UBS - Business Unit reporting

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Business Unit reporting

Business Unit reporting
	As of or for the quarter ended			% change from
CHF million, except where indicated	31.3.07	31.12.06	31.3.06	4Q06	1Q06
Income	1,610	1,582	1,478	2	9
Adjusted expected credit loss ¹	0	0	0
Total operating income	1,610	1,582	1,478	2	9
Cash components	1,073	985	935	9	15
Share-based components ²	35	31	33	13	6
Total personnel expenses	1,108	1,016	968	9	14
General and administrative expenses	216	282	227	(23)	(5)
Services (to) / from other business units	80	76	65	5	23
Depreciation of property and equipment	19	19	19	0	0
Amortization of intangible assets	16	15	13	7	23
Total operating expenses	1,439	1,408	1,292	2	11
Business Unit performance before tax	171	174	186	(2)	(8)

KPIs
Invested assets (CHF billion)	868	824	768	5	13
Net new money (CHF billion) ³	10.9	2.7	8.9
Net new money including interest and dividend income (CHF billion) ⁴	16.8	9.1	14.3
Gross margin on invested assets (bps) ⁵	76	77	78	(1)	(3)
Cost / income ratio (%) ⁶	89.4	89.0	87.4
Recurring income ⁷	987	915	831	8	19
Financial advisor productivity
Revenues per advisor (CHF thousand) ⁸	203	201	198	1	3
Net new money per advisor (CHF thousand) ⁹	1,375	343	1,195
Invested assets per advisor (CHF thousand) ¹⁰	106,724	103,902	102,055	3	5

Capital return and BIS data
Return on allocated regulatory capital (%) ¹¹	11.1	10.2	13.1
BIS risk-weighted assets	18,497	18,308	18,073	1	2
Goodwill and excess intangible assets ¹²	4,445	4,238	3,812	5	17
Allocated regulatory capital ¹³	6,295	6,069	5,619	4	12

Additional information
Client assets (CHF billion)	944	909	856	4	10
Personnel (full-time equivalents)	19,005	18,557	16,987	2	12
Financial advisors (full-time equivalents)	7,974	7,880	7,374	1	8
1 In management accounts, adjusted expected credit loss rather than credit loss expense or recovery is reported for the business groups (see note 2 to the financial statements). 2 Additionally includes social security contributions and expenses related to alternative investment awards. 3 Excludes interest and dividend income. 4 For purposes of comparison with US peers. 5 Income (annualized) / average invested assets. 6 Operating expenses / income. 7 Interest, asset-based fees for portfolio management and fund distribution, account-based and advisory fees. 8 Income (including net goodwill funding) / average number of financial advisors. 9 Net new money / average number of financial advisors. 10 Average invested assets / average number of financial advisors. 11 Year to date Business Unit performance before tax (annualized as applicable) / allocated regulatory capital year to date average. 12 Goodwill and intangible assets in excess of 4% of BIS Tier 1 Capital. 13 10% of BIS risk-weighted assets plus goodwill and excess intangible assets.

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Business Unit reporting