Note 2b

Segment Reporting by Geographic Location

The geographic analysis of total assets is based on customer domicile, whereas operating income and capital expenditure are based on the location of the office in which the transactions and assets are recorded. Because of the global nature of financial markets, the Group’s business is managed on an integrated basis worldwide, with a view to profitability by product line. The geographical analysis of operating income, total assets and capital expenditure is provided in order to comply with IFRS and does not reflect the way the Group is managed. Management believes that analysis by Business Group, as shown in Note 2a, is a more meaningful representation of the way in which the Group is managed.

For the year ended 31 December 2007
	Total operating income		Total assets		Capital expenditure
	CHF million	Share %	CHF million	Share %	CHF million	Share %
Switzerland	18,787	59	222,539	10	436	20
Rest of Europe / Middle East / Africa	1,042	3	776,882	34	380	18
Americas	5,758	18	1,015,167	45	1,004	47
Asia Pacific	6,393	20	257,991	11	318	15
Total	31,980	100	2,272,579	100	2,138	100

For the year ended 31 December 2006
	Total operating income		Total assets		Capital expenditure
	CHF million	Share %	CHF million	Share %	CHF million	Share %
Switzerland	12,964	27	211,565	9	650	21
Rest of Europe / Middle East / Africa	12,512	26	699,516	30	385	12
Americas	17,272	36	1,229,254	52	1,754	56
Asia Pacific	4,988	11	206,027	9	328	11
Total	47,736	100	2,346,362	100	3,117	100

For the year ended 31 December 2005
	Total operating income		Total assets		Capital expenditure
	CHF million	Share %	CHF million	Share %	CHF million	Share %
Switzerland	13,798	34	203,907	10	973	49
Rest of Europe / Middle East / Africa	8,976	22	628,070	32	467	24
Americas	14,284	35	1,004,230	50	386	20
Asia Pacific	3,633	9	162,248	8	139	7
Total	40,691	100	1,998,455	100	1,965	100