UBS AG Ordinary Shares

Company Cash Flow

Cash Flow From Operating Activities
	Dec 2007	Dec 2006	Dec 2005	Dec 2004
Net Income (Loss)	-3.39B	10.46B	11.18B	7.09B
Operating Gains/Losses	n.a.	n.a.	n.a.	n.a.
Extraordinary Gains / Losses	n.a.	n.a.	n.a.	n.a.
(Increase) Decrease In Receivables	n.a.	n.a.	n.a.	n.a.
(Increase) Decrease in Inventories	n.a.	n.a.	n.a.	n.a.
(Increase) Decrease In Other Current Assets	193.12B	-80.99B	-123.78B	-62.55B
(Decrease) Increase In Payables	n.a.	n.a.	n.a.	n.a.
(Decrease) Increase In Other Current Liabilities	-232.54B	64.60B	66.35B	29.81B
(Increase) Decrease In Other Working Capital	n.a.	n.a.	n.a.	n.a.
Other Non-Cash Items	-2.04B	2.48B	-1.57B	1.20B
Net Cash From Continuing Operations	n.a.	n.a.	n.a.	n.a.
Net Cash From Discontinued Operations	n.a.	n.a.	n.a.	n.a.
Cash Provided By Investing Activities
Net Cash From Total Operating Activities	-45.24B	-3.86B	-48.11B	-24.45B
Sale of Property, Plant & Equipment	n.a.	n.a.	n.a.	n.a.
Cash Used for Investing Activities
Sale of Short-Term Investments	6.06B	4.70B	0.00	601.00M
Purchases of Property, Plant & Equipment	-1.57B	-1.06B	-1.44B	-1.01B
Acquisitions	0.00	0.00	0.00	0.00
Purchases of Short-Term Investments	-2.06B	0.00	-1.89B	0.00
Other Cash from Investing Activities	0.00	0.00	1.50B	-882.00M
Cash Provided by Financing Activities
Net Cash From Investing Activities	2.43B	3.64B	-1.83B	-1.29B
Issuance of Debt	97.82B	80.14B	58.08B	44.88B
Cash Used for Financing Activities
Issuance of Capital Stock	0.00	1.00M	2.00M	2.00M
Repayment of Long-Term Debt	-55.06B	-49.19B	-23.18B	-21.66B
Repurchase of Capital Stock	-3.13B	-2.97B	-1.84B	-4.38B
Payment of Cash Dividends	-3.77B	-2.64B	-2.36B	-2.46B
Other Financing Charges, Net	29.25B	13.58B	18.43B	18.53B
Net Cash From Financing Activities	65.10B	38.92B	49.13B	34.91B
Effect of Exchange Rate Changes	-10.81B	-1.74B	3.82B	-922.00M
Net Change in Cash & Cash Equivalents	11.48B	36.96B	3.01B	8.26B

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