Notes (unaudited)

Note 2 Reporting by Business Group

Search only in Quarterly Reporting Q1 2008

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Internal charges and transfer pricing adjustments are reflected in the performance of each business. Revenue-sharing agreements are used to allocate external customer revenues to a Business Group on a reasonable basis. Transactions between Business Groups are conducted at internally agreed transfer prices or at arm's length. The presentation of the business segments below reflects UBS's organization structure and management responsibilities. UBS's financial businesses are organized on a worldwide basis into three Business Groups and the Corporate Center. Global Wealth Management & Business Banking consists of three segments: Wealth Management International & Switzerland, Wealth Management US and Business Banking Switzerland. The Business Groups Investment Bank and Global Asset Management constitute one segment each. In total, UBS now reports five business segments and Corporate Center. Corporate Center includes all corporate functions and elimination items, as well as remaining Industrial Holdings activities and is not considered a business segment.

For the three months ended 31 March 2008
							UBS
	Global Wealth Management & Business Banking			Global Asset Management	Investment Bank	Corporate Center
CHF million	Wealth Management International & Switzerland	Wealth Management US	Business Banking Switzerland
Income	3,056	1,527	1,269	791	(14,505)	4,221	(3,641)
Credit loss (expense) / recovery	(2)	0	(1)	0	(308)	0	(311)
Total operating income	3,054	1,527	1,268	791	(14,813)	4,221	(3,952)
Personnel expenses	942	1,051	634	303	2,041	303	5,274
General and administrative expenses	267	201	259	104	1,121	291	2,243
Services (to) / from other business units	386	59	(180)	39	180	(484)	0
Depreciation of property and equipment	25	19	15	7	51	164	281
Amortization of intangible assets	5	14	0	8	22	0	49
Total operating expenses	1,625	1,344	728	461	3,415	274	7,847
Business Group performance from continuing operations before tax	1,429	183	540	330	(18,228)	3,947	(11,799)
Business Group performance from discontinued operations before tax						120	120
Business Group performance before tax	1,429	183	540	330	(18,228)	4,067	(11,679)
Tax expense on continuing operations							(297)
Tax expense on discontinued operations							0
Net profit							(11,382)

Internal charges and transfer pricing adjustments are reflected in the performance of each business. Revenue-sharing agreements are used to allocate external customer revenues to a Business Group on a reasonable basis. Transactions between Business Groups are conducted at internally agreed transfer prices or at arm's length. The presentation of the business segments below reflects UBS's organization structure and management responsibilities. UBS's financial businesses are organized on a worldwide basis into three Business Groups and the Corporate Center. Global Wealth Management & Business Banking consists of three segments: Wealth Management International & Switzerland, Wealth Management US and Business Banking Switzerland. The Business Groups Investment Bank and Global Asset Management constitute one segment each. In addition, the Industrial Holdings segment holds all industrial operations controlled by the Group. In total, UBS now reports six business segments and Corporate Center.

For the three months ended 31 March 2007
								UBS
	Global Wealth Management & Business Banking			Global Asset Management	Investment Bank	Corporate Center
CHF million	Wealth Management International & Switzerland	Wealth Management US	Business Banking Switzerland			Corporate Center	Industrial Holdings
Income	3,071	1,610	1,280	997	6,258	130	139	13,485
Credit loss (expense) / recovery	0	0	21	0	(20)	0	0	1
Total operating income	3,071	1,610	1,301	997	6,238	130	139	13,486
Personnel expenses	926	1,124	652	432	3,629	326	5	7,094
General and administrative expenses	232	216	264	115	769	304	2	1,902
Services (to) / from other business units	381	80	(160)	43	193	(539)	2	0
Depreciation of property and equipment	20	19	13	7	54	187	0	300
Amortization of intangible assets	9	16	0	5	54	0	0	84
Total operating expenses	1,568	1,455	769	602	4,699	278	9	9,380
Business Group performance from continuing operations before tax	1,503	155	532	395	1,539	(148)	130	4,106
Business Group performance from discontinued operations before tax						8	(2)	6
Business Group performance before tax	1,503	155	532	395	1,539	(140)	128	4,112
Tax expense on continuing operations								921
Tax expense on discontinued operations								(2)
Net profit								3,193

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