schroder & co bank ag - schroders - schroders schroders/company... · annual report 2008...

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Annual Report 2008Schroder & Co Bank AG

Head Office

Schroder & Co Bank AG

Central 2, 8001 Zürich

Postfach 1820, 8021 Zürich

Service Centre Private Banking

Pfingstweidstrasse 60, 8005 Zürich


Tel +41 (0)44 250 11 11

Fax +41 (0)44 250 13 12

www.schroders.ch

[email protected]

Branch Office

Schroder & Co Banque SA

8, rue d’Italie, 1204 Genève

Case postale 3655, 1211 Genève 3

Tel +41 (0)22 818 41 11

Fax +41 (0)22 818 41 12

Subsidiary Companies

Schroder Cayman Bank and

Trust Company Limited

P.O. Box 1040, Harbour Centre

Grand Cayman, B.W.I.

Tel +1 345 949 28 49

Fax +1 345 949 54 09

Schroder Trust AG


Tel +41 (0)44 250 14 00

Fax +41 (0)44 250 12 66

Schroder & Co Bank AG | Annual Repor t 2008

3Chairman’s Statement 5

Executive Board’s Statement 7

Balance Sheet 13

Off-Balance Sheet Transactions 14

Profit and Loss Account 15

1. Comments on Business Activities 18

2. Principal Accounting Policies and Valuation Principles 21

3. Information on the Balance Sheet 24

4. Information on Off-Balance Sheet Transactions 34

5. Information on the Profit and Loss Account 37

Report of the Statutory Auditor 41

Board and Senior Staff 43

Main Schroder Branches 44

Content

Front page: Extract 100 Swiss franc note (Switzerland)Left page: Extract 100 Chinese yuan note (China)

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5change rate fluctuations. Market trends had a more severe

impact on the institutional business, where the decline in

assets due to market movements led to significantly lower

earnings.

The Board of Directors proposes to the General Meeting

the distribution of an ordinary dividend of CHF 22 million

(previous year: CHF 24 million). It also proposes that

CHF 1.9 million (previous year: CHF 2.3 million) be allo-

cated to the general statutory reserve and CHF 7.3 million

(previous year: CHF 13.6 million) to other reserves. As a

result, the Bank’s reported equity capital after payment of

the dividend will stand at CHF 127.5 million (previous year:

CHF 118.4 million).

On behalf of the Board of Directors, I would like to thank all

our clients for the trust they have placed in us.

I would also like to express my gratitude towards all our

employees. Without their commitment and expertise,

Schroders would not be able to serve our clients through

these turbulent times.

Philip Mallinckrodt

Chairman of the Board of Directors

2008 was a difficult year for the global financial markets,

one in which the FTSE All Share Index lost 32.8% of its

value and the MSCI World Index tumbled by 42.1%.

In Switzerland, too, the first signs of a deep-seated crisis

in the financial sector emerged during the year. Stock

markets were already falling at the beginning of the year

following a mixed showing in 2007, and forecasts began to

grow gloomier as early as the second quarter. Many finan-

cial services providers suffered as extremely challenging

conditions unfolded. Other sectors of the economy were

also hit hard as the crisis spread. Investors were deeply

unsettled by these developments and there was a general

flight to liquidity.

It was difficult to predict the severity of the crisis that

started as a credit crunch and culminated in massive tur-

bulence in the financial markets last year. Inevitably, opera-

tional business in 2008 proved to be highly challenging.

Net profit for 2008 was CHF 31.1 million, down 22% on the

previous year (CHF 39.9 million). In private banking, the

base established in previous years was maintained – albeit

with a small drop in net new money – despite the nega-

tive performance of global financial markets and large ex-

Chairman’s Statement

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7

Executive Board’s Statement

In spite of the negative developments in the markets in

the first half of 2008, Schroder & Co Bank AG produced

a good financial performance thanks to the structures put

in place the previous year. This positive first-half perform-

ance can be attributed to the strong reputation that we

have built in the market over the years.

This overall picture took a different turn in the second half

of the year. In particular, the currency situation changed for

the worse, institutional business suffered as market vol-

umes tumbled, and private banking experienced a decline

in funds under management. General market performance

was the main driver of all these trends. Here are some

examples in local currencies, from January to December

2008:

Market indices

Switzerland (SPI) – 34.05%

USA (S&P 500) – 37.00%

UK (FTSE 100) – 28.00%

Brazil (Bovespa) – 41.22%

Russia (RTS$) –72.26%

India (BSE Sensex 30) – 51.80%

China (Shanghai Comp.) – 64.89%

There were two key factors that enabled Schroder &

Co Bank AG to withstand the crisis. Firstly, our invest-

ment strategies were basically conservative, and this has

contributed to preserving and strengthening the trust of

clients. Secondly, the Schroder Group’s presence around

the world also helped us to identify and better monitor the

impact of the financial crisis at an early stage. The Bank

took precautionary measures during the second half of

2008. The extremely difficult market environment necessi-

tated great vigilance, which took the form of daily monitor-

ing of the markets and constant reassessment of risks.

The turbulent market environment will continue to make

day-to-day operations challenging in the coming year. On

the other hand changed conditions will also open up con-

siderable opportunities, and Schroder & Co Bank AG is

determined to seize them. The scene is now set for further

expansion of our activities.

To drive our growth, we have strengthened our private cli-

ent operations in Geneva and Zurich, taking on additional

staff, and have reinforced our support resources. Our

objective is to generate additional client assets and further

enhance the quality of our services.

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8 The acquisition of Swiss Re Asset Management Funds

AG – now Schroder Investment Funds (Switzerland) AG –

completed in the spring marked another major strategic

step for the Schroder Group’s Swiss activities. It will ena-

ble us to strengthen our institutional business and capital-

ise on the opportunities made possible by the changes to

the Swiss Collective Investment Schemes Act. Schroders

is well placed to be one of the leaders in exploiting the

new possibilities resulting from these changes.

On the cost side, we have started the new year in a good

position, with synergies from the Service Centre playing a

significant role. This unit now comprises the back-office

services for three Schroders companies: Schroder & Co.

Limited, London; Schroders (C.I.) Limited, Guernsey; and

Schroder & Co Bank AG.

One of the main reasons we can face the future with great

confidence is the quality of our employees. Schroders has

always applied a prudent Human Resources policy. We

have highly qualified staff on whom we can rely. We are

therefore convinced of our ability to exploit the opportuni-

ties opened up by the crisis.

We aim to make full use of the year of changes that lies

ahead, by progressively building on our solid base to se-

cure sustainable, long-term growth.

