Valartis Group business year 2008 Press & analysts conference Widder Hotel, Zurich / April 8, Valartis Group Results 2008 April 8, 2009 Page 1
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1 business year 2008 Press & analysts conference Widder Hotel, Zurich / Page 1
2 Agenda Business year 2008 Highlights Gustav Stenbolt, CEO Financial results Hanspeter Kaspar, CFO Closing remarks Erwin W. Heri, Chairman Q & A All Page 2
3 Highlights Gustav Stenbolt, CEO Page 3
4 Introduction to Landmarks The holding company, AG, is listed on the SIX Swiss Exchange. Reuters symbol: VLRT.S Bloomberg symbol: VLRT SW Establishment of «OZ Zürich Optionen und Futures Aktiengesellschaft» Establishment of MC Trustco, now Valartis Asset Management Merger of OZ Group and MCT Companies Establishment of Valartis Europe AG Establishment of Bankhaus Rosenfeld, Vienna, now Valartis Bank (Austria) AG Establishment of OZ Holding, now Valartis Bank AG Banking license for OZ Bankers AG The Group operates under a new name, AG Acquisition of Anglo Irish Bank (Austria) AG, now Valartis Bank (Austria) AG Page 4
5 Introduction to Change to a diversified banking group The group focuses on developing and managing innovative investment and niche products and on providing specialized consulting and banking services for its mainly institutional and wealthy private clients in its three core sectors: Asset Management (Zurich, Geneva, Luxemburg, Vienna, Moscow, St. Petersburg). Wealth Management (Zurich, Geneva, Vienna). Investment Banking (Zurich, Vienna). 6 Offices in 4 Countries Zurich Geneva Luxemburg Vienna (2) Moscow St Petersburg 100+ Professionals Portfolio managers Analysts Sales / Traders Private Bankers M&A specialists Real Estate specialists Page 5
6 Management Operating structure Group Executive Board Gustav Stenbolt, CEO 1) Legal & Compliance Corporate Center & Business Operations Hanspeter Kaspar, CFO 1) Asset Management Felix Morf 1) Wealth Management Eric Berthelot 1) Investment Banking Gustav Stenbolt (ad interim) Equities Private Equity Real Estate Wealth Planning Private Banking Family Office Brokerage / Execution Corporate Finance Mergers & Acquisitions Alternative Investments 1) Member of the Group Executive Board Page 6
7 Key Financials Shareholders equity Group Net Profit in mio CHF in mio CHF Page 7
8 Key Financials Total Balance Sheet Assets Assets Under Management ' '500 4'000 3'500 3'474 3'825 4'239 4'015 in mio CHF in mio CHF 3'000 2'500 2'000 1'500 1' ' ' Page 8
9 Strategy Group Key aspects Enlarge & diversify income base Wealth Management. Reduce overall P&L volatility Proprietary trading Keep strong capital / finance base Low leverage business model Exploit synergies and growth potential Professional and entrepreneurial clients International network Page 9
10 Asset Management Equities, Private Equity & Alternative Investments Valartis Asset Management brings together an experienced and focused team of more than 30 portfolio managers, analysts, traders and associated professionals based in Geneva, Zurich, Moscow and Vienna. Over the past decade, the group has launched a range of specialized regional and sector funds and investment companies across multiple asset classes. Areas of expertise in asset management: Listed Equities and Fixed Income in Russia and Eastern Europe European Energy Trading Private Equity in Russia and CIS Euroland, Swiss and Global Equities Real Estate related products Page 10
11 Asset Management Real Estate Real Estate Stabilizing real estate activities Low leverage Extending Fund of Fund strategies / comprehensive advisory services winning two mandates; investments in Europe, Asia and Latin America Eastern Property Holdings (EPH) SIX listed Real estate investment and development company focusing on Russia and other countries of the Commonwealth of Independent States (CIS). Projects underway in the office, retail, residential and parking sectors. All holdings and activities are mainly located in Russia s largest cities, Moscow and St. Petersburg. Page 11
12 Asset Management Real Estate Société des Centres Commerciaux d Alg Algérie (SCCA) Conception, Development, Commercialization and Management of shopping centers in Algeria. First shopping, leisure and offices complex to open in July 2009 in Bab Ezzouar, Algiers ( sqm GBA sqm GLA). MCT Berlin Residential Fund Closed Private Real Estate Fund with a Luxemburg domicile. Launched in The Fund invests in residential assets in the eastern part of Germany, mainly in Berlin. Market value Real Estate: EUR 300 million. Number of units: Page 12
13 Wealth Management Overview The private bank is operating out of Geneva, Zurich and Vienna. Investment capabilities: Know-how in managing multiple asset classes Value-oriented wealth management style Dedicated professional executives Open-architecture investment policy Liquidity 50% Client AUM (*) Asset Classes Client AUM (*) Currencies Alternative / Other 3% Stocks 7% Bonds 13% Precious Metals 6% Funds 21% USD 40% (*) Client Assets Under Management as of Related to Private Banking activities only. GBP 3% CAD 3% Other 9% CHF 3% EUR 42% Page 13
