Investment Bank

1 Includes CHF 1,329 million for 4Q08 and CHF 565 million for 1Q09 in credit losses from impairment charges on reclassified financial instruments. 2 Represents own credit changes of financial liabili­ties designated at fair value through profit or loss. The life-to-date own credit gain for such debt held at 31 March 2009 amounts to CHF 3,767 million. This gain has reduced the fair value of financial liabilities designated at fair value through profit or loss recognized on UBS's balance sheet. Refer to "Note 11 Fair value of financial instruments" in the financial statements of this report for more information. 3 Change of business division performance before tax between current and comparison periods / business division performance before tax of comparison period. Not meaningful if either the current period or the comparison period is a loss period. 4 Operating expenses / operating income before credit loss (expense) / recovery. 5 Neither the cost / income nor the compensation ratio are meaningful due to ­negative revenues in the Investment Bank. 6 Year-to-date business division performance before tax (annualized as applicable) / attributed equity (year-to-date average). 7 Operating income before credit loss (expense) / recovery on a year-to-date basis (annualized as applicable) / assets (year-to-date average). 8 Regulatory VaR. In third quarter 2008 UBS changed from internal management VaR to ­regulatory VaR as the basis for external disclosure. 9 Based on third-party view, i. e. without intercompany balances. 10 Refer to the discussion of the equity attribution framework in the "Capital management" section of this report. 11 Operating income before credit loss (expense) / recovery on a year-to-date basis (annualized as applicable) / BIS RWA (year-to-date average). 12 Personnel ­expenses / income.