Private Banking

In the year under review, we succeeded in maintaining our

private client business in Geneva and Zurich without any

major setbacks, despite the turbulent market environment.

We believe that clients’ trust in Schroders remains intact,

and has even been strengthened under these difficult con-

ditions.

Private client funds under management decreased by

24.4% in Swiss franc terms to CHF 6.8 billion. This decline

was chiefly attributable to the negative market perform-

ance, as well as the strength of the Swiss franc against

the major client currencies towards the end of 2008. The

balance of net new funds was slightly negative in Swiss

francs, at CHF – 25.6 million.

Commission income declined from CHF 105.4 million to

CHF 81.9 million. This was where our clients’ uncertainty

was most evident, as they shunned stock market trans-

actions in favour of holding more liquidity. The declines


9

in funds under management in both private banking and

institutional business also negatively affected commission

income.

Net interest income increased year-on-year, whereas the

trading result decreased slightly.

Service Centre

The Bank’s internal Service Centre performed well in

its first full year of operation. IT, operational and finan-

cial services with a total value of CHF 13.7 million were

charged to other Schroder Group companies.

The Service Centre also contributes to containing costs

within Schroders Private Banking since it encompasses all

the operational areas of the affiliated companies, enabling

considerable synergies to be achieved. This process is still

ongoing, and it is planned to extend the services provided

to a unit of Schroders Private Banking in Singapore, as

well as insourcing certain tasks in fund administration and

institutional business. The Service Centre staffing level has

therefore been gradually increased.

Chairman of the Board of Directors and Executive Board (from the left): Philip Mallinckrodt, Chairman of the Board of Directors; Luc Denis, Chairman of the Executive Board; Heinz Scheiwiller, Deputy Chairman of the Executive Board; Stephen J. Mills, Member, Head of Schroder Investment Management (SIM) Switzerland; Martin R. Liebi, Member, Head of Private Banking Zurich


10 Institutional Asset Management and Fund Distribution

The activities of the division (SIM Switzerland) can be

divided into fund management, institutional sales and mar-

keting, as well as the distribution of Schroders’ range of

Luxembourg-domiciled funds.

On 31 May 2008 Schroder International Holdings Limited,

London acquired Swiss Re Asset Management Funds AG,

which was re-named Schroder Investment Funds (Switzer-

land) AG. With this acquisition Schroders has significantly

extended its services and product range. We now have a

highly competitive platform to further develop our business

in Switzerland.

Fund Management

Our Swiss-based team of fund managers and analysts is

responsible for the management of Swiss and European

equity as well as balanced mandates. Intensive local re-

search, including an extensive company visit programme,

is augmented by the global research efforts of the Schro-

der Group. In the management of balanced mandates, we

offer state-of-the-art solutions to a wide variety of Swiss

institutions.

Institutional Sales and Marketing

We are one of the largest foreign-owned providers of

products and services for the management of pension

fund and other institutional assets in Switzerland. We

manage country-specific, regional, global and balanced

mandates.

Distribution of Mutual Funds (Intermediary)

Our mutual funds business started the year strongly but

then was negatively affected by the sharp decline in fi-

nancial markets in the latter part of the year. Whilst the

outlook for this business is currently clouded, we are well

placed to benefit from any improvement in sentiment given

our strong relative performance, our innovative and broad

product range as well as the high level of service we offer.

Subsidiaries

Our clients have an international perspective and wide-

ranging needs, which are not confined to financial serv-

ices. Schroder & Co Bank AG therefore offers proven

expertise in related areas through its subsidiaries. Our

subsidiary Schroder Cayman Bank & Trust Company

Limited supports our clients in establishing and managing

trusts and foreign-domiciled corporations, while Schroder

Trust AG in Zurich mainly acts as a trustee for trusts cre-

ated in common-law jurisdictions.

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13

Balance Sheetas of 31 December 2008

CHF Notes 31.12.08 31.12.07

Assets

Liquid assets 19 618 747 16 724 492

Due from banks 385 681 460 417 611 545

Due from clients 3.1 349 853 209 400 783 060

Securities and precious metal trading portfolios 3.2 3 799 825 58 806 000

Financial investments 3.3, 3.7 86 474 430 —

Participations 3.4 1 100 000 1 100 000

Fixed assets 3.5 484 669 482 812

Accrued income and prepaid expenses 13 338 013 20 664 895

Other assets 3.6 29 295 346 11 596 921

Total assets 889 645 699 927 769 725

Total due from group entities and

significant shareholders 844 484 171 232 798

Liabilities and shareholders’ equity

Due to banks 117 595 054 453 319 896

Due to clients 516 079 532 241 195 076

Accrued expenses and deferred income 43 432 294 48 291 272

Other liabilities 3.6 34 743 716 16 088 249

Valuation adjustments and provisions 3.9 28 335 386 26 481 945

Reserves for general banking risks 3.9 18 000 000 18 000 000

Share capital 3.10, 3.11 60 000 000 20 000 000

General legal reserve 3.11 23 700 000 21 400 000

Other reserves 3.11 16 500 000 42 900 000

Retained earnings brought forward 193 287 143 936

Net income 31 066 430 39 949 351

Total liabilities and shareholders’ equity 889 645 699 927 769 725

Total due to Group entities and

significant shareholders 16 091 989 14 583 625

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CHF Notes 31.12.08 31.12.07

Contingent liabilities 3.1, 4.1 68 878 536 110 074 315

Confirmed credits 3.1, 4.2 — 1 670 952

Irrevocable commitments 3.1 1 740 000 1 090 000

Derivative instruments 4.3

– positive replacement values 28 718 737 10 835 222

– negative replacement values 30 645 761 11 619 929

– notional amounts 1 056 733 152 1 224 322 342

Fiduciary transactions 4.4

Fiduciary placements with third parties 2 938 369 940 4 103 262 091

Fiduciary credits 18 345 489 15 223 204

Off-Balance Sheet Transactionsas of 31 December 2008


15

Prof it and Loss Accountfor the period from 1 January to 31 December 2008

CHF Notes 2008 2007

a) Revenues and expenses from ordinary banking activities

Results from interest activities

Interest and discount income 24 627 523 27 056 793

Interest and discount income from financial investments 1 080 722 —

Interest expenses (10 728 915) (12 505 453)

Total 14 979 330 14 551 340

Results from commission and service fee activities

Commission income on lending activities 1 017 338 1 062 929

Commission income on securities and investment transactions 89 975 681 114 064 672

Commission income on other services 1 019 029 841 221

Commission expenses (10 144 474) (10 584 284)

