swissfirst AG

euro adhoc: Swissfirst AG
Financial Figures/Balance Sheet
swissfirst: Third quarter and nine-month results 2005

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

25.11.2005

@@start.t2@@-    Total operating income up by 66.3% to CHF 32 million in the third quarter
      of 2005
-    Solid improvement in operating profit of CHF 10.593 million to CHF 24.13
      million in the third quarter
-    Net profit after minorities up by 78% to CHF 16.2 million in the third
      quarter of 2005
-    Assets under management reach all-time high of CHF 5.586 billion
-    First time consolidation of Bellevue units as of October 1, 2005@@end@@

swissfirst Group, active in investment banking, asset management and private banking, generated total operating income of CHF 32.0 million in the third quarter of 2005. This is a 66.3% increase over last year's result of CHF 19.242 million. After nine months, total operating income rose by 14.8% to CHF 78.641 million. In comparison to the previous year, total expenses in the third quarter fell by 9% to CHF 7.872 million. This resulted in an increase in operating profit of CHF 10.593 million to CHF 24.13 million, representing a rise of 29.4% to CHF 52.465 million for the first nine months of 2005. Net profit after minorities for the third quarter of 2005 was CHF 16.2 million which is 78% higher than the figure of last year. swissfirst closed the first nine months of 2005 with a net profit of CHF 38.148 million. This represents an increase of 18.2%. swissfirst Structured Bonds AG was sold to management effective on July 1, 2005 and is no longer consolidated. The results for this reporting period are the last swissfirst results without the operational units of the Bellevue Group.

Higher commission income Commission income rose by 23% to CHF 18.526 million in the third quarter of 2005, resulting in commission income of CHF 49.659 million for the nine months ending September 2005. Net income from portfolio management activities for the first nine months of 2005 was CHF 37.551 million, being 10.2% higher than the same period last year.

Improved interest income Interest income advanced by 27.2% to CHF 3.402 million due to the increased return on financial assets and good credit demand. An increase in interest income of 27.8% to CHF 11.147 million was achieved for the first nine months.

Good trading income Trading income in the first months of 2005 improved from CHF 7.337 million to CHF 10.069 million due to good results in the third quarter (CHF 4.184 million).

Lower cost base swissfirst lowered its total costs by 9% to CHF 7.872 million in the third quarter of 2005. For the first nine months of the year, total costs were reduced by 6.4% to CHF 26.176 million. Consequently, the cost-to-income ratio improved from 40.8% to 33.3%.

Substantial increase in shareholders' equity compared to the end of 2004 At CHF 299.103 million, swissfirst's equity (excluding minorities) at the end of September 2005 was substantially higher than at the start of the year (CHF 238.656 million). The nominal share reduction and dividend paid at the end of September 2005 amounted to CHF 54 million and have already been deducted. The annualized return on equity at the end of September 2005 was 19.1% (2004: 16.1%).

Continued high net inflow of new client assets in asset management business swissfirst enjoyed a strong increase in client assets under management of CHF 692 million to CHF 5.586 billion during the first nine months of the year. Asset management activities accounted for CHF 4.619 billion of this total. Assets under management in this segment have increased by CHF 828 million since the beginning of the year, of which about CHF 450 million is attributable to a positive market performance.

Integration of Bank am Bellevue AG/Bellevue Asset Management AG  The integration of the operational units of Bank am Bellevue AG and Bellevue Asset Management AG in the swissfirst Group is proceeding faster than originally planned. The transfer of Bank am Bellevue AG and Bellevue Asset Management AG was finalized at a price of CHF 276 million on November 22, 2005. The first time consolidation of these units commences on October 1, 2005. Applicable integration costs will be included in the current account for the fourth quarter.

The designated members of the Board of Directors - Martin Bisang (Chairman), Thomas Matter (Delegate) and Daniel Schlatter - will be proposed to the shareholders for election at the forthcoming ordinary general meeting on May 6, 2006. The current Board of Directors will step down as of this date.

Corporate organization from January 1, 2006 The company, under the leadership of Thomas Matter (CEO) will be structured into the following business units from January 1, 2006: Investment Banking, Asset Management, Private Banking and Services. Daniel Hefti continues as Chief Financial Officer.

Investment Banking includes Bank am Bellevue, which operates the brokerage for Swiss equities under the management of Jürg Schäppi, and Corporate Finance, under the management of Gregor Greber. This unit also encompasses swissfirst Derivatives AG, which offers tailored solutions in the area of derivatives. The asset management activities of both groups will be amalgamated into swissfirst Asset Management AG. The Mandates section, under the management of Mirko Sangiorgio, will provide individualized asset management with absolute returns and comprehensive solutions for pension funds. The BB Biotech, BB Medtech and BB Biotech Ventures II investment companies remain the responsibility of Stephan Meier. The private banking business, managed by Urs Kaufmann, will be concentrated in the swissfirst Bank AG. swissfirst Services AG incorporates the back office services for the swissfirst Group and for external companies, and is managed by Peter Kaszuba.

Investor calendar:

@@start.t3@@Press conference for 2005 annual financial report:         March 31, 2006
Annual general meeting 2005:                                            May 6, 2006@@end@@

The complete report on the third quarter and first nine months of 2005 can be downloaded at our website: www.swissfirst.ch. The documents referred to at the media and analysts conferences are also available at our website.

swissfirst is an independent financial group listed on SWX Swiss Exchange that specializes in investment banking, private banking and asset management. Its business operations are especially geared toward portfolio management and investment advisory services for private and institutional clients and toward corporate finance business. swissfirst is focused on the Swiss market, Swiss products and Swiss know-how.

