UBS - Business Group Reporting

	Quarter ended			% change from

CHF million, except where indicated	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Income	299	255	210	17	42
Credit loss (expense) / recovery ¹	23	(30)	8		188


Total operating income	322	225	218	43	48


Personnel expenses	213	186	186	15	15
General and administrative expenses	124	172	57	(28)	118
Depreciation	111	143	114	(22)	(3)
Amortization of goodwill and other intangible assets	24	27	26	(11)	(8)


Total operating expenses	472	528	383	(11)	23


Business Group performance before tax	(150)	(303)	(165)	50	9


Private Banks & GAM
Performance before tax	113	46	56	146	102
Performance beofre tax and amortization of goodwill and other intangible assets	132	66	77	100	71


Invested assets (CHF billion)	93	84	68	11	37
Net new money (CHF billion) ²	6.4	3.0	0.6


Headcount (full-time equivalents)	1,647	1,672	1,697	(1)	(3)

Additional information				% change from

As at	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Regulatory equity allocated (average)	8,400	8,400	9,550	0	(12)
Total headcount (full-time equivalents)	2,847	2,878	2,892	(1)	(2)

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