Note 8 Earnings per share (EPS)

	Quarter ended			% change from		Year to date

Diluted earnings (CHF million)	30.6.2004	31.3.2004	30.6.2003	1Q04	2Q03	30.6.2004	30.6.2003


Net profit	1,974	2,423	1,537	(19)	28	4,397	2,746
Less: Profit on own equity derivative contracts	(21)	(3)	0			(5)	(3)


Net profit for diluted EPS	1,953	2,420	1,537	(19)	27	4,392	2,743

	Quarter ended			% change from		Year to date

Weighted average shares oustanding	30.6.04	31.3.04	30.6.03	1Q04	2Q03	30.6.04	30.6.03


Weighted average shares outstanding	1,066,106,956	1,076,148,650	1,136,530,546	(1)	(6)	1,070,634,826	1,144,464,960
Potentially dilutive ordinary shares resulting from options and warrants outstanding	33,140,335	33,652,562	19,428,459	(2)	71	31,434,940	17,185,460
Weighted average shares outstanding for diluted EPS	1,099,247,291	1,109,801,212	1,155,959,005	(1)	(5)	1,102,069,766	1,161,650,420

	As at			Year to date

Shares outstanding	30.6.2004	31.3.2004	30.6.2003	1Q04	2Q03


Total ordinary shares issued	1,125,400,202	1,184,421,495	1,258,031,067	(5)	(11)
Second trading line treasury shares
2002 first program	0	0	67,700,000
2002 second program	0	0	8,270,080
2003 program	0	59,482,000	11,270,000
2004 program	14,905,094	0	0
Other treasury shares	58,200,728	50,360,853	52,538,668	16	11


Total treasury shares	73,105,822	109,842,853	139,778,748	(33)	(48)


Shares outstanding	1,052,294,380	1,074,578,642	1,118,252,319	(2)	(6)