Wealth Management International & Switzerland

Business Unit reporting

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Business Unit reporting

Business Unit reporting
	As of or for the quarter ended			% change from		Year to date
CHF million, except where indicated	30.6.07	31.3.07	30.6.06	1Q07	2Q06	30.6.07	30.6.06
Income	3,202	3,071	2,740	4	17	6,273	5,389
Adjusted expected credit loss ¹	(6)	(8)	(8)	(25)	(25)	(14)	(15)
Total operating income	3,196	3,063	2,732	4	17	6,259	5,374
Cash components	927	885	812	5	14	1,812	1,561
Share-based components ²	42	35	32	20	31	77	60
Total personnel expenses	969	920	844	5	15	1,889	1,621
General and administrative expenses	261	232	213	13	23	493	421
Services (to)/from other business units	396	381	368	4	8	777	730
Depreciation of property and equipment	23	20	22	15	5	43	39
Amortization of intangible assets	4	9	2	(56)	100	13	4
Total operating expenses	1,653	1,562	1,449	6	14	3,215	2,815
Business Unit performance before tax	1,543	1,501	1,283	3	20	3,044	2,559

KPIs
Invested assets (CHF billion)	1,280	1,197	1,017	7	26
Net new money (CHF billion) ³	32.7	33.9	30.5			66.6	55.2
Gross margin on invested assets (bps) ⁴	103	105	107	(2)	(4)	104	106
Cost/income ratio (%) ⁵	51.6	50.9	52.9			51.3	52.2
Cost/income ratio excluding the European wealth management business (%) ⁵	47.6	46.5	48.7			47.0	48.1
Client advisors (full-time equivalents)	5,342	5,050	4,419	6	21
Client advisor productivity
Revenues per advisor (CHF thousand) ⁶	616	627	630	(2)	(2)	1,243	1,257
Net new money per advisor (CHF thousand) ⁷	6,293	6,924	7,007			13,199	12,878
Invested assets per advisor (CHF thousand) ⁸	238,356	238,460	236,186	0	1

International clients
Income	2,422	2,274	1,997	7	21	4,696	3,919
Invested assets (CHF billion)	992	911	759	9	31
Net new money (CHF billion) ³	30.1	29.4	28.8			59.5	50.6
Gross margin on invested assets (bps) ⁴	102	103	104	(1)	(2)	102	103

European wealth management (part of international clients)
Income	290	282	252	3	15	572	488
Invested assets (CHF billion)	163	152	130	7	25
Net new money (CHF billion) ³	2.6	5.4	7.2			8.0	13.7
Client advisors (full-time equivalents)	987	937	828	5	19
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 as applicable)/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.

	As of or for the quarter ended			% change from		Year to date
CHF million, except where indicated	30.6.07	31.3.07	30.6.06	1Q07	2Q06	30.6.07	30.6.06

Swiss clients
Income	780	797	743	(2)	5	1,577	1,470
Invested assets (CHF billion)	288	286	258	1	12
Net new money (CHF billion) ¹	2.6	4.5	1.7			7.1	4.6
Gross margin on invested assets (bps) ²	109	113	114	(4)	(4)	111	113

Capital return and BIS data
Return on allocated regulatory capital (%) ³						81.5	82.3
BIS risk-weighted assets	61,900	56,836	47,324	9	31
Goodwill and excess intangible assets ⁴	1,764	1,839	1,521	(4)	16
Allocated regulatory capital ⁵	7,954	7,523	6,253	6	27

Additional information
Recurring income ⁶	2,368	2,267	2,017	4	17	4,635	3,938
Client assets (CHF billion)	1,619	1,508	1,278	7	27
Personnel (full-time equivalents)	14,680	14,173	12,618	4	16
1 Excludes interest and dividend income. 2 Income (annualized as applicable)/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 revenues for portfolio management and fund distribution, account-based and advisory fees.

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