Schroder & Co Bank AG - Schroders - Schroders schroders/company... · Annual Report 2009 Schroder &...

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Annual Report 2009Schroder & Co Bank AG

Hauptsitz

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]

Niederlassung

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

Schroder Trust SA

12, rue Ami-Lullin

1207 Genève

Tel +41 (0)22 818 41 22

Fax +41 (0)22 818 41 28

Tochtergesellschaften

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 2009

3

Content

Chairman’s Statement 4

Executive Board’s Statement 7

Balance Sheet 11

Off Balance Sheet Transactions 12

Profit and Loss Account 13

1. Comments on Business Activities 16

2. Principal Accounting Policies and Valuation Principles 20

3. Information on the Balance Sheet 25

4. Information on Off Balance Sheet Transactions 35

5. Information on the Profit and Loss Account 38

Report of the Statutory Auditor 41

Board and Senior Staff 42

Main Schroder Branches 44

Front page: Extract 50 pound sterling note (United Kingdom)Left page: Extract 500 Indian rupee note (India)


4

Chairman’s Statement

At the start of 2009, the world’s financial markets were still

feeling the effects of the global crisis, which had spread

from the financial sector to broad swathes of the global

economy in 2008. The markets remained volatile during

the year: the FTSE All-Share Index gained 30.66% and the

MSCI World Index increased by 30.81%.

As in 2008, market volatility formed a key variable influ-

encing earnings in the banking sector. Many investors re-

mained uncertain in 2009 and continued to favour liquidity.

Schroder & Co Bank AG’s net income fell by 40% from

CHF 31.1 million in 2008 to CHF 18.8 million in 2009. This

fall in earnings was due to two factors: commission in-

come decreased due to the adverse market situation and

interest income was also down as rates reached unpre-

cedented lows.

The Board of Directors is proposing to the General Meet-

ing the distribution of an ordinary dividend of CHF 16 mil-

lion (previous year: CHF 22 million). It is also proposing

that CHF 1.3 million (previous year: CHF 1.9 million) be

allocated to the general statutory reserve and CHF 1.4 mil-

lion (previous year: CHF 7.3 million) to other reserves. As a

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

the dividend will stand at CHF 130.2 million (previous year:

CHF 127.5 million).

Schroders in Switzerland took an important step by separ-

ating the two business areas of Private Banking and Insti-

tutional Asset Management and Fund Distribution into two

operational and formally independent units, thus enabling

each area to focus on its core business.

There has also been a new appointment to the Board of

Directors. Markus Rütimann, Chief Operating Officer of

the Schroder Group, joined the Board of Directors on 14

September 2009.

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.

Philip Mallinckrodt, Chairman of the Board of Directors

Executive Board (from the top left):Luc Denis, Chairman, Head of Private Banking; Heinz Scheiwiller, Deputy Chairman, Head of Service Centre Private Banking; Jean-Jacques Hunziker, Head Legal and Compliance; Michael Kiepert, Head Banking, Treasury and Risk Management; Martin Liebi, Head of Private Banking Zurich


7

Executive Board’s Statement

The revenues of Schroder & Co Bank AG fell by 20% in

2009, which was due to lower commission and inter-

est income. The commission business suffered from the

volatile market situation and investors maintaining their

penchant for liquidity. Commission income thus amounted

to CHF 61 million, 25% lower than in the previous year. In-

terest rates also hit historic lows in 2009; the Bank’s inter-

est income fell by 35% to CHF 9.7 million. Increased client

liquidity explains the marked rise in Schroder & Co Bank

AG’s total assets to CHF 1.6 billion. The amount due to

clients rose from CHF 516 million in 2008 to CHF 1.2 billion

in the reporting year.

On a more positive note, the trading result improved, albeit

slightly, primarily due to the gratifying securities trading

profit. There were no losses on securities.

