Note 4 Net Fee & Commission Income

	Quarter ended			% change from		Year to date

CHF million	30.6. 2004	31.3. 2004	30.6. 2003	1Q04	2Q03	30.6. 2004	30.6. 2003


Equity underwriting fees	338	397	399	(15)	(15)	735	536
Bond underwriting fees	288	314	255	(8)	13	602	555


Total underwriting fees	626	711	654	(12)	(4)	1,337	1,091


Corporate finance fees	273	200	153	37	78	473	267
Brokerage fees	1,434	1,768	1,419	(19)	1	3,202	2,648
Investment fund fees	1,158	1,131	931	2	24	2,289	1,813
Fiduciary fees	54	54	62	0	(13)	108	125
Custodian fees	328	314	305	4	8	642	584
Portfolio and other management and advisory fees	1,154	1,122	911	3	27	2,276	1,812
Insurance-related and other fees	88	65	89	35	(1)	153	192


Total security trading and investment activity fees	5,115	5,365	4,524	(5)	13	10,480	8,532


Credit-related fees and commissions	70	65	53	8	32	135	115
Commission income from other services	249	240	275	4	(9)	489	535


Total fee and commission income	5,434	5,670	4,852	(4)	12	11,104	9,182


Brokerage fees paid	343	427	356	(20)	(4)	770	690
Other	250	238	183	5	37	488	353


Total fee and commission expense	593	665	539	(11)	10	1,258	1,043


Net fee and commission income	4,841	5,005	4,313	(3)	12	9,846	8,139