Total 81 867 574 105 384 538

Results from trading operations 5.1 8 201 009 8 870 572

Other ordinary results

– Other ordinary income 13 735 899 4 214 520

– Other ordinary expenses (14 400) —

Total 13 721 499 4 214 520

Operating expenses

– Personnel expenses 5.2 (49 117 202) (49 874 593)

– Other operating expenses 5.3 (27 171 027) (30 982 498)

Total (76 288 229) (80 857 091)

Gross profit 42 481 183 52 163 879


16

CHF Notes 2008 2007

b) Net income

Gross profit 42 481 183 52 163 879

Depreciation and write-offs of non-current assets 3.5 (467 931) (569 048)

Valuation adjustments, provisions and losses (2 103 690) (474 507)

Results before extraordinary items and taxes 39 909 562 51 120 324

Extraordinary income 5.4 — 391 523

Taxes (8 843 132) (11 562 496)

Net income 31 066 430 39 949 351

c) Allocation of retained earnings

Net income 31 066 430 39 949 351

Retained earnings brought forward 193 287 143 936

Total 31 259 717 40 093 287

Retained earnings at the end of the period 31 259 717 40 093 287

Allocation of retained earnings

Ordinary dividend (22 000 000) (24 000 000)

Allocation to general legal reserve (1 900 000) (2 300 000)

Allocation to other reserves (7 300 000) (13 600 000)

Retained earnings carried forward 59 717 193 287

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18

1. Comments on Business Activ it ies

General

Schroder & Co Bank AG is a wholly-owned subsidiary of

Schroders plc, London. In addition to the head office in

Zurich the Bank has a branch office in Geneva.

The business activities of the Bank are described below.

There are no further business activities that would signifi-

cantly impact the Bank’s risk and income situation.

Fee and commission business

The Bank’s principal line of business is investment man-

agement for both domestic and foreign clients.

Asset management, trustee, custodian and credit opera-

tions are the main contributors to commission and service

fee revenues.

Banking activities

The Bank’s main balance-sheet activities are the client-

lending business and interbank operations.

Loans to clients are mainly granted on the basis of Lom-

bard coverage.

Trading activities

Trading comprises mainly trading for the accounts of

clients in interest-rate products, securities and foreign ex-

change, and proprietary trading.

Service Centre – Insourcing business

The Service Centre Private Banking renders securities

administration, funds transfer, accounting and IT services

centrally. These services are being offered to other Schro-

der Group companies (currently Schroder & Co. Limited,

London, and Schroders (C.I.) Limited, Guernsey). These

services are charged at market rates.

Risk management

Risk assessment

The Board of Directors re-assesses the Bank’s risks each

year (in particular with respect to credit, market, liquidity

and operational risks). The effectiveness of the limit sys-

tem and the controls are also evaluated. The Organisation

and Management Regulations ensure that the Board of Di-

rectors is always adequately informed of the risk situation

and the authority for decisions in this area remains in the

Board of Directors’ responsibility.


19Details on risk management

The risk management procedures and the ongoing moni-

toring are delegated to committees. The Asset & Liability

Management Committee is responsible for monitoring

market risk, interest rate risk and liquidity. This includes

the selection and monitoring of banks, brokers and custo-

dians. In addition it monitors the adherence to the capital

and large exposure regulations.

The interest rate risks arising from the balance-sheet and

off-balance sheet positions are monitored and managed

centrally. They are managed using calculations of the net

present value effect on shareholders’ equity and the net

income effect under various interest rate assumptions. The

ability to meet obligations is monitored and ensured within

the framework defined in the bank law and by the Group.

Operational risks are managed through internal organisa-

tion and control procedures. Internal audit regularly audits

the internal controls and issues reports to the Board of

Directors.

The credit risks are subject to specific monitoring by the

Credit Committee and the Credit Department. Loan collat-

eral is valued at market value. The collateral rates are set

forth in predefined procedures.

Outsourcing

The Bank has an outsourcing agreement with the com-

pany Biveroni Batschelet Partners AG (BBP) for running

the interbank applications SIC, EuroSIC, Swift and Secom.

BBP’s role is limited to providing electronic access to the

above-mentioned interbank services.

Staff

At the end of the business year the Bank had 162 full- and

17 part-time employees, for a total of 179 (or 176.3 full-

time equivalent positions; previous year: 164).

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21Loans

Impaired loans, i.e. loans that are unlikely to be repaid by

the debtor, are valued individually. A specific provision is

made for the estimated shortfall against nominal value in

capital and interest. Off-balance sheet exposure, such as

commitments, guarantees or derivative instruments, is

also taken into consideration for this valuation. Loans are

considered as impaired at the latest when the contractual

payments for capital and/or interest are overdue for more

than 90 days. Interest accrual is suspended if recover-

ing interest is so unlikely that an accrual no longer makes

sense.

If an outstanding loan is classified as entirely or partially ir-

recoverable or if a renunciation of outstandings is granted,

the outstanding loan is written off by debiting the respec-

tive loss provision.

Troubled loans are reclassified as being of full value when

outstanding amounts of capital and interest are again paid

on time according to the conditions fixed by contract.

Securities and precious metals trading portfolio

Actively-traded positions which are either traded on a

recognised stock exchange or for which a representa-

Basis of preparation

The accounts are prepared in accordance with the Swiss

Code of Obligations, the Swiss Federal Law Governing

Banks and Savings Banks, including the implementing

ordinances, directives, and the Swiss Financial Market Su-

pervisory Authority’s (FINMA) regulations and directives.

All transactions are recorded in the Bank’s books at the

trade date and valued from that date for the profit and loss

account. Money market and foreign exchange transactions

are reported off-balance sheet until the settlement date.

From the settlement date, these transactions are included

in the balance sheet.

Business risks are covered by adequate value adjustments

and provisions.

Detailed principles

The most important accounting policies and valuation

principles are shown below.

Liquid assets, receivables from banks and liabilities

These items are stated in the balance sheet respectively at

their nominal value or at cost less any individual valuation

adjustments required for impaired assets.

2. Pr incipal Accounting Policies and Valuation Pr inciples

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22 ing the recoverability, the remaining book value will be

depreciated according to the revised plan, or an extraor-

dinary depreciation can be made. In accordance with tax

regulations smaller items may be charged directly to the

profit and loss account.

Useful life of the various fixed assets

Information technology (hardware and software): 3 years.

Cars: 4 years.

Foreign currencies

Foreign currency transactions are translated at the average

exchange rates ruling at the balance sheet date. Foreign

exchange positions in the balance sheet are translated

at the average exchange rates at the balance sheet date

and taken to the profit and loss account. Forward foreign

exchange transactions are valued at the forward market

rates ruling at the balance sheet date. The valuation result

is taken to the profit and loss account.