14 Wealth Management Initiatives 2008 Focus on extending Private Banking operation in Geneva / Zurich Hiring senior people / teams René Hermann, new Head Private Banking ZH Build-up intermediaries network Optimizing business processes / reporting Acquisition of a private bank in Vienna Page 14
15 Acquisition of Private Bank / Asset Manager, Vienna 1) Strategic rational AuM CHF 1.6 billion / strong balance sheet - Ca new clients Proven business model - Experienced management team Access to EU-Market / Vienna as gate to the East No overlapping of activities & regional focus Synergies with Investment Banking and Asset Management 1) Closing of transaction: December 19, 2008 Page 15
16 Acquisition of Private Bank / Asset Manager, Vienna Integration Independent operating subsidiary Previous management continues Renamed into Valartis Bank (Austria) AG and Valartis Asset Management (Austria) Kapitalanlagegesellschaft mbh Securities execution and treasury functions to be centralized with Valartis Bank AG in Zurich. Page 16
17 Acquisition of Private Bank / Asset Manager, Vienna Purchase Price Allocation, CHF million (net of deferred taxes) Purchase Price % Shareholders' equity % Tangible assets % Bank building 21.4 IT / Software 14.4 Tax asset % Intangibles & Goodwill % Goodwill % Client / Intermediary relationships % Intangibles & Goodwill in % of AUM 2.5% Page 17
18 Investment Banking Overview and initiatives 2008 High trading losses on Swiss equities Reorganization of investment banking division Proprietary trading Significant cut back of Swiss equity / derivative trading Brokerage & research Focused sales force / block trading / market making Sell-side research closed down M&A Corporate finance activities Europe Vienna and Zurich work together as one team Page 18
19 Investment Banking M&A / Corporate Finance Support and advise to small, medium and large organizations in Europe in executing strategically and financially critical transactions such as Divestitures, Acquisitions and Mergers as well as Raising of Equity & Debt Capital via Public and Private Placements. Leading Advisor for the completion of Middle Market M&A Transactions (EUR million) in Europe and beyond. Disposal Lead Advisor to Cham Paper Group on the disposal of Hunsfos Fabrikker A/S Acquisition Lead Advisor to on the sale of Anglo Irish Bank Austria Disposal Lead Advisor to Constantia Group on the sale of Danapak Flexibles Limited Acquisition Lead Advisor to Constantia Group on the acquisition of Corona Disposal Lead Advisor to Constantia Group on the sale of Danapak Flexibles A/S Page 19
20 Strategic investments ENR Russia Invest Swiss listed investment company focusing on private equity investments in Russia and other CIS Estimated NAV as of CHF 97.6 m Increased stake to 50% during 2008 Full consolidation Net P/L impact for 2008 CHF 2 m Page 20
21 Strategic investments Eastern Property Holdings Swiss listed real estate company focusing on real estate investments and project development in Russia Estimated NAV as of CHF 450 m Acquired 20% during 2008, and additional 10% during 2009 Equity consolidation Net P/L impact for 2008 CHF 41.5 m Page 21
22 Financial results Hanspeter Kaspar, CFO Page 22
23 P&L, CHF million ý % Total operating income Net interest/dividend income Net commission income Trading income Other income Business combination Associated companies Total expenses Group profit before tax Tax Minority share (loss) Group profit (for shareholders) Earnings per share (CHF) Page 23
24 Assets under Management, CHF million Investment Banking 687 Wealth Management '000 4'000 Asset Management '000 2'000 1' Page 24
25 Balance sheet structure, 12/31/08, CHF million Assets Liabilities / shareholders equity Cash 66.9 Due from banks Due to banks Due from clients Due to clients Trading / Financial securities Due from trading / financials Associated companies Other liabilities Property and equipment Total liabilities Goodwill & intangibles Shareholders equity Valartis Deferred taxes Minorities Other Total shareholders equity Page 25
26 Selected balance sheet items, CHF million Associated companies Jelmoli Bonus Card AG Eastern Property Holdings Ltd. Property & equipment Properties Software Other Goodwill & intangibles To date (before bank Austria acquisition) Acquisition bank Austria of which Goodwill of which Intangibles Trading / Financial securities (net) Page 26
27 Regulatory capital base, CHF million Total available funds: Total required funds: Ratio available vs. required funds: 167% Split of available funds CHF 235 million CHF 141 million Capital surplus; 94.2 Credit risk; 40.9 Operational risk; 15.2 Market risk; 15.7 Non- counterparty risk; 69 Page 27
28 Closing remarks Erwin W. Heri, Chairman Page 28
29 AG General Assembly 2009 Key proposals Dividend payout: CHF 0.50 per bearer share Total payout CHF 2.5 million Dividend yield 3.5% (based on year-end share price) Re-election of Members of the Board of Directors: Erwin W. Heri, Chairman Stefan Holzer, Vice Chairman Page 29
30 Contacts Geneva 2-4 place du Molard P.O. Box Geneva 3 Switzerland Phone Fax Zurich Sihlstrasse 24 P.O. Box 8021 Zurich Switzerland Phone Fax Vienna Rathausstrasse Vienna Austria Moscow 5 Petrovka Street Moscow Russia Phone Fax Page 30
Valartis Group business year 2009 Press & analysts conference Widder Hotel, Zurich / April 13, 2010
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