Financial Businesses Results

In third quarter 2007, we incurred a tax expense of CHF 14 million, and a tax expense for the year to date of CHF 1,632 million, leading to an effective year to date tax rate of 17.6%. In 2006, the full-year rate was 19.1%. The tax charge for third quarter reflects the fact that deferred tax asset valuation allowances have been recognized for part of the losses incurred in third quarter. We believe that the tax rate for full-year 2007 is likely to be in the same region as last year's full-year rate.