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
CHF million, except where indicated	31.3.08	31.12.07	31.3.07	4Q07	1Q07
Income	3,056	3,298	3,071	(7)	0
Credit loss (expense) / recovery	(2)	0	0
Total operating income	3,054	3,298	3,071	(7)	(1)
Cash components	915	914	885	0	3
Share-based components ¹	27	37	41	(27)	(34)
Total personnel expenses	942	951	926	(1)	2
General and administrative expenses	267	306	232	(13)	15
Services (to) / from other business units	386	356	381	8	1
Depreciation of property and equipment	25	28	20	(11)	25
Amortization of intangible assets	5	5	9	0	(44)
Total operating expenses	1,625	1,646	1,568	(1)	4
Business unit performance before tax	1,429	1,652	1,503	(13)	(5)

Key performance indicators
Invested assets (CHF billion)	1,133	1,294	1,197	(12)	(5)
Net new money (CHF billion) ²	2.5	23.4	33.9
Gross margin on invested assets (bps) ³	101	102	105	(1)	(4)
Cost / income ratio (%) ⁴	53.2	49.9	51.1
Client advisors (full-time equivalents)	6,017	5,774	5,050	4	19
Client advisor productivity
Revenues per advisor (CHF thousand) ⁵	518	578	627	(10)	(17)
Net new money per advisor (CHF thousand) ⁶	424	4,104	6,924
Invested assets per advisor (CHF thousand) ⁷	205,835	227,221	238,460	(9)	(14)

International clients
Income	2,312	2,519	2,274	(8)	2
Invested assets (CHF billion)	884	1,013	911	(13)	(3)
Net new money (CHF billion) ²	5.0	22.8	29.4
Gross margin on invested assets (bps) ³	98	100	103	(2)	(5)
1 Additionally includes social security contributions and expenses related to alternative investment awards. 2 Excludes interest and dividend income. 3 Income (annualized as applicable) / average invested assets. 4 Operating expenses / income. 5 Income / average number of client advisors. 6 Net new money / average number of client advisors. 7 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	31.3.08	31.12.07	31.3.07	4Q07	1Q07

Swiss clients
Income	744	779	797	(4)	(7)
Invested assets (CHF billion)	249	281	286	(11)	(13)
Net new money (CHF billion) ¹	(2.5)	0.6	4.5
Gross margin on invested assets (bps) ²	112	110	113	2	(1)

Attributed equity and risk-weighted assets
Average attributed equity (CHF billion) ³	6.3
Return on attributed equity (RoaE) (%) ⁴	90.7
BIS risk-weighted assets (CHF billion) ⁵	30.8	63.1	56.8
Return on BIS risk-weighted assets (%) ⁶	18.6	10.5	11.1
Goodwill and intangible assets (CHF billion) ⁷	1.8	1.8	1.8

Additional information
Recurring income ⁸	2,298	2,484	2,267	(7)	1
Client assets (CHF billion)	1,420	1,651	1,508	(14)	(6)
Personnel (full-time equivalents)	16,157	15,811	14,173	2	14
1 Excludes interest and dividend income. 2 Income (annualized as applicable) / average invested assets. 3 See page 65 for further explanation. 4 Year-to-date business unit performance before tax (annualized as applicable) / attributed equity (year-to-date average). 5 BIS risk-weighted assets (RWA) are according to Basel II; for quarters prior to first quarter 2008, RWA are according to the Basel I framework. 6 Year-to-date business unit performance before tax (annualized as applicable) / BIS RWA (year-to-date average). 7 Quarters prior to first quarter 2008 represent goodwill and intangible assets in excess of 4% of BIS Tier 1 capital. 8 Interest, asset-based revenues for portfolio management and account-based, distribution and advisory fees.

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