Investment Banking income:

Investment banking revenues stood at CHF 349 million, 8% lower than a year earlier due to the weakening of the US dollar against major currencies. Advisory revenues improved significantly because of the large number of high profile merger and acquisition transactions we participated in. Debt Capital Markets revenues increased compared to a year earlier, but due to low market activity in July and August, they did not reach the high level recorded in second quarter when clients took advantage of favorable conditions for capital raising.