Outlook

We are assuming there will be only a gradual recovery in the economy. Against this background, interest margins will continue to come under pressure. In spite of the challenging environment, we expect our clients to intensify their investment activities.

In the coming year, we shall expand our Swiss onshore banking activities in particular.

By separating advisory services and processing, we shall be better able to fulfil client needs and improve client care. For this purpose, we shall organise the Commercial Clients Division at the parent bank into the following advisory teams from 1 April 2010: Financing Corporate Clients and Financing Private Clients.