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	30.6.08	31.3.08	30.6.07	1Q08	2Q07	30.6.08	30.6.07
Income	2,861	3,056	3,202	(6)	(11)	5,917	6,273
Credit loss (expense) / recovery	(2)	(2)	0	0		(4)	0
Total operating income	2,859	3,054	3,202	(6)	(11)	5,913	6,273
Cash components	879	915	927	(4)	(5)	1,794	1,812
Share-based components ¹	19	27	62	(30)	(69)	46	103
Total personnel expenses	898	942	989	(5)	(9)	1,840	1,915
General and administrative expenses	257	267	261	(4)	(2)	524	493
Services (to) / from other business units	410	386	396	6	4	796	777
Depreciation of property and equipment	24	25	23	(4)	4	48	43
Amortization of intangible assets	4	5	4	(20)	0	9	13
Total operating expenses	1,593	1,625	1,673	(2)	(5)	3,217	3,241
Business unit performance before tax	1,266	1,429	1,529	(11)	(17)	2,696	3,032

Key performance indicators
Invested assets (CHF billion)	1,145	1,133	1,280	1	(11)
Net new money (CHF billion) ²	(9.3)	2.5	32.7			(6.7)	66.6
Gross margin on invested assets (bps) ³	100	101	103	(1)	(3)	101	104
Cost / income ratio (%) ⁴	55.7	53.2	52.2			54.4	51.7
Client advisors (full-time equivalents)	6,006	6,017	5,342	0	12
Client advisor productivity
Revenues per advisor (CHF thousand) ⁵	476	518	616	(8)	(23)	994	1,243
Net new money per advisor (CHF thousand) ⁶	(1,547)	424	6,293			(1,125)	13,199
Invested assets per advisor (CHF thousand) ⁷	189,470	205,835	238,356	(8)	(21)

International clients
Income	2,186	2,312	2,422	(5)	(10)	4,498	4,696
Invested assets (CHF billion)	900	884	992	2	(9)
Net new money (CHF billion) ²	(3.8)	5.0	30.1			1.2	59.5
Gross margin on invested assets (bps) ³	98	98	102	0	(4)	98	102
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		Year-to-date
CHF million, except where indicated	30.6.08	31.3.08	30.6.07	1Q08	2Q07	30.6.08	30.6.07

Swiss clients
Income	675	744	780	(9)	(13)	1,419	1,577
Invested assets (CHF billion)	245	249	288	(2)	(15)
Net new money (CHF billion) ¹	(5.5)	(2.5)	2.6			(7.9)	7.1
Gross margin on invested assets (bps) ²	109	112	109	(3)	0	111	111

Attributed equity and risk-weighted assets
Average attributed equity (CHF billion) ³	6.2	6.3		(2)
Return on attributed equity (RoaE) (%) ⁴						86.3
BIS risk-weighted assets (CHF billion) ⁵	30.1	30.8	61.9	(2)
Return on BIS risk-weighted assets (%) ⁶						17.6	10.7
Goodwill and intangible assets (CHF billion) ⁷	1.9	1.8	1.8	6

Additional information
Recurring income ⁸	2,161	2,298	2,368	(6)	(9)	4,460	4,635
Client assets (CHF billion)	1,416	1,420	1,619	0	(13)
Personnel (full-time equivalents)	15,856	16,157	14,680	(2)	8
1 Excludes interest and dividend income. 2 Income (annualized as applicable) / average invested assets. 3 See this page for further explanations. 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 1Q08, 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 1Q08 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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