Developments on the cost side were also positive. Oper-

ating expenses fell from CHF 76.3 million in the previous

year to CHF 70.1 million in 2009. This was mainly due to

lower personnel expenses during the year. Other operating

expenses were also lower than in 2008, as the strategy of

merging in-house banking services created further syn-

ergies. Nevertheless, lower costs were unable to entirely

offset the fall in revenues. Net income for Schroder & Co

Bank AG amounted to CHF 18.8 million (versus CHF 31.1

million in the previous year).

Difficult market conditions had a substantial impact on

daily business. Nevertheless, the Bank was still able to

benefit from the fundamentals that it has nurtured over the

years. The Bank’s longstanding conservative investment

strategies played a big role in bolstering client confidence,

leading to an increase in the volume of assets under man-

agement. This is a clear indication that Schroder & Co

Bank AG enjoys many opportunities in the Swiss market.

The long-term strategy of extending the profile of

Schroders Private Banking in the Swiss market will be

maintained. The ongoing recruitment in Zurich and Geneva

will strengthen Schroders’ market position in Switzerland

and bring long-term benefits. We are convinced that ex-

tending and adding value to our services will raise our pro-

file with our target client segment, thus generating more

client assets.


8 In 2009 the necessary preparations were made to sep-

arate the institutional asset management from the private

client business. This step was completed on 1 January

2010. The institutional business and fund distribution were

incorporated into the former Swiss Re Asset Management

Funds (Switzerland) AG (acquired in 2008) now known

as Schroder Investment Management (Switzerland) AG,

which employs about 30 staff. We have every confidence

that this strategy of having two independently operating

companies focusing on their core businesses is in the best

interest of both areas.

The composition of the Executive Board also changed.

Jean-Jacques Hunziker, Head of Legal & Compliance

and Michael Kiepert, Head of Banking, Treasury and Risk

both joined the Executive Board on 17 September 2009.

Stephen Mills, CEO of the new Schroder Investment Man-

agement (Switzerland) AG, left the Executive Board of

Schroder & Co Bank AG on 31 December 2009. We would

like to thank Mr Mills for his contribution and wish him

every success in his new position.

Private Banking

In spite of the volatile state of the markets, we continued

to expand our teams in Zurich and Geneva in 2009.

Private clients’ assets under management increased by

7.5% to CHF 7.3 billion, despite a small net money outflow

of CHF 60.2 million. Earnings from commission business

fell due to clients’ strong preference for liquidity during the

year, which caused the volume of stock market transac-

tions to go down. Interest income suffered from historically

low interest rates, while trading business was slightly posi-

tive.

Institutional Asset Management

and Fund Distribution

This division covers all aspects of fund management, the

administration and management of institutional assets, as

well as the distribution of Schroder funds domiciled in Lux-

embourg. On 1 January 2010, the division was transferred

to the new Schroder Investment Management (Switzer-

land) AG, which arose from the acquisition of the former

Swiss Re Asset Management Funds (Switzerland) AG. As

an independent company it now has an extremely com-

petitive product and services portfolio, which will enable it

to bring more vigour to developing its Swiss operations.


9Service Centre Private Banking

The in-house Service Centre Private Banking enjoyed

a successful year. It provided CHF 14.6 million worth of

operational, IT and financial services for Schroder com-

panies in Guernsey, London and Switzerland. It is foreseen

that later this year, the Service Centre Private Banking will

also assume tasks for another Schroder Group entity. The

Service Centre Private Banking provides custody services

for Schroder Investment Management (Switzerland) AG

and thus has an important interface function between the

two operational units in Switzerland.

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Balance Sheetas of 31 December 2009

