Net loss attributable to UBS shareholders of CHF 11,535 million

Operating income

Income from trading businesses was negative CHF 15,761 million, despite CHF 2,103 million of gains on own credit. Results were again heavily impacted by losses on positions related to the US real estate market and other credit positions.

One-time accounting gain of CHF 3,860 million from the accounting treatment of mandatory convertible notes (MCNs).

Income from interest margin businesses was up  8% from first quarter 2007 to CHF 1,581 million, driven by an increase in collateralized lending to wealthy clients worldwide.

Net fee and commission income at CHF 6,215 million, down 14% from a year earlier, with decreases in almost all categories.

Operating expenses

Personnel expenses were down 26% from first quarter 2007, at CHF 5,274 million, reflecting lower  accruals for performance-related payments, partly offset by severance costs for staff reductions made in the Investment Bank.

General and administrative expenses increased  18% from a year earlier. Cost cuts in all  categories were offset by the increase in legal  provisions and related legal fees, mainly in the  Investment Bank.