Note 1: Basis of Accounting

Effective 1 July 2005, UBS integrated its two wealth management businesses into one Business Group, Global Wealth Management & Business Banking. As part of the integration, the municipal finance unit within the former Wealth Management US was transferred into the Investment Bank. The integration had no effect on the presentation of segments in Note 2 and Wealth Management US continues to be reported as a separate segment. The comparative prior period information for the Wealth Management US and Investment Bank segments has been restated to reflect the transfer of the municipal finance unit. In the past two years, the municipal finance unit contributed between 7% and 9% to Wealth Management US revenues and a substantial portion to performance before tax.