The main conversion rates applied are listed below:

2008 2007

EUR 1.4869 1.6567

GBP 1.5621 2.2605

USD 1.0638 1.1310

JPY 1.1733 1.0114

tive market exists are valued at market value. Refinancing

costs are charged against trading income. All other trading

positions are valued at the lower of cost or net realisable

value.

Financial Investments

Securities held to generate income in the medium term are

valued at the lower of cost or net realisable value. Realised

profits or losses from sales of these securities are included

within “Results from the sale of financial investments”.

Unrealised profits or losses are included within “Other

ordinary income” or “Other ordinary expenses”. Debt se-

curities held for investment are stated at cost, adjusted

for possible premiums or discounts. Precious metals are

valued at market value.

Participations

Participations are stated at cost, less any impairment.

Tangible fixed assets

Tangible fixed assets are valued at cost, less accumulated

depreciation. Depreciation is calculated using the straight-

line method based on useful life.

The recoverability is reconsidered each year. Should the

useful life change or the value decrease upon reconsider-


23Valuation adjustments and provisions

Based on the principle of prudence, the Bank establishes

valuation adjustments and provisions within liabilities for

contingent risks. The valuation adjustments and provisions

may contain undisclosed reserves.

Taxes

Current tax is generally tax on profit and recurs on an

annual basis. One-off or transaction taxes are not consid-

ered as current tax.

Current tax on earnings is included as expense of the pe-

riod in which the earnings are recognised. Tax liabilities are

shown under “Accrued expenses and deferred income”.

Derivative financial instruments

Derivative financial instruments are used by the Bank for

asset and liability management and for securities and for-

eign exchange dealing. They are used both for proprietary

trading and for trading for the accounts of clients. Valu-

ation is in accordance with the purposes for which they

were originally acquired.

1. Derivative trading positions

These derivatives are marked to market. Positive and

negative replacement values are included within “Other

assets” or “Other liabilities”. Profits and losses are in-

cluded within “Result from trading operations”.

2. Derivative financial investments

These derivatives are acquired by the Bank instead of

direct investments. In accordance with the account-

ing policy for financial investments, these positions are

valued at the lower of cost or net realisable value. Any

interest income components are included within “Inter-

est and dividend income from financial investments”.

Realised profits or losses are included within “Result

from the sale of financial investments”.

3. Derivatives for hedging purposes

Derivative transactions concluded for hedging purposes

are valued and booked on a basis consistent with the

underlying transactions.

Liabilities to own pension plans

The employees of Schroder & Co Bank AG benefit from

two defined contribution pension plans. The “BVG Stif-

tung” grants a minimum of the benefits mandatory by law.

The “Vorsorgestiftung” of Schroder & Co Bank AG grants

benefits for that part of the salary above the limit of the

BVG law. The employer’s contributions according to the

defined contribution pension plans are included within

“Personnel expenses”.


24

3.1 Schedule of collateral for loans and off-balance sheet transactions

CHF 1000 Type of Collateral

Mortgage Other Without Total collateral collateral collateral

Loans

Due from clients — 331 853 18 000 349 853

Total 31.12.08 — 331 853 18 000 349 853

31.12.07 — 387 216 13 567 400 783

Off-balance sheet transactions

Contingent liabilities 6 248 60 549 2 081 68 878

Irrevocable commitment to the Swiss

Bankers’ and Securities Dealers’

Deposit Guarantee Association, Basel — — 1 740 1 740

Total 31.12.08 6 248 60 549 3 821 70 618

31.12.07 8 891 101 903 2 041 112 835

Gross Estimated Net Specific amount collateral amount provision proceeds

Impaired loans 31.12.08 2 485 — 2 485 2 485

31.12.07 632 — 632 632

3.2 Securities and precious metals trading portfolios

CHF 1000 31.12.08 31.12.07

Debt securities and rights

– Exchange traded — 58 806

Shares and similar securities and rights 3 800 —

Total 3 800 58 806

of which qualify as repos as defined in the liquidity rules — 58 806

(Trading positions in derivatives are included under 4.3)

3. Information on the Balance Sheet


25

3.3 Financial investments

CHF 1000 31.12.08 31.12.07 31.12.08 31.12.07

Book value Book value Fair value Fair value

Debt securities and rights

– with the intention to hold to maturity 79 844 — 81 213 —

Precious metals 6 630 — 6 630 —

Total 86 474 — 87 843 —

of which qualify as repos as defined in the liquidity rules 81 213

3.4 Participations

CHF 1000 31.12.08 31.12.07

Without market value 1 100 1 100

Total 1 100 1 100

Additional information on significant participations: Share Ownership OwnershipCompany name Business activities capital proportion proportion

Schroder Trust AG, Zurich Trust and offshore

company administration CHF 100 000 100% 100%

Schroder Cayman Bank Banking services and

and Trust Company Ltd., trust and offshore

Cayman Islands company administration USD 633 714 100% 100%

3.5 Assets and participations

CHF 1000 31.12.07 31.12.08

Historical Accumulated Book value Additions Disposals Depreciation Book value cost depreciation

Total majority participations 1 100 — 1 100 — — — 1 100

Other fixed assets 4 253 (3 770) 483 521 (51) (468) 485

Total 5 353 (3 770) 1 583 521 (51) (468) 1 585

Fire insurance value of other fixed assets 15 382

Liabilities: future operational lease commitments 13 341


26

3.6 Other assets and other liabilities

CHF 1000 31.12.08 31.12.07

Other assets Other liabilities Other assets Other liabilities

Replacement costs of derivative instruments 28 719 30 646 10 835 11 620

Indirect taxes and stock exchange fees 388 3 529 501 3 987

Other assets and liabilities 188 569 261 481

Total 29 295 34 744 11 597 16 088

3.7 Assets pledged or ceded to secure own liabilities and assets subject to ownership reservation

CHF 1000 31.12.08 31.12.07

Assets pledged Effective liability Assets pledged Effective liability (Book value) (Book value)

Own securities 71 400 27 413 58 806 3 866

There are no loans nor pension transactions with securities.


27

3.8 Pension plans

CHF 1000 31.12.08 31.12.07

The liabilities due to own pension plans at the balance

sheet date amounted to: 6 753 6 640

According to the pension fund regulations, the employer pays total contributions and benefits equivalent to 15% of the relevant salary whereas the employees contribute 5% of that salary.

