UBS - Global Asset Management

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Spreadsheets

Business division reporting

Pre-tax profit for Global Asset Management was CHF 236 million in fourth quarter 2008, down 43% from CHF 415 million in the prior quarter. Excluding the gain on the sale of a minority stake in Adams Street Partners in third quarter 2008, pre-tax profit would have decreased 4% in the fourth quarter.

Business division reporting
	As of or for the quarter ended			% change from		Year ended
CHF million, except where indicated	31.12.08	30.9.08	31.12.07	3Q08	4Q07	31.12.08	31.12.07
Institutional fees	235	525 ¹	640	(55)	(63)	1,659	2,370
Wholesale intermediary fees	243	302	437	(20)	(44)	1,246	1,724
Total operating income	478	827	1,077	(42)	(56)	2,904	4,094
Cash components	65	244	334	(73)	(81)	922	1,632
Share-based components ²	8	15	38	(47)	(79)	4	224
Total personnel expenses	73	258	372	(72)	(80)	926	1,856
General and administrative expenses	117	100	175	17	(33)	434	559
Services (to) / from other business units	39	38	35	3	11	150	153
Depreciation of property and equipment	8	7	6	14	33	29	53
Amortization of intangible assets	6	9	4	(33)	50	33	19
Total operating expenses	242	413	592	(41)	(59)	1,572	2,640
Business division performance before tax	236	415	485	(43)	(51)	1,333	1,454

Key performance indicators
Cost / income ratio (%) ³	50.6	49.9	55.0			54.1	64.5

Institutional
Invested assets (CHF billion)	335	419	522	(20)	(36)
of which: money market funds	42	39	32	8	31
Net new money (CHF billion) ⁴	(16.7)	(21.0)	(15.3)			(55.6)	(16.3)
of which: money market funds	*6.0*	(4.9)	4.1			6.0	6.7
Gross margin on invested assets (bps) ⁵	25	48	47	(48)	(47)	38	44
1 Includes a gain of CHF 168 million on the sale of a minority stake in Adams Street Partners. 2 Additionally includes social security contributions and expenses related to alternative investment awards. 3 Operating expenses / income. 4 Excludes interest and dividend income. 5 Operating income (annualized as applicable) / average invested assets.

Business division reporting (continued)
	As of or for the quarter ended			% change from		Year ended
CHF million, except where indicated	31.12.08	30.9.08	31.12.07	3Q08	4Q07	31.12.08	31.12.07

Wholesale intermediary
Invested assets (CHF billion)	240	289	369	(17)	(35)
of which: money market funds	80	79	70	1	14
Net new money (CHF billion) ¹	(10.9)	(13.4)	(0.9)			(47.4)	0.6
of which: money market funds	*5.7*	(0.3)	5.9			15.2	4.8
Gross margin on invested assets (bps) ²	37	40	47	(8)	(21)	41	47

Attributed equity and risk-weighted assets
Average attributed equity (CHF billion) ³	3.0	3.0		0
Return on attributed equity (RoaE) (%) ⁴						44.4
BIS risk-weighted assets (CHF billion) ⁵	8.5	8.0		6
Return on BIS risk-weighted assets (%) ⁶						18.9
Goodwill and intangible assets (CHF billion)	2.2	2.5		(12)

Additional information
Invested assets (CHF billion)	575	708	891	(19)	(35)
Net new money (CHF billion) ¹	(27.6)	(34.4)	(16.2)			(103.0)	(15.7)
Personnel (full-time equivalents)	3,786	3,836	3,625	(1)	4
1 Excludes interest and dividend income. 2 Operating income (annualized as applicable) / average invested assets. 3 Refer to the discussion of the equity attribution framework in the "Capital management" section of this report. 4 Year-to-date business division performance before tax (annualized as applicable) / attributed equity (year-to-date average). 5 BIS risk-weighted assets (RWA) are according to Basel II. 6 Year-to-date business division performance before tax (annualized as applicable) / BIS RWA (year-to-date average).

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Global Asset Management

Business division reporting