CHF Notes 31.12.09 31.12.08

Assets

Liquid assets 219 439 812 19 618 747

Due from banks 906 399 621 385 681 460

Due from clients 3.1 345 738 877 349 853 209

Mortgages 3.1 300 000 —

Securities and precious metal trading portfolios 3.2 — 3 799 825

Financial investments 3.3, 3.7 89 718 260 86 474 430

Participations 3.4 1 100 000 1 100 000

Fixed assets 3.5 439 812 484 669

Accrued income and prepaid expenses 13 596 592 13 338 013

Other assets 3.6 12 348 363 29 295 346

Total assets 1 589 081 337 889 645 699

Total due from group entities and

significant shareholders 17 014 069 844 484

Liabilities and shareholders’ equity

Due to banks 129 447 165 117 595 054

Due to clients 1 243 071 694 516 079 532

Accrued expenses and deferred income 27 733 054 43 432 294

Other liabilities 3.6 14 328 941 34 743 716

Valuation adjustments and provisions 3.9 28 259 217 28 335 386

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

Share capital 3.10, 3.11 60 000 000 60 000 000

General legal reserve 3.11 25 600 000 23 700 000

Other reserves 3.11 23 800 000 16 500 000

Retained earnings brought forward 59 718 193 287

Net income 18 781 548 31 066 430

Total liabilities and shareholders’ equity 1 589 081 337 889 645 699

Total due to Group entities and

significant shareholders 23 959 509 16 091 989


12

CHF Notes 31.12.09 31.12.08

Contingent liabilities 3.1, 4.1 40 545 299 68 878 536

Confirmed credits 3.1, 4.2 — —

Irrevocable commitments 3.1 2 786 000 1 740 000

Derivative instruments 4.3

– positive replacement values 11 755 610 28 718 737

– negative replacement values 11 613 652 30 645 761

– notional amounts 1 348 083 489 1 056 733 152

Fiduciary transactions 4.4

Fiduciary placements with third parties 1 679 862 838 2 938 369 940

Fiduciary credits 17 493 938 18 345 489

Off Balance Sheet Transactionsas of 31 December 2009


13

Prof it and Loss Accountfor the period from 1 January to 31 December 2009

CHF Notes 2009 2008

a) Revenues and expenses from ordinary banking activities

Results from interest activities

Interest and discount income 9 671 402 24 627 523

Interest and discount income from financial investments 2 637 917 1 080 722

Interest expenses (2 560 582) (10 728 915)

Total 9 748 737 14 979 330

Results from commission and service fee activities

Commission income on lending activities 791 844 1 017 338

Commission income on securities and investment transactions 70 785 836 89 975 681

Commission income on other services 1 120 285 1 019 029

Commission expenses (11 618 183) (10 144 474)

Total 61 079 782 81 867 574

Results from trading operations 5.1 9 448 531 8 201 009

Other ordinary results

– Income from administrative services

provided by the Service Centre 14 608 735 13 735 899

– Other ordinary income 885 751 —

Other ordinary expenses (742 906) (14 400)

Total 14 751 580 13 721 499

Operating expenses

– Personnel expenses 5.2 (45 901 418) (49 117 202)

– Other operating expenses 5.3 (24 157 071) (27 171 027)

Total (70 058 489) (76 288 229)

Gross profit 24 970 141 42 481 183


14

CHF Notes 2009 2008

b) Net income

Gross profit 24 970 141 42 481 183

Depreciation and write-offs of non-current assets 3.5 (199 481) (467 931)

Valuation adjustments, provisions and losses (11 394 861) (2 103 690)

Results before extraordinary items and taxes 13 375 799 39 909 562

Extraordinary income 5.4 11 414 042 —

Taxes (6 008 293) (8 843 132)

Net income 18 781 548 31 066 430

c) Allocation of retained earnings

Net income 18 781 548 31 066 430

Retained earnings brought forward 59 718 193 287

Total 18 841 266 31 259 717

Retained earnings at the end of the period 18 841 266 31 259 717

Allocation of retained earnings

Ordinary dividend (16 000 000) (22 000 000)

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

Allocation to other reserves (1 400 000) (7 300 000)

Retained earnings carried forward 141 266 59 717

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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 to a limited extent 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, Schroders (C.I.) Limited, Guernsey and Schroder

Investment Management (Switzerland) AG, Zurich). 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 that the authority for decisions in this area remains in

the Board of Directors’ responsibility.


17Details 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.