CHF 1000 31.12.07

As per the most recent audited financial statements of the BVG-Stiftung

(mandatory pension plan) and the Vorsorgestiftung (non-mandatory pension plan)

of Schroder & Co Bank AG at 31.12.2007, the employer contribution

reserves at period end were: 2 955

Schroder & Co Bank AG guaranteed in writing to the Bank’s Vorsorgestiftung (i.e., the non-mandatory pension plan) that any losses the plan incurs which are not offset by plan gains within a three year period will be compensated by the Bank through a corresponding reduction in the bank’s employer contribution reserves. The guaran-tee did not result in any liability as of the audited balance sheet date of the BVG-Stiftung.

Pension plan surpluses at the balance sheet date

CHF 1000 31.12.07 31.12.06

Schroder & Co Bank AG BVG Stiftung (mandatory pension plan) 50 51

Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan) 7 7

The surpluses disclosed correspond to the excess of the plan assets over the plan liabilities as of 31.12.2007 including the employer contribution reserves to which the employer has waived their right. In 2007 the accounts of the individual plan members were credited with TCH 13 320 out of the unencumbered plan assets.

Contributions to pension funds / pension and related benefits expense

CHF 1000 2008 2007

The bank’s total contributions to both pension plans for the year amounted to: 5 766 4 123

The bank’s total pension and related benefit expenses (including old age and

survivors’ insurance, disability insurance, unemployment insurance and other

mandatory contributions) for the year amounted to: 7 553 5 981


28

3.9 Valuation adjustments, provisions and reserves for general banking risks

CHF 1000

Balance Specific Change in Recoveries, New provisions Reversals Balance

31.12.07 usage and definition of overdue interest, charged to credited to 31.12.08

reversals purpose (re- exchange rate Profit & Loss Profit & Loss classifications) differences statement statement

Loan losses (credit and

country risk) 632 (12) — 15 1 850 — 2 485

Other provisions 25 850 — — — — — 25 850

Valuation adjustments

and provisions 26 482 (12) — 15 1 850 — 28 335

Reserves for general

banking risks (fully taxed) 18 000 — — — — — 18 000

3.10 Capital structure and shareholders

Other reserves were used to increase the share capital by CHF 40 Mio. from CHF 20 Mio. to CHF 60 Mio (as per the capital

increase report dated 13 June 2008 and the auditor’s report dated 24 June 2008). At the balance sheet date the share capital

amounted to CHF 60 million and is split into 60 000 shares of CHF 1000 nominal value each.

At 31 December 2008 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is ultimately

wholly-owned by Schroders plc, London.

On 10th March 2008 respectively on 8th March 2007 Schroders plc has been notified pursuant to “FSA’s Disclosure and Trans-

parency Rule 5.1.2 R” of the following interests of 3% or more in the ordinary shares:

10.03.2008 08.03.2007

Shares Schroders plc Stake Shares Schroders plc Stake Vincitas Limited 62 861 892 27.81% 62 861 892 27.81%

Veritas Limited 37 308 464 16.51% 37 308 464 16.51%

Flavida Limited 62 861 892 27.81% 62 861 892 27.81%

Fervida Limited 38 278 700 16.94% 38 278 700 16.94%

Harris Associates L.P. 12 919 102 5.72% 16 204 595 7.17%

Legal & General Group Plc 6 873 379 3.04% n/a n/a

Vincitas Limited and Veritas Limited held their interests as trustees of certain settlements made by members of the Schroder family. The interests of Flavida Limited and Fervida Limited include interests in voting rights in respect of all the shares in which Vincitas Limited and Veritas Limited are interested as trustees.


29

3.11 Statement of changes in shareholders’ equity (before profit distribution)

CHF 1000

Shareholders’ equity at the beginning of 2008

Paid-in share capital 20 000

General legal reserve 21 400

Other reserves 42 900

Reserves for general banking risks 18 000

Retained earnings brought forward 40 093

Total shareholders’ equity at the beginning of 2008 142 393

Movements

Dividend 2007 (24 000)

Deduction from available earnings (15 900)

Allocation to legal reserve 2 300

Allocation to other reserves 13 600

Withdrawal from other reserves to increase share capital (40 000)

Increase share capital 40 000

Net income 2008 31 066

Total shareholders’ equity at the end of 2008 149 459

Paid-in share capital 60 000

General legal reserve 23 700

Other reserves 16 500

Reserves for general banking risks 18 000

Retained earnings carried forward 31 259


30

3.12 Maturity structure of working capital and liabilities

CHF 1000 At sight Redeemable Maturities Total upon notice

Up to From From Beyond 3 months 3 to 12 12 months 5 years months to 5 years

Assets

Cash 19 619 — — — — — 19 619

Due from banks 79 932 — 305 749 — — — 385 681

Due from clients 18 57 464 246 976 45 096 300 — 349 854

Securities and precious

metal trading portfolios 3 800 — — — — — 3 800

Financial investments 6 884 — 24 017 6 398 49 175 — 86 474

Total 31.12.08 110 253 57 464 576 742 51 494 49 475 — 845 428

31.12.07 327 933 67 080 424 668 73 924 320 — 893 925

Liabilities

Due to banks 25 827 — 64 054 27 714 — — 117 595

Due to clients 488 033 11 114 16 733 200 — — 516 080

Total 31.12.08 513 860 11 114 80 787 27 914 — — 633 675

31.12.07 401 371 13 486 205 146 74 512 — — 694 515

3.13 Amounts due from and due to affiliated companies as well as loans and exposures to members of the Bank’s governing bodies

CHF 1000 31.12.08 31.12.07

Due from affiliated companies 9 762 —

Due to affiliated companies 274 3 613

Loans and exposures to members of the Bank’s governing bodies 637 2 523

With related parties the Bank engages in securities and money market transactions and applies interest rates at conditions applicable to third parties. Members of the Board of Management and of the Board of Directors are granted the conditions and tariffs applicable to staff members of the Bank.


