 50,132,221 potential ordinary shares from unexercised employee shares and in-the-money options are not considered as they have an anti-dilutive effect for the year ended 31 December 2007. Total equivalent shares outstanding on out-of-the-money options that were not dilutive for the respective periods but could potentially dilute earnings per share in the future were 119,309,645; 37,229,136; and 29,117,750 for the years ended 31 December 2007, 31 December 2006 and 31 December 2005, respectively.

Shares outstanding
	As of			% change from
	31.12.07	31.12.06	31.12.05	31.12.06
Total ordinary shares issued	2,073,547,344	2,105,273,286	2,177,265,044	(2)
Second trading line treasury shares
2005 program			67,770,000
2006 program		22,600,000
Other treasury shares	158,105,524	141,875,699	140,749,748	11
Total treasury shares	158,105,524	164,475,699	208,519,748	(4)
Shares outstanding	1,915,441,820	1,940,797,587	1,968,745,296	(1)

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