Capital adequacy

CHF 1000 2009 2008

Eligible adjusted capital 126 360 117 293

Total minimum capital requirement 63 956 53 930

– thereof for credit risk 46 988 37 710

– thereof for non-counterparty related risks 220 242

– thereof for market risks 750 1 249

– thereof for operational risks 16 868 16 280

– thereof for deductions from minimum capital requirements (870) (1 551)

Capital requirement coverage ratio 198% 217%


18 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-time

and 25 part-time employees, for a total of 187 (or 177.8

full-time equivalent positions; previous year: 176.3). E

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2. Pr incipal Accounting Policies and Valuation Pr inciples

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 at their nomi-

nal value or at cost less any individual valuation adjust-

ments required for impaired assets.

Loans

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-


21tive 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 or-

dinary income” or “Other ordinary expenses”. Debt securi-

ties to be held until maturity are valued at cost. Any pre-

mium or discount ist amortized over the life of the security.

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-

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:

2009 2008

EUR 1.4848 1.4869

GBP 1.6734 1.5621

USD 1.0368 1.0638

JPY 1.1149 1.1733


22 Valuation 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 at least the benefits mandatory by law. The

“Vorsorgestiftung” of Schroder & Co Bank AG grants ben-

efits 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”.

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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 — 319 037 26 702 345 739

Mortgages

– Residential real estate 300 — — 300

Total 31.12.09 300 319 037 26 702 346 039

31.12.08 — 331 853 18 000 349 853

Off balance sheet transactions

Contingent liabilities 6 694 29 166 4 685 40 545

Irrevocable commitment to the Swiss

Bankers’ and Securities Dealers’

Deposit Guarantee Association, Basel — — 2 786 2 786

Total 31.12.09 6 694 29 166 7 471 43 331

31.12.08 6 248 60 549 3 821 70 618

Gross Estimated Net Specific amount collateral amount provision proceeds

Impaired loans 31.12.09 30 167 16 558 13 609 13 609

31.12.08 2 485 — 2 485 2 485

3.2 Securities and precious metals trading portfolios

CHF 1000 31.12.09 31.12.08

Debt securities and rights

– Exchange traded — —

Shares and similar securities and rights — 3 800

Total — 3 800

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

(Trading positions in derivatives are included under 4.3)

3. Information on the Balance Sheet

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3.3 Financial investments

CHF 1000 31.12.09 31.12.08 31.12.09 31.12.08

Book value Book value Fair value Fair value

Debt securities and rights

– with the intention to hold to maturity 81 506 79 844 82 038 81 213

Precious metals 8 212 6 630 8 212 6 630

Total 89 718 86 474 90 250 87 843

of which qualify as repos as defined in the liquidity rules 82 038 81 213

3.4 Participations

CHF 1000 31.12.09 31.12.08

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 31.12.08 31.12.09

Historical Accumulated Book value Additions Disposals Depreciation Book value cost depreciation

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

Other fixed assets 4 490 (4 006) 485 154 — (199) 440

Total 5 590 (4 006) 1 585 154 — (199) 1 540

Fire insurance value of other fixed assets 15 382

Liabilities: future operational lease commitments 10 346


27

3.6 Other assets and other liabilities

CHF 1000 31.12.09 31.12.08

Other assets Other liabilities Other assets Other liabilities

Replacement costs of derivative instruments 11 756 11 614 28 719 30 646

Indirect taxes and stock exchange fees 478 2 409 388 3 529

Other assets and liabilities 114 306 188 569

Total 12 348 14 329 29 295 34 744

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

CHF 1000 31.12.09 31.12.08

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

Own securities 67 400 47 807 71 400 27 413

There are no loans nor pension transactions with securities.


28

3.8 Pension plans

CHF 1000 31.12.09 31.12.08

The liabilities due to own pension plans at the balance

sheet date amounted to: 3 895 6 753

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 31.12.08

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 31.12.2008, the employer contribution

reserves at period end were: 4 078

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. In the last revised balance deadline of the BVG-Stiftung an obligation of TCHF 4020 resulted from this declaration of guarantee.

