Swiss Banking News: November 2007

07.11.2007 UBS broadened its management structure within its international wealth management business. The existing wealth management business with clients outside of Switzerland will be separated into four regional business areas in such a way: Asia Pacific (APAC); Western Europe, Mediterranean, Middle East & Africa (WEMMEA); North, East & Central Europe (NECE); Wealth Management Americas (AMERICAS). In Switzerland UBS will merge its domestic Wealth Management and Business Banking areas. Other changes in management structure include the appointment of Mark Branson, CEO UBS Securities Japan Ltd. who will relocate to Zurich, Switzerland to take on the functions of Chief Financial Officer of Global Wealth Management & Business Banking. Current CFO of Global Wealth Management & Business Banking, Anton Stadelmann, will become the Chief Financial Officer of Wealth Management Americas, and will be based in the US. The appointments will become effective starting from February 1, 2008.

01.11.2007 Credit Suisse Group has reported net income of CHF 1.3 million for the third quarter of 2007, this amount reflected 11% lower results in Investment Banking and Asset Management. The positions of Private Banking remained strong, with significant increases in both income from continuing operations before taxes and net revenues, compared to the third quarter of the year 2006; 26% increase in pre-tax income from Private Banking branch partly covered losses in Investment Banking and Asset Management. The report also stated the record net income of CHF 7.2 billion for the first nine months of the year 2007.