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ResultsResults

for the first nine month of 2009for the first nine month of 2009Zurich, 27 October 2009Zurich, 27 October 2009

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Forex Trading

Business Development

Development of Services

Balance Sheet

Key Figures

AgendaAgenda

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Forex Trading (eForex)Forex Trading (eForex)

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eForexeForex

Growth of eForex business

9 month revenues yoy doubled

Currently 42 currency pairs including

gold and silver at narrow spreads

Over 1200 active clients

Strong marketing push in October0

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

9m 2005 9m 2006 9m 2007 9m 2008 9m 2009

Forex (Trading)

Revenue

CHF million

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Brand New eForex PlatformBrand New eForex Platform

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eForexeForex

1271 active clients

Quarterly volume : USD 18.4 billion

Targeting institutional clients

0

2

4

6

8

10

12

14

16

18

20

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09

0

200

400

600

800

1000

1200

1400

Forex Turnover

Clients

USD billion

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Business DevelopmentBusiness Development

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Client GrowthClient Growth

136984 clients

5150 net new clients in third quarter 2009

Saving accounts : strong growth (+ 1454 clients)

50'000

60'000

70'000

80'000

90'000

100'000

110'000

120'000

130'000

140'000

150'000

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Saving Increase

Trading Increase

Saving

Trading

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Client GrowthClient Growth

Opening requests lower in July

Recovering later in quarter - successful marketing campaign

25000 net new clients target confirmed for 2009

108000

110000

112000

114000

116000

118000

120000122000

124000

126000

128000

130000

132000

134000

136000

138000

140000

01.janv

01.f

vr

01.mars

01.avr

01.mai

01.juin

01.juil

01.aot

01.sept

01.oct

01.nov

01.d

c

0

20

40

60

80

100

120

140

160

180

200

220

240

Total Accounts [T,C,M] Ta rget Reques ts

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Strong Growth in Client AssetsStrong Growth in Client Assets

Recovering from the financial crisis

517.7 Mio. net new monies in Q3-2009

6.3 billion. Asset under custody

1'500

2'000

2'500

3'000

3'500

4'000

4'500

5'000

5'500

6'000

6'500

7'000

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Net Assets Inflow

CHF million

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Commission, Interest and Trading Revenues in third quarterCommission, Interest and Trading Revenues in third quarter

Aggregate commission and trading revenues at record high

Interest revenues collapsed

0

5'000

10'000

15'000

20'000

25'000

30'000

35'000

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Interest

Trading

Commission

CHF '000

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Daily Net Interest Revenues Since 1Daily Net Interest Revenues Since 1stst October 2008October 2008

Interest revenues cut by 4/5 over the last 12 months while total

balance sheet increased 460 Mio.

Interest revenues have bottomed in Q3-2009

0

20'000

40'000

60'000

80'000

100'000

120'000

140'000

01.oct

01.nov

01.d

c

01.janv

01.f

vr

01.mars

01.avr

01.mai

01.juin

01.juil

01.aot

01.sept

01.oct

01.nov

01.d

c

Daily Interest Revenue

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Costs and Revenues per Client and QuarterCosts and Revenues per Client and Quarter

Revenues per client recovering (CHF 205)

Control over costs and productivity improvement reflects on 12.2

Mio operating profit in Q3-2009

Further investments in marketing and new services

0

50

100

150

200

250

300

350

400

450

Q1-04

Q2-04

Q3-04

Q4-04

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Costs Marketing Revenues

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Trend in Revenues and Operating ProfitTrend in Revenues and Operating Profit

0

2'500

5'000

7'500

10'00012'500

15'000

17'500

20'000

22'500

25'000

27'500

30'000

32'500

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Operating Profit

Quarterly Revenues

5.2 % qoq revenues growth at 26.4 Mio

12,2 Mio. operating profit and 10,9 Mio. net profit

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Net ProfitNet Profit

Resilient net profit of 10,9 Mio. in Q3-2009

46.3 % operating profit margin (41,6% net profit margin)

0

2'000

4'000

6'0008'000

10'000

12'000

14'000

16'000

18'000

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

0%

10%

20%

30%

40%

50%

60%Operating Prof it

Net Profit

OP M argin

CHF '000

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Asset Margin : 1.8% in third quarter 2009Asset Margin : 1.8% in third quarter 2009

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

0

50

100

150

200

250

300

Assets under Custody Asset Margin

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9M9M--20082008

--9.1%9.1%

+11.9%+11.9%

+23.9%+23.9%

+22.7%+22.7%

--7.4m7.4m

+2.8m+2.8m

+26+26431431

+1+1179m179m

+26.6%+26.6%+34.8m+34.8m

74.7m74.7m

26.9m26.9m

136136984984

66378m378m

165.5m165.5m

--23.1%23.1%--9.8m9.8m32.5m32.5m

9M9M--20092009

RevenuesRevenues

Net profitNet profit

ClientsClients

Assets u. CustodyAssets u. Custody

EquityEquity

Operating profitOperating profit

Key Figures (Key Figures (yoyyoy))

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Q2Q2--20092009

+5.5%+5.5%

+29.8%+29.8%

+3.9%+3.9%

+16.3%+16.3%

+1.4m+1.4m

+2.5m+2.5m

+5+5150150

+893.0+893.0

+8.6%+8.6%+13.1m+13.1m

26.4m26.4m

10.9m10.9m

136136984984

66378m378m

165.5m165.5m

+13.8%+13.8%+1.5 m+1.5 m12.2m12.2m

Q3Q3--20092009

RevenuesRevenues

Net profitNet profit

ClientsClients

Assets u. CustodyAssets u. Custody

EquityEquity

Operating profitOperating profit

Key Figures (Key Figures (qoqqoq))

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Development of New ServicesDevelopment of New Services

