Note 5

Other Income

	For the year ended			% change from
CHF million	31.12.07	31.12.06	31.12.05	31.12.06
Associates and subsidiaries
Net gains from disposals of consolidated subsidiaries	(70)	(11)	1	(536)
Net gains from disposals of investments in associates	28	21	26	33
Equity in income of associates	145	106	57	37
Total	103	116	84	(11)
Financial investments available-for-sale
Net gains from disposals	3,338	921	231	262
Impairment charges	(71)	(12)	(26)	(492)
Total	3,267	909	205	259
Net income from investments in property ¹	108	61	42	77
Net gains from investment properties ²	31	5	12	520
Other	143	204	218	(30)
Total other income from Financial Businesses	3,652	1,295	561	182
Other income from industrial holdings	680	303	566	124
Total other income	4,332	1,598	1,127	171
1 Includes net rent received from third parties and net operating expenses. 2 Includes unrealized and realized gains from investment properties at fair value.

Additional information about Net gains from disposals on Financial investments available-for-sale

In late June 2007, UBS disposed of its 20.7% stake in Julius Baer for a total consideration of CHF 3,951 million. UBS received the Julius Baer shares as part of the consideration in connection with the sale of Private Banks & GAM to Julius Baer in December 2005. UBS had agreed to certain lock-up obligations which expired on 25 May 2007. The interest in Julius Baer was accounted for as a Financial investment available-for-sale, and the sale resulted in a realized gain, which was previously deferred in Equity, of CHF 1,950 million pre-tax in 2007. On a post-tax basis, the gain on sale was CHF 1,926 million.

In addition, UBS recorded a pre-tax gain of CHF 634 million from the demutualization of Bovespa (the Brazilian stock exchange) and the Brazilian Mercantile & Futures Exchange.