Wealth Management

Business Unit Reporting

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12. 2004	30.9. 2004	31.12. 2003	3Q04	4Q03	31.12. 2004	31.12. 2003


Income	1,919	1,920	1,739	0	10	7,701	6,797
Adjusted expected credit loss¹	(2)	(2)	1	0		(8)	(4)


Total operating income	1,917	1,918	1,740	0	10	7,693	6,793


Personnel expenses	505	532	479	(5)	5	2,080	1,944
General and administrative expenses	191	159	171	20	12	642	604
Services to / from other business units	352	335	347	5	1	1,395	1,479
Depreciation	20	17	21	18	(5)	66	82
Amortization of goodwill and other intangible assets	18	20	17	(10)	6	75	75


Total operating expenses	1,086	1,063	1,035	2	5	4,258	4,184


Business unit performance before tax	831	855	705	(3)	18	3,435	2,609


Business unit performance before tax and amortization of goodwill and other intangible assets	849	875	722	(3)	18	3,510	2,684

KPIs
Invested assets (CHF billion)	778	772	701	1	11
Net new money (CHF billion)²	6.5	11.4	6.4			42.3	29.7


Gross margin on invested assets (bps)³	99	101	100	(2)	(1)	103	101


Cost / income ratio (%)⁴	56.6	55.4	59.5			55.3	61.6
Cost / income ratio before goodwill (%)⁵	55.7	54.3	58.5			54.3	60.5
Cost / income ratio before goodwill and excluding the European wealth management business (%)⁶	47.8	47.4	49.2			46.6	52.1


Client advisors (full-time equivalents)	3,744	3,618	3,300	3	13
International Clients

Income	1,358	1,369	1,205	(1)	13	5,429	4,734


Invested assets (CHF billion)	562	556	491	1	14
Net new money (CHF billion)²	7.2	11.0	7.1			40.4	29.7


Gross margin on invested assets (bps)³	97	100	99	(3)	(2)	102	101
European wealth management (part of International Clients)

Income	123	123	80	0	54	437	267


Invested assets (CHF billion)	82	69	46	19	78
Net new money (CHF billion)²	3.6	3.2	1.7			13.7	10.8


Client advisors (full-time equivalents)	838	786	672	7	25
Swiss Clients

Income	561	551	534	2	5	2,272	2,063


Invested assets (CHF billion)	216	216	210	0	3
Net new money (CHF billion)²	(0.7)	0.4	(0.7)			1.9	0.0


Gross margin on invested assets (bps)³	104	102	102	2	2	106	102

Additional Information				% change from

As at	31.12. 2004	30.9. 2004	31.12. 2003	3Q04	4Q03


Client assets (CHF billion)	972	964	884	1	10
Regulatory equity allocated (average)	3,300	3,350	2,700	(1)	22
Headcount (full-time equivalents)	10,093	9,838	9,176	3	10

1 In management accounts, adjusted expected credit loss rather than credit loss is reported for the Business Groups (see Note 2 to the Financial Statements).
2 Excludes interest and dividend income.
3 Income (annualized as applicable) / average invested assets.
4 Operating expenses /income.
5 Operating expenses less the amortization of goodwill and other intangible assets /income.
6 Operating expenses less the amortization of goodwill and other intangible assets and expenses for the European wealth management business / income less income from the European wealth management business.

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