EANS-Adhoc: Bank Sarasin + Cie AG /

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6-month report/Half year results 2009

30.07.2009

1H 2009 results of Bank Sarasin & Co. Ltd: Growth despite the
financial crisis Impressive net new asset growth of almost CHF 5
billion (+14% p.a.) - Steep increase in assets under management to
CHF 80 billion - Net profit on target, at CHF 54 million (38% higher
than the adjusted figure for H2 2008)

Assets under management up 15% to CHF 79.9 billion - Net new assets
confirm growth dynamic Since 31 December 2008 the assets managed by
the Sarasin Group have risen from CHF 69.7 billion to CHF 79.9
billion as of 30 June 2009. This was the result of dynamic net new
asset growth of CHF 4.8 billion, reflecting the high quality of the
bank's CRM team that was substantially expanded over the course of
last year as well as the attractive range of Sarasin fund products.
Sarasin investment funds attracted net inflows of CHF 604 million in
the first six months of 2009, bucking the general sector trend. The
market performance of CHF 3.2 billion, coupled with the currency
translation effect of CHF 2.6 billion, also made a positive
contribution to the assets under management.

Tight management helps to keep costs under control at CHF 230.3
million Operating expenses were cut from CHF 254.8 million by 10% and
stood at CHF 230.3 million in 2H 2009 (1H 2008: CHF 210.0 million).
This was despite further investments in selective growth initiatives
such as the opening of representative offices in Switzerland (Bern),
in central and eastern Europe (Vienna and Warsaw), as well as in
India (Delhi and Mumbai). Careful review of business cases and the
deferral of various projects since the start of the year are showing
their effect. General administrative expenses fell sharply to CHF
61.8 million, 22% lower than the second half of 2008. Despite the
significant expansion of Sarasin´s CRM team in 2008, personnel costs
were trimmed by 4% to CHF 168.5 million, mainly due to lower bonus
accruals. The headcount remained virtually unchanged at 1,540
employees and is not expected to rise significantly over the course
of the current financial year.

Income solid, at CHF 315.1 million The performance on the revenue
front was solid: operating income for the first half of 2009 was 2.5%
higher, at CHF 315.1 million (1H 2008: CHF 307.5 million). The drive
to diversify the bank´s sources of earnings, undertaken as part of
the group's growth strategy, had a positive impact here: Sarasin
managed to once again improve not just the net interest income by 5%
to CHF 67.8 million, but also achieved a 51% rise in income from
trading operations, to CHF 62.8 million. Despite this, the bank´s
risk profile remains low, as confirmed by the 25% reduction in the
average Value at Risk in the trading operations compared with the
prior-year period. The income from commission & service fee
activities was 16% lower than last year, at CHF 170.5 million, due to
the impact of the smaller average asset base due to the poor market
performance. The cost income ratio I rose from 68.3% (1H 2008) to
73.1% (1H 2009). Group profit is on target, at CHF 53.9 million. This
represents a 38% increase on the 2H 2008 adjusted result of CHF 39.1
million (1H 2008: CHF 75.3 million).

Capital strength bolstered by issuing COTOs The resolution approved
by shareholders at the bank´s AGM 2009 to issue Cash or Title Options
(COTO) in place of normal dividends has created additional capital:
By the end of July 58% of all shareholders (measured by share
capital), including Sarasin´s majority shareholder Rabobank, have
already decided to exercise their COTOs and subscribe to new shares.
By taking up this offer, Rabobank, along with the other shareholders,
confirms its confidence in the Sarasin Group. At the same time this
helps to bolster Bank Sarasin´s capital base, which not only gives
Sarasin an important competitive advantage in the current market
environment but also provides greater room for manoeuvre.

Christoph Ammann, Chairman of the Board of Bank Sarasin & Co. Ltd
"The Board´s decision to consistently push ahead with our growth
strategy, while at the same time moderating its pace to accommodate
the challenging market conditions in the current year, is paying off.
I am delighted that so many shareholders have already decided to
exercise their COTOs. The subsequent strengthening of our capital
base reflects the trust and confidence they place in our bank. It is
vital that we preserve this trust as it is a fundamental prerequisite
for the long-term success of the Sarasin Group."

Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd "After very
challenging conditions during the first three months of 2009, we are
particularly pleased with the strong result achieved in the first
half of 2009. The excellent net new assets growth is running at the
same level as in the first half of 2008, confirming the high quality
of our CRM team which we invested in last year as a platform for
future growth. We are also selectively exploiting available growth
opportunities: the opening of new representative offices in
Switzerland, central and eastern Europe and India show that we are
moving forward while taking on board regulatory requirements, and
breaking into attractive markets that hold excellent potential for
us."

Assets managed according to sustainable principles exceed CHF 10
billion for the first time The assets managed according to
sustainable principles by the Sarasin Group rose by 68% in the first
half of the year to reach CHF 10.1 billion on 30 June 2009. This
figure takes into consideration the decision taken last year to
switch the portfolio management mandates of private clients in
Switzerland to a sustainable investment style. The number of mandates
managed purely according to sustainable principles rose by 44% during
the first half of the year, while the associated volumes climbed by
as much as 65%. The positive development of Sarasin´s sustainability
investment funds also shows that investors are particularly
comfortable with this investment approach: net new asset growth in
the first six months came to CHF 117 million, bucking the general
sector trend. The volume of assets managed by third parties using
Sarasin Sustainability Research rose by 7% in the first half of 2009
to CHF 23.4 billion.

Outlook for 2H 2009: targets and strategy still the same Bank
Sarasin´s goals for the financial year 2009 are unchanged. Sarasin is
confident of reaching and probably even exceeding its net new asset
growth target of CHF 7.0 billion set in the budget. With market
conditions remaining challenging, it is still difficult to provide an
accurate earnings forecast. Based on the half-year figures presented
here and assuming that markets will improve in the second half of the
year, the bank expects its full-year operating profit to be more or
less in line with the previous financial year 2008, which means it is
still on track to meet its profit target as well.

Tight cost management remains a vital competitive factor here. This
means that Sarasin also will be selective when further expanding the
network of its locations: in the second half of 2009 the bank plans
to open a third branch in the German market. Sarasin is also
considering opening a representative office in China, which, along
with India, is one of the two main growth drivers of the global
economy. The bank will exploit opportunities to recruit more client
advisors at a moderated pace. Sarasin plans to keep its headcount at
roughly the current level over the course of this financial year. In
the long term, the goal is to further increase the ratio of client
advisors as a percentage of the total workforce.

end of announcement euro adhoc
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ots Originaltext: Bank Sarasin & Cie AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Benedikt Gratzl

Head of Corporate Communications

T.: +41(61) 277 70 88

Benedikt.Gratzl@sarasin.ch

Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SIX Swiss Exchange / regulated dealing