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	3,071	2,820	2,649	9	16
Adjusted expected credit loss ¹	(8)	(7)	(7)	14	14
Total operating income	3,063	2,813	2,642	9	16
Cash components	885	718	749	23	18
Share-based components ²	35	37	28	(5)	25
Total personnel expenses	920	755	777	22	18
General and administrative expenses	232	240	208	(3)	12
Services (to) / from other business units	381	372	362	2	5
Depreciation of property and equipment	20	24	17	(17)	18
Amortization of intangible assets	9	4	2	125	350
Total operating expenses	1,562	1,395	1,366	12	14
Business Unit performance before tax	1,501	1,418	1,276	6	18

KPIs
Invested assets (CHF billion)	1,197	1,138	1,039	5	15
Net new money (CHF billion) ³	33.9	19.0	24.7
Gross margin on invested assets (bps) ⁴	105	101	105	4	0
Cost / income ratio (%) ⁵	50.9	49.5	51.6
Cost / income ratio excluding the European wealth management business (%) ⁵	46.5	45.2	47.4
Client advisors (full-time equivalents)	5,050	4,742	4,286	6	18
Client advisor productivity
Revenues per advisor (CHF thousand) ⁶	627	605	628	4	0
Net new money per advisor (CHF thousand) ⁷	6,924	4,074	5,853
Invested assets per advisor (CHF thousand) ⁸	238,460	238,422	239,455	0	0

International clients
Income	2,274	2,071	1,922	10	18
Invested assets (CHF billion)	911	862	774	6	18
Net new money (CHF billion) ³	29.4	18.9	21.8
Gross margin on invested assets (bps) ⁴	103	99	102	4	1

European wealth management (part of international clients)
Income	282	272	236	4	19
Invested assets (CHF billion)	152	144	127	6	20
Net new money (CHF billion) ³	5.4	1.8	6.5
Client advisors (full-time equivalents)	937	870	820	8	14
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 Income (annualized) / average invested assets. 5 Operating expenses / income. 6 Income / average number of client advisors. 7 Net new money / average number of client advisors. 8 Average invested assets / average number of client advisors.

Business Unit reporting (continued)
	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

Swiss clients
Income	797	749	727	6	10
Invested assets (CHF billion)	286	276	265	4	8
Net new money (CHF billion) ¹	4.5	0.1	2.9
Gross margin on invested assets (bps) ²	113	110	112	3	1

Capital return and BIS data
Return on allocated regulatory capital (%) ³	83.3	81.2	83.3
BIS risk-weighted assets	56,836	51,485	47,736	10	19
Goodwill and excess intangible assets ⁴	1,839	1,740	1,579	6	16
Allocated regulatory capital ⁵	7,523	6,889	6,353	9	18

Additional information
Recurring income ⁶	2,267	2,146	1,921	6	18
Client assets (CHF billion)	1,508	1,436	1,309	5	15
Personnel (full-time equivalents)	14,173	13,564	12,149	4	17
1 Excludes interest and dividend income. 2 Income (annualized) / average invested assets. 3 Year to date Business Unit performance before tax (annualized as applicable) / allocated regulatory capital year to date average. 4 Goodwill and intangible assets in excess of 4% of BIS Tier 1 Capital. 5 10% of BIS risk-weighted assets plus goodwill and excess intangible assets. 6 Interest, asset-based fees for portfolio management and fund distribution, account-based and advisory fees.

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Wealth Management International & Switzerland

Business Unit reporting