31

3.14 Assets and liabilities by domestic and foreign origin

CHF 1000 31.12.08 31.12.07

Domestic Foreign Domestic Foreign

Assets

Cash 19 619 — 16 724 —

Due from banks 30 936 354 745 74 947 342 664

Due from clients 116 495 233 358 127 528 273 257

Securities and precious metal trading portfolios 3 800 — 58 806 —

Financial investments 86 474 — — —

Participations 100 1 000 100 1 000

Fixed assets 485 — 483 —

Accrued income and prepaid expenses 12 073 1 265 18 680 1 984

Other assets 12 445 16 851 2 837 8 760

Total 282 427 607 219 300 105 627 665


Due to banks 24 162 93 433 19 925 433 395

Due to clients 131 732 384 350 91 244 149 951

Accrued expenses and deferred income 42 427 1 005 46 135 2 156

Other liabilities 12 585 22 158 7 242 8 847

Valuation adjustments and provisions 28 335 — 26 482 —

Reserves for general banking risks 18 000 — 18 000 —

Share capital 60 000 — 20 000 —

General legal reserve 23 700 — 21 400 —

Other reserves 16 500 — 42 900 —

Retained earnings brought forward 193 — 144 —

Net income 31 066 — 39 949 —

Total 388 700 500 946 333 421 594 349


32

3.15 Assets by countries / country groups

CHF 1000 31.12.08 31.12.07

Total in % Total in %

Assets

Europe

– Germany 38 067 4.3% 22 329 2.4%

– United Kingdom 68 351 7.7% 229 155 24.7%

– Switzerland 282 427 31.8% 300 104 32.4%

– Rest of Europe 292 783 32.9% 137 098 14.8%

Total Europe 681 628 76.7% 688 686 74.3%

North America 42 960 4.8% 50 529 5.4%

Asia 10 211 1.1% 10 211 1.1%

Other countries 154 847 17.4% 178 344 19.2%

Total 889 646 100.0% 927 770 100.0%


33

3.16 Assets by currencies

CHF 1000 31.12.2008

Currencies CHF EUR USD Precious Other Total metals

Assets

Cash 17 915 1 453 137 — 113 19 618

Due from banks 103 630 38 821 188 614 9 195 45 421 385 681

Due from clients 66 005 137 746 102 786 — 43 316 349 853

Securities and precious

metal trading portfolios 3 800 — — — — 3 800

Financial investments 79 844 — — 6 631 — 86 475

Participations 1 100 — — — — 1 100

Fixed assets 485 — — — — 485

Accrued income and prepaid expenses 10 806 784 610 — 1 138 13 338

Other assets 29 284 7 4 — 1 29 296

Total balance sheet assets 312 869 178 811 292 151 15 826 89 989 889 646

Assets deriving from FX spot,

FX forward and FX option transactions 281 956 337 202 313 585 — 123 363 1 056 106

Total assets 594 825 516 013 605 736 15 826 213 352 1 945 752


Due to banks 1 811 38 334 52 572 — 24 878 117 595

Due to clients 104 461 128 075 227 390 15 826 40 329 516 081

Accrued expenses and deferred income 42 428 433 467 — 104 43 432

Other liabilities 34 262 21 460 — 1 34 744

Valuation adjustments and provisions 28 335 — — — — 28 335

Reserves for general banking risks 18 000 — — — — 18 000

Share capital 60 000 — — — — 60 000

General legal reserve 23 700 — — — — 23 700

Other reserves 16 500 — — — — 16 500

Retained earnings brought forward 193 — — — — 193

Net income 31 066 — — — — 31 066

Total balance sheet liabilities 360 756 166 863 280 889 15 826 65 312 889 646

Liabilities deriving from FX spot,

FX forward and FX option transactions 238 315 348 713 324 533 — 146 543 1 058 104

Total liabilities 599 071 515 576 605 422 15 826 211 855 1 947 750

Net position by currency (4 246) 437 314 — 1 497 (1 998)


34

4.1 Contingent liabilities

CHF 1000 31.12.08 31.12.07

Credit guarantees 53 372 78 985

Irrevocable commitments 15 507 31 089

Total 68 879 110 074

4.2 Confirmed credits

CHF 1000 31.12.08 31.12.07

Obligations under deferred payments — 1 671

4.3 Outstanding derivative instruments

CHF 1000

Positive Negative Contract replacement replacement volume values values

Foreign exchange instruments

Forward contracts 28 715 30 642 1 056 104

Options (OTC) — — —

Indices

Forward contracts — — —

Options (OTC) 4 4 629

Total 31.12.08 28 719 30 646 1 056 733

31.12.07 10 835 11 620 1 224 322

The above outstanding derivative instruments are held for trading purposes. There are no netting agreements in place.

4. Information on Of f-Balance Sheet Transactions


35

Outstanding derivative instruments by counterparties

CHF 1000 31.12.08 31.12.07

Positive Negative Contract Positive Negative Contract replacement replacement volume replacement replacement volume

values values values values

Banks 17 299 3 731 382 203 3 623 2 841 320 030

Non banks 11 420 26 915 674 530 7 212 8 779 904 292

Total 28 719 30 646 1 056 733 10 835 11 620 1 224 322

4.4 Fiduciary transactions

CHF 1000 31.12.08 31.12.07

Fiduciary deposits

Fiduciary deposits in CHF 59 495 93 539

Fiduciary deposits in European currencies 2 096 265 3 163 616

Fiduciary deposits in USD 771 039 827 133

Fiduciary deposits in other currencies 11 571 18 974

Total 2 938 370 4 103 262

Fiduciary credits

Fiduciary credits in CHF 600 600

Fiduciary credits in European currencies 1 992 2 635

Fiduciary credits in USD 15 753 11 988

Total 18 345 15 223

All fiduciary deposits at year-end were concluded with banks outside of the Schroder Group.


36

4.5 Funds under management

CHF 1000 31.12.08 31.12.07

Assets in own managed investment funds 535 328 1 536 023

Assets under discretionary management 3 065 416 4 201 084

Assets subject to other management 6 404 618 8 439 403

Total funds under management (including double counting) 10 005 362 14 176 510

of which double counting 44 412 93 326

Total funds under management (excluding double counting) 9 960 950 14 083 184

of which Private Banking 6 753 702 9 087 155

of which Institutional Business 3 207 248 4 996 029

Net inflow/outflow of assets:

– Private Banking (25 628) 420 052

– Institutional Business (789 947) (604 395)

Total net inflow/outflow of assets (815 575) (184 343)

– of which group-internal transfers (Institutional Business) — —

The Bank does not hold any custody-only assets. Debit interest on current account overdrafts is treated as negative performance, while interest charged on Lombard loans is a cash outflow. The Bank calculates performance according to the direct method.

The institutional funds under management reported above exclude Swiss institutional and wholesale clients managed by other Schroder Group entities and not under custody at Schroder & Co Bank AG.