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Dynamic Saving AccountDynamic Saving Account

188,1 Mio. AUC

6339 clients at 30 September 2009(+ 1454 in Q3-2009)

approx. 10% with saving plans

0

1000

2000

3000

4000

5000

6000

7000

01.o

ct

01.n

ov

01.d

c

01.j

anv

01.f

vr

01.m

ars

01.a

vr

01.m

ai

01.j

uin

01.j

uil

01.a

ot

01.s

ept

0

15

30

45

60

75

90

Saving [S] Accounts Requests

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

01.o

ct

01.n

ov

01.d

c

01.j

anv

01.f

vr

01.m

ars

01.a

vr

01.m

ai

01.j

uin

01.j

uil

01.a

ot

01.s

ept

External Internal Saving AssetsCHF'

m

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Swissquote ePrivate Banking MagazineSwissquote ePrivate Banking Magazine

Swissquote will launch an investment

magazine

Content will be developed in cooperation

with LargeNetwork

Containing approximately 90 pages, the

magazine will appear every two months,

the first time on the 19th of February. Theinitial print run will be 60000 copies

The 'Swissquote ePrivate Banking

Magazine' will deal mainly with

investment questions of a broader and

longer-term relevance, providing readers

with tangible benefits but also conveying

suggestions and ideas for their personal

investment strategies

Financially the Magazine will support its

own costs. Mediensatellit GmbHwill act

as media agent

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Swissquote ePrivate Banking MagazineSwissquote ePrivate Banking Magazine

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Balance SheetBalance Sheet

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Balance Sheet at 30 September 2009Balance Sheet at 30 September 2009

Structure of Assets

761.6; 43%

591.3; 33%299.9; 17%

31.5; 2%88.8; 5%

Cash & balance with Central Bank Loans & advances to banksInvestment securities Loans & advances to customers

Immobilisations

Structure of Liabilities & Equity

1432.5; 79%

175; 10%41; 2%

165.5; 9%

Due to customers (Trading) Due to customers (Saving)

Other liabilities Equity

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Trend in Balance Sheet total and EquityTrend in Balance Sheet total and Equity

0

20

40

60

80

100

120

140

160

180

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09

Total Equity Equity Surplus

CHF million

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09

Ass ets under Custodz Total Balance Sheet

CHF million

Growth of Balance Sheet

supported by strong equity

Surplus equity of over 100

Mio. reflects situation in the

inter-banking market

Tier1 Ratio of 26%

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Key FiguresKey Figures

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Key Figures for the first nine month of 2009Key Figures for the first nine month of 2009

CHF'000 9M-2009 9M-2008 Change Change [%] Q3-2009 Q2-2009 Change Change [%]

Net Fee & Commission Income 53'828.4 50'925.5 2'902.9 5.7% 20'021.1 18'322.8 1'698.3 9.3%

Interest Income, net 7'475.0 24'333.2 (16'858.2) -69.3% 1'861.1 2'280.6 (419.5) -18.4%

Trading Results 13'433.5 6'941.2 6'492.3 93.5% 4'506.8 4'405.9 100.9 2.3%

Total Net Revenues 74'736.9 82'199.9 (7'463.0) -9.1% 26'389.0 25'009.3 1'379.7 5.5%

Payroll & Related Expenses (18'369.8) (18'551.6) 181.8 -1.0% (6'225.2) (6'080.6) (144.6) 2.4%

Other Operating Expenses (incl. Depr. & Provision) (17'784.5) (14'555.4) (3'229.1) 22.2% (5'919.3) (6'176.8) 257.5 -4.2%

Marketing Expenses (6'012.0) (6'718.1) 706.1 -10.5% (2'017.8) (2'012.3) (5.5) 0.3%

Total Expenses (42'166.3) (39'825.1) (2'341.2) 5.9% (14'162.3) (14'269.7) 107.4 -0.8%

Operating Profit 32'570.6 42'374.8 (9'804.2) -23.1% 12'226.7 10'739.6 1'487.1 13.8%

Impairment and provision on Investment securities 1'141.6 (9'346.6) 10'488.2 112.2% 1'141.6 - 1'141.6 -

Income Taxes (6'788.2) (8'967.8) 2'179.6 -24.3% (2'377.4) (2'271.6) (105.8) 4.7%

Net Profit 26'924.0 24'060.4 2'863.6 11.9% 10'990.9 8'468.0 2'522.9 29.8%

Operating Profit Margin 43.6% 51.6% 46.3% 42.9%

Net Profit Margin 36.0% 29.3% 41.6% 33.9%

30.09.2009 30.09.2008 Change Change [%] 30.09.2009 30.06.2009 Change Change [%]

Total number of Trading Clients [units] 130'645 108'777 21'868 20.1% 130'645 126'949 3'696 2.9%Total number of Saving Clients [units] 6'339 1'776 4'563 256.9% 6'339 4'885 1'454 29.8%

Total Number of Clients 136'984 110'553 26'431 23.9% 136'984 131'834 5'150 3.9%

Assets under Custody [CHF m] 6'378.0 5'198.6 1'179.4 22.7% 6'378.0 5'485.0 893.0 16.3%Total Net New Monies [CHF m] 1'046.0 965.8 80.2 8.3% 517.7 240.3 277.4 115.4%

Total Headcounts 232 232 - 0.0% 232 227 5 2.2%

Total Balance Sheet [CHF m] 1'814.0 1'375.1 438.9 31.9% 1'814.0 1'647.3 166.7 10.1%

Total Equity [CHF m] 165.5 130.7 34.8 26.6% 165.5 152.4 13.1 8.6%Equity Surplus [CHF m] 114.7 75.6 39.1 51.7% 114.7 100.6 14.1 14.0%

Comparison with Previous Year Comparison with Previous Quarter