<PAGE>

Consolidated Statement of Changes in Stockholders' Equity
UNITED ASSET MANAGEMENT CORPORATION
 
<TABLE>
<CAPTION>
                                                     COMMON      CAPITAL IN                                    TREASURY
                                      SHARES        STOCK AT     EXCESS OF        RETAINED      TREASURY        SHARES
                                     ISSUED(2)     PAR VALUE     PAR VALUE        EARNINGS      SHARES(2)       AT COST
                                   ------------    ----------  --------------  --------------  -----------  --------------
<S>                                <C>             <C>         <C>             <C>             <C>          <C>
December 31, 1993(1)                 61,531,198    $346,000    $234,153,000    $123,802,000           --    $         --
Issuance of stock                     1,150,874       6,000           1,000       2,205,000           --              --
Exercise of stock options and
  warrants                            1,470,494       7,000      17,357,000      (2,989,000)     512,548       8,328,000
Issuance of warrants                         --          --       4,045,000              --           --              --
Purchase of treasury shares                  --          --              --              --     (892,000)    (14,883,000)
Net income                                   --          --              --      60,385,000           --              --
Dividends declared ($.50 per
  share(2))                                  --          --              --     (28,123,000)          --              --
Dividends declared by pooled
  companies                                  --          --              --        (375,000)          --              --
Foreign currency translation
  adjustment                                 --          --              --       1,893,000           --              --
-------------------------------------------------------------------------------------------------------------------------
December 31, 1994(1)                 64,152,566     359,000     255,556,000     156,798,000     (379,452)     (6,555,000)
Issuance of stock                     3,746,008      19,000      67,351,000              --           --              --
Exercise of stock options and
  warrants                            1,318,852       6,000      17,530,000      (7,229,000)   1,304,122      23,870,000
Issuance of warrants                         --          --       1,502,000              --           --              --
Purchase of treasury shares                  --          --              --              --   (2,601,600)    (48,819,000)
Net income                                   --          --              --      67,256,000           --              --
Dividends declared ($.58 per
  share(2))                                  --          --              --     (35,275,000)          --              --
Dividends declared by pooled
  companies                                  --          --              --        (375,000)          --              --
Foreign currency translation
  adjustment                                 --          --              --        (225,000)          --              --
Two-for-one common stock split               --     308,000        (308,000)             --           --              --
-------------------------------------------------------------------------------------------------------------------------
December 31, 1995(1)                 69,217,426     692,000     341,631,000     180,950,000   (1,676,930)    (31,504,000)
Issuance of stock                            --          --              --              --           --              --
Exercise of stock options and
  warrants                                   --          --       4,284,000     (21,302,000)   3,113,184      63,054,000
Issuance of warrants                         --          --         102,000              --           --              --
Purchase of treasury shares                  --          --              --              --   (1,942,300)    (43,718,000)
Net income                                   --          --              --      97,822,000           --              --
Dividends declared ($.66 per
  share(2))                                  --          --              --     (42,729,000)          --              --
Foreign currency translation
  adjustment                                 --          --              --       2,962,000           --              --
-------------------------------------------------------------------------------------------------------------------------
December 31, 1996                    69,217,426    $692,000    $346,017,000    $217,703,000     (506,046)   $(12,168,000)
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</TABLE>
 
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(1) Restated due to pooling of interests transactions completed in the third
    quarter of 1996.
 
(2) Historical figures restated for the two-for-one common stock split effective
    June 7, 1996.
 
    See Notes to Consolidated Financial Statements.

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