37

5.1 Results from trading operations

CHF 1000 2008 2007

Securities (951) (9)

Foreign exchange 9 152 8 880

Total 8 201 8 871

5.2 Personnel expenses

CHF 1000 2008 2007

Authorities, meeting compensations and fixed compensations 210 210

Salaries and extras 39 232 41 070

Social security contributions 1 787 1 613

Pension plan contributions 5 766 4 368

Other personnel expenses 2 122 2 614

Total 49 117 49 875

5.3 Operating expenses

CHF 1000 2008 2007

Occupancy expenses 5 836 6 381

Expenses for EDP, machinery, fixtures and fittings,

vehicles and other equipment 4 073 5 658

Other operating expenses including:

Telephone, telex, postage, electronic information systems,

legal and other consulting fees, stationery and printing,

courier services, property insurance, travel and entertainment,

publication and advertising, audit, other costs 17 262 18 943

Total 27 171 30 982

5. Information on the Prof it and Loss Account


38

5.4 Extraordinary Income

The extraordinary income in 2007 arose from the reversal of legal proceeding provisions no longer required.

5.5 Post Balance Sheet EventsThe negative developments on the security markets between the balance sheet date and the presentation of the annual report

by the Board of Directors on 10th March 2009 resulted in a collateral shortfall on lombard loans in the amount of about

CHF 10.9 million. These credit positions are being monitored on an ongoing basis and, if needed, a provision would be created.

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41

Repor t of the Statutor y Auditor

As statutory auditor, we have audited the financial

statements of Schroder & Co Bank AG, which com-

prise the balance sheet, income statement and notes,

for the year ended 31 December 2008.

Board of Directors’ responsibility

The Board of Directors is responsible for the prepara-

tion of the financial statements in accordance with the

requirements of Swiss law and the company’s articles

of incorporation. This responsibility includes designing,

implementing and maintaining an internal control system

relevant to the preparation of financial statements that are

free from material misstatement, whether due to fraud or

error. The Board of Directors is further responsible for se-

lecting and applying appropriate accounting policies and

making accounting estimates that are reasonable in the

circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on these finan-

cial statements based on our audit. We conducted our

audit in accordance with Swiss law and Swiss Auditing

Standards. Those standards require that we plan and per-

form the audit to obtain reasonable assurance whether the

financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit

evidence about the amounts and disclosures in the fi-

nancial statements. The procedures selected depend on

the auditor’s judgment, including the assessment of the

risks of material misstatement of the financial statements,

whether due to fraud or error. In making those risk assess-

ments, the auditor considers the internal control system

relevant to the entity’s preparation of the financial state-

ments in order to design audit procedures that are ap-

propriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness on the entity’s

internal control system. An audit also includes evaluating

the appropriateness of the accounting policies used and

the reasonableness of accounting estimates made, as

well as evaluating the overall presentation of the financial

statements. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis

for our audit opinion.

Opinion

In our opinion, the financial statements for the year ended

31 December 2008 comply with Swiss law and the com-

pany’s articles of incorporation.

Report on other legal requirements

We confirm that we meet the legal requirements on licens-

ing according to the Auditor Oversight Act (AOA) and

independence (article 728 CO and article 11 AOA) and

that there are no circumstances incompatible with our in-

dependence.

In accordance with article 728a paragraph 1 item 3 CO

and Swiss Auditing Standard 890, we confirm that an in-

ternal control system exists which has been designed for

the preparation of financial statements according to the

instructions of the Board of Directors.

We further confirm that the proposed appropriation of

available earnings complies with Swiss law and the com-

pany’s articles of incorporation. We recommend that the

financial statements submitted to you be approved.

PricewaterhouseCoopers AG

Roman Berlinger, Audit expert, Auditor In Charge

Beatrice Kiefer, Audit expert

Zurich, 10 March 2009

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43

Board and Senior Staf f

Senior Management

Otto J. Amberg, Alexis André, Beat Bochsler, Norbert

Brestel, Philipp Bruderer *, Pierre-Antoine Carron, Beat

Cassani, Ann Daverio, Jean-Fabrice della Volpe, Reto

Dietrich, Stephan Eckstein, Markus Engeler, Slavica J.

Barovic Esnault-Pelterie, Pierre-Louis Favre, Rolf Fischer,

Karl Gallmann, Marco Ghilotti, Enrique Gil, Roland Heule,

Béatrice Hirzel Corte, Jean-Jacques Hunziker, Michael

Kiepert, Jürg Klingler, Bernhard H. Leibkutsch, Daniel

Lenz, Samuel Moulin, Stephan Ochsner, Andreas

Pletscher, Christoph Portmann, Denis Purmann, Stefano

Scanzoni *, Christian Schmid, Ulysse-Oliver Traub, Urs

Winiger, Antonio Winspeare Guiccardi, Stephan Zumsteg

* Member of Senior Management since 01.03.09

External Auditors

PricewaterhouseCoopers AG, Zürich

Board of Directors

Philip Mallinckrodt

Chairman

Dr. François R. Bochud

Deputy Chairman (since 11.09.08)

Dr. Martin K. Eckert

Jean-Claude Marchand

Jean-Charles Roguet

Executive Board

Luc Denis

Chairman, Head of Private Banking

Heinz Scheiwiller

Deputy Chairman, Head of Service Centre Private Banking

Stephen J. Mills

Member, Head of Schroder Investment Management (SIM) Switzerland

Martin R. Liebi

Member, Head of Private Banking Zurich

Boards’ Changes

On 18 May 2008, Jonathan Asquith stepped down as

Deputy Chairman of the Board of Directors. The Board

wishes to convey its sincere thanks for his valuable contri-

bution and dedicated service to the Bank’s success.

At the Board of Directors Meeting held on 11 September

2008, Dr. François R. Bochud, already a Member, was

newly elected as Deputy Chairman. The Board would like

to thank him for taking over this responsibility and wishes

him every success in his endeavours.

As of 1 June 2008, Martin R. Liebi became Head of

Private Banking at our head office in Zurich and Member

of the Bank’s Executive Board. He took over from Rudolf

Stäger who left the Bank in summer 2008 and whom the

Board wishes to thank for his contribution over the years.

Martin R. Liebi’s experience and profile in private banking

will be invaluable and the Board wishes him much success

in his future tasks.