@@start.t4@@Profit and Loss          Q3 2004    Q3 2005      +/- %  2004         2005         '+ / - %
                                  3 months  3 months              9 months  9 months    9m '04/05
                                  CHF mn      CHF mn                 CHF mn      CHF mn
Net interest income    2.673        3.402         27.2%  8.722      11.147        27.8%
Net fee and commission
income                        15.060      18.526         23.0% 49.021      49.659         1.3%
Net trading income      1.304        4.184         n.m.    7.337      10.069        37.2%
Other income                0.204        5.890         n.m.    3.421        7.766      127.0%
Total operating
income                        19.242      32.002         66.3% 68.501      78.641        14.8%
Personnel expenses    -6.019      -5.532        -8.1% -18.411    -17.048        -7.4%
Other operating
expenses                    -2.629      -2.340        -11.0% -9.550      -9.128        -4.4%
Total expenses          -8.649      -7.872         -9.0% -27.961    -26.176      -6.4%
Gross operating
profit                        10.593      24.130        127.8%  40.540      52.465        29.4%
Depreciation of fixed
/tangible assets         -0.492    -0.431        -12.4%  -1.358      -1.299        -4.3%
Amortisation of
goodwill                        0.000      0.000         n.m.      0.000        0.000         n.m.
Valuation adjustments,-0.462    -0.002         n.m.    -0.476      -1.339         n.m.
provisions and losses
Taxes                          -0.116      -6.202        n.m.    -4.536      -8.544        88.4%
Net profit before
minorities                  9.524        17.495        83.7%  34.169      41.282        20.8%
Minorities                 -0.420        -1.295        n.m.    -1.887      -3.134        66.1%
Net profit after
minorities                  9.104        16.200        78.0%  32.283      38.148        18.2%
Earnings per share      1.82          1.62          n.m.    6.46         3.81          n.m.
Number of shares
f.d.)                    5'000'000  10'000'000                5'000'000  10'000'000
                                                          1)                                              1)
1) Split of the shares
May 17, 2005
n.m. = not  meaningful
Balance sheet            as of                    as of            as of          '+ / - %
                            31.12.04                 30.9.04          30.9.05      31.12.04
                                CHF mn                  CHF mn            CHF mn
Equity
(excl. minorities)  238.656                 252.089          299.103                25.3%
Balance sheet total        916                    1'071              1'348
Assets under
Management                    4'894                    4'902            5'586                14.1%
  Private Banking         2'036                    1'937            2'642                29.8%
  Asset Management        1'755                    1'801            1'977                12.6%
  Investment Banking    1'039                    1'130                911              -12.3%
  Corporate Items            64                         34                  56              -12.5%
Staff
(full-time equivalents)  112.8                    110                 111            -1.6%@@end@@

@@start.t5@@Income         swissfirst                BaB and BAM *                 pro forma**
(in mn CHF), not audited
                 2004  as of  30.9.05  2004    as of  30.9.05 2004      as of  30.9.05
Interest
income      11.3      11.1                  3.2        1.8                    14.5      12.9
Commission
income      62.5      49.7                  40.4      36.1      ***        102.9    85.7      ***
Trading
income        7.1        10.1                  1.3        3.6                    8.4        13.7
Others        3.0        7.76                  0.0        2.8                    3.0        10.6
Total
income      83.9        78.6                  44.9      44.2                  128.8    122.9
Personnel
expenses -23.9      -17.1                  -9.5      -7.2                  -33.4    -24.3
Other
operating
expenses -12.1        -9.1                  -8.0      -6.0                  -20.1    -15.1
Total
expenses -36.0      -26.2                 -17.5    -13.3                  -53.5    -39.5
Gross
operating
profit      47.9        52.4                  27.5      31.0                    75.4      83.4
Depreciation/
Valuation
adjustments
                -2.4        -2.6                  -0.3      -0.3                    -2.7      -2.9
Extraordinary Result                                      0.0        ****                                ****
Taxes        -4.2        -8.5                  -4.0      -5.7                    -8.2      -14.2
Net profit
(bef. minorities)
                41.3        41.3                  23.2      25.0                      64.5      66.3
Minorities-2.9        -3.1                    0.0        0.0                      -2.9      -3.1
Net profit
(excl. minorities
                38.4        38.2                    23.2      25.0                    61.6      63.2
(in mn CHF),
not audited
          2004  as of  30.9.05      2004  as of  30.9.05          2004  as of  30.9.05
Asset under Management
         4'894    5'586                    4'403    5'404                    9'297    10'990
Equity (incl. minorities)
         238.7    299.1                      90.7      51.1                        n/a        n/a
Staff    113        111                         49         50                        162        161
* Bank am Bellevue AG and Bellevue Asset Management AG
** not audited
*** Adjusted by the Performance Fee of CHF 15,1 mn
**** Extraordinary profit of CHF 4,2mn not included@@end@@

@@start.t6@@end of announcement                                                 euro adhoc 25.11.2005 05:30:00
--------------------------------------------------------------------------------@@end@@

ots Originaltext: swissfirst AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Mirko Sangiorgio, tel. +41 (1) 204 82 21, mirko.sangiorgio@swissfirst.ch

Branche: Banking
ISIN:      CH0003376818
WKN:        929068
Index:    SPI
Börsen:  SWX Swiss Exchange / official market



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