Corporate Center

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.6. 2004	31.3. 2004	30.6. 2003	1Q04	2Q03	30.6. 2004	30.6. 2003


Income	131	11	(23)			142	(23)
Credit loss (expense) / recovery ¹	144	23	62	526	132	167	71


Total operating income	275	34	39	709	605	309	48


Personnel expenses	170	201	221	(15)	(23)	371	415
General and administrative expenses	264	305	332	(13)	(20)	569	567
Services to / from other business units	(394)	(408)	(402)	3	2	(802)	(801)
Depreciation	199	194	199	3	0	393	394
Amortization of goodwill and other intangible assets	3	5	5	(40)	(40)	8	10


Total operating expenses	242	297	355	(19)	(32)	539	585


Business Unit performance before tax	33	(263)	(316)			(230)	(537)


Business Unit performance before tax and amortization of goodwill and other intangible assets	36	(258)	(311)			(222)	(527)

Additional Information				% change from

As at	30.6. 2004	31.3. 2004	30.6. 2003	1Q04	2Q03


Regulatory equity allocated (average)	7,200	7,700	8,800	(6)	(18)
Headcount (full-time equivalents)	3,551	3,548	3,488	0	2