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44

Main Schroder Branches

Group’s Head Office

United Kingdom

Schroders plc31 Gresham Street, London EC2V 7QATel + 44 207 658 60 00www.schroders.com

Schroder Investment Management Limited31 Gresham Street, London EC2V 7QATel + 44 207 658 60 00

Schroder & Co. Limited100 Wood Street, London EC2V 7ERTel + 44 207 658 60 00

Schroder Investments Limited 33 Gutter Lane, London EC2V 8ASTel + 44 207 658 60 00

Europe

Channel Islands

Schroder Investment Management (Guernsey) LimitedTrafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 3QLTel + 44 (0)1481 71 06 51

Schroders (C.I.) LimitedRegency Court Glategny EsplanadeSt. Peter Port, Guernsey, GY1 3UFTel + 44 (0)1481 70 37 00

Schroders (C.I.) Limited2–6 Church Street, St. HelierJersey, JE4 9WBTel + 44 (0)1534 75 66 00

Denmark

Schroder Investment Management Fondsmæglerselskabet A/SStore Strandstræde 211255 KøbenhavnTel + 45 33 15 18 22

France

Schroder Investment Management Limited8–10 rue Lamennais, 75008 ParisTel + 33 (0)1 53 85 85 85

Germany

Schroder Investment Management GmbHTaunustor 260311 Frankfurt am MainTel + 49 (0)69 97 57 17 0

Schroder & Co LimitedTaunustor 260311 Frankfurt am MainTel + 49 (0)69 97 57 17 120

Schroder Property Investment Management GmbH (SPrIM)Wilhelmstrasse 765185 WiesbadenTel +49 (0)611 20 50 61 21

Italy

Schroders Italy SIM S.p.A.Via della Spiga 30, 20121 MilanoTel + 39 02 76 37 71

Schroders Italy SIM S.p.A. Piazzetta Bettiol 15, 35137 PadovaTel + 39 049 876 57 76

Schroders Italy SIM S.p.A.Via del Babuino 169, 00187 RomaTel + 39 06 321 83 68

Luxembourg

Schroder Investment Management (Luxembourg) S.A.5 rue Höhenhof, 1736 SenningerbergTel + 352 341 34 22 02

Netherlands

Schroder Investment ManagementBenelux N.V.Waldeck Pyrmontlaan 131075 BT AmsterdamTel + 31 (0)20 305 28 40

Sweden

Schroder Investment Management Fondsmæglersgelskab A/SSveavägen 9, 11157 StockholmTel + 46 (0)8 678 40 10

Switzerland

Schroder & Co Bank AG Central 2, 8001 ZürichTel + 41 (0)44 250 11 11

Schroder & Co Bank AGService Centre Private BankingPfingstweidstrasse 608005 ZürichTel +41 (0)44 250 11 11

Schroder & Co Banque SA8, rue d’ltalie, 1204 GenèveTel + 41 (0)22 818 41 11

Spain

Schroder Investment Management LimitedCalle Pinar 7, 28006 MadridTel + 34 91 590 95 41

Schroders & CoCalle Pinar 7, 28006 MadridTel +34 91 590 95 31

Americas

Argentina

Schroder Investment Management S.A.Ing. Enrique Butty 220C1001AFB - Buenos AiresTel +54 11 43 17 13 00

Bermuda

Schroders (Bermuda) Limited131 Front Street, Hamilton HM 12Tel +1 441 292 49 95

Brazil

Schroder Investment ManagementBrasil S.A.Rua Joaquim Floriano, 72São Paulo, SP, Brasil 04534-000Tel +55 11 30 54 51 55

Cayman Islands

Schroder Cayman Bank and Trust Company LimitedPO Box 1040 GT, Harbour CentreGrand Cayman, British West IndiesTel +1 345 949 28 49


45

Mexico

Schroder Investment Management, S.A. de C.V.Avenida Paseo de Las Palmas 425Col. Lomas de ChapultepecMéxico, D.F., 11000Tel +52 55 11 00 10 30

USA

Schroder Investment Management North America Inc.875 Third AvenueNew York, NY 10022-6225Tel +1 212 641 38 30

Schroder Investment Management The Curtis CentreIndependence Square WestPhiladelphia, PA 19106Tel +1 215 861 09 97

Asia / Pacific

Australia

Schroder Investment ManagementAustralia Limited123 Pitt Street, Sydney, NSW 2000Tel +61 (0)2 92 10 92 00

China

Schroders plc 7 Finance StreetXicheng District, Beijing 100140Tel +86 10 66 55 53 88

Schroders plc 1000 Lujiazui, Ring RoadPudong, Shanghai 200120Tel +86 21 68 41 19 88

Schroder Investment Management (Hong Kong) LtdTwo Pacific Place, 88 QueenswayHong Kong SARTel +852 25 21 16 33

India

Schroders India Private LimitedRamnord House77, Dr. Annie Besant RoadWorliMumbai, 400018, MaharashtraTel +91 22 2410 1010

Indonesia

PT Schroder Investment Management IndonesiaJakarta Stock Exchange BuildingJl. Jend. Sudirman Kav. 52–53,Jakarta 12190Tel +62 21 515 01 01

Japan

Schroder Investment Management (Japan) LimitedPacific Century Place Marunouchi1-11-1 Marunouchi, Chiyoda-ku, Tokyo 100-6224Tel +81 (0)3 52 93 15 00

Korea

Schroders Korea LimitedSeoul Finance Centre, 84 Taepyungro 1ga Chung-gu, Seoul 100-768Tel +82 2 37 83 05 00

Singapore

Schroder Investment Management (Singapore) Limited65 Chulia Street, #46-00, OCBC CentreSingapore 049513Tel +65 65 35 34 11

Schroder & Co. (Asia) Limited11 Beach Road #06-01Singapore 189675Tel +65 65 07 01 23

Taiwan

Schroder Investment Consulting Company Limited 2F, Suite B1, 108, Sec.5, Hsin-Yi Road,Hsin-Yi District, Taipei 11047, Taiwan, R.O.CTel +886 2 27 22 18 68

Middle East

Dubai

Schroder Investment Management LimitedDubai International Financial CentreP.O. Box 506612DubaiTel +971 4 704 9100


46

© 2009Schroder & Co Bank AG Annual Report 2008

Project management:Schroder & Co Bank AG

Concept:Peter Bütikofer & Company, Zurich

Design, production:markenart, Zurich

Printed by:Lenggenhager Druck, Zurich

The Annual Report 2008 is also published in German. The German version takes precedence.

The web version of the Annual Report 2008 is available at www.schroders.ch

Head Office

Schroder & Co Bank AG



Service Centre Private Banking

Pfingstweidstrasse 60, 8005 Zürich


Tel +41 (0)44 250 11 11

Fax +41 (0)44 250 13 12

www.schroders.ch

[email protected]

Branch Office

Schroder & Co Banque SA

8, rue d’Italie, 1204 Genève

Case postale 3655, 1211 Genève 3

Tel +41 (0)22 818 41 11

Fax +41 (0)22 818 41 12

Subsidiary Companies

Schroder Cayman Bank and

Trust Company Limited

P.O. Box 1040, Harbour Centre

Grand Cayman, B.W.I.

Tel +1 345 949 28 49

Fax +1 345 949 54 09

Schroder Trust AG


Tel +41 (0)44 250 14 00

Fax +41 (0)44 250 12 66

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