Pension plan shortfalls/surpluses at the balance sheet date

CHF 1000 31.12.08 31.12.07

Schroder & Co Bank AG BVG Stiftung (mandatory pension plan) (3 991) 50

Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan) (29) 7

The surpluses disclosed correspond to the excess of the plan assets over the plan liabilities as of 31.12.2008 including the employer contribution reserves to which the employer has waived their right. In 2008 the accounts of the individual plan members were credited with TCH 10 616 out of the unencumbered plan assets.

Contributions to pension funds / pension and related benefits expense

CHF 1000 2009 2008

The Bank’s total contributions to both pension plans for the year amounted to: 4 453 5 766

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: 6 505 7 553


29

3.9 Valuation adjustments, provisions and reserves for general banking risks

CHF 1000

Balance Specific Change in Recoveries, New provisions Reversals Balance

31.12.08 usage and definition of overdue interest, charged to credited to 31.12.09

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

Loan losses (credit and

country risk) 2 485 (25) — 250 10 963 (64) 13 609

Other provisions 25 850 — — — 150 (11 350) 14 650

Valuation adjustments and

provisions 28 335 (25) — 250 11 113 (11 414) 28 259

31.12.08 26 482 (12) — 15 1 850 — 28 335

Reserves for general

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

31.12.08 18 000 — — — — — 18 000

3.10 Capital structure and shareholders

The share capital amounts to CHF 60 million and is split into 60 000 shares of CHF 1000 nominal value each.

At 31 December 2009 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is ultimately

wholly-owned by Schroders plc, London.

On 9 March 2009, respectively on 10 March 2008 Schroders plc was notified pursuant to “FSA’s Disclosure and Transparency

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

09.03.2009 10.03.2008

Shares Schroders plc Stake Shares Schroders plc Stake Vincitas Limited 60 951 886 26.97% 62 861 892 27.81%

Veritas Limited 39 218 470 17.35% 37 308 464 16.51%

Flavida Limited 60 951 886 26.97% 62 861 892 27.81%

Fervida Limited 40 188 706 17.78% 38 278 700 16.94%

Harris Associates L.P. 13 543 841 5.99% 12 919 102 5.72%

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

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.


30

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

CHF 1000

Shareholders’ equity at the beginning of 2009

Paid-in share capital 60 000

General legal reserve 23 700

Other reserves 16 500

Reserves for general banking risks 18 000

Retained earnings brought forward 31 260

Total shareholders’ equity at the beginning of 2009 149 460

Movements

Dividend 2008 (22 000)

Deduction from available earnings

for allocation to reserves (9 200)

Allocation to legal reserve 1 900

Allocation to other reserves 7 300

Net income 2009 18 782

Total shareholders’ equity at the end of 2009 146 242

Paid-in share capital 60 000

General legal reserve 25 600

Other reserves 23 800

Reserves for general banking risks 18 000

Retained earnings carried forward 18 841


31

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 219 440 — — — — — 219 440

Due from banks 148 367 — 758 033 — — — 906 400

Due from clients 9 109 081 160 691 64 062 11 896 — 345 739

Mortgages — 300 — — — — 300

Securities and precious

metal trading portfolios — — — — — — —

Financial investments 8 213 — — 30 588 50 917 — 89 718

Total 31.12.09 376 029 109 381 918 724 94 650 62 813 — 1 561 597

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

Liabilities

Due to banks 57 294 — 55 238 16 915 — — 129 447

Due to clients 1 224 534 13 494 5 044 — — — 1 243 072

Total 31.12.09 1 281 828 13 494 60 282 16 915 — — 1 372 519

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

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 31.12.09 31.12.08

Due from affiliated companies 37 195 9 762

Due to affiliated companies 375 274

Loans and exposures to members of the Bank’s governing bodies 2 100 49

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.


32

3.14 Assets and liabilities by domestic and foreign origin

CHF 1000 31.12.09 31.12.08

Domestic Foreign Domestic Foreign

Assets

Cash 219 440 — 19 619 —

Due from banks 142 114 764 286 30 936 354 745

Due from clients 78 139 267 600 116 495 233 358

Mortgages 300 — — —

Securities and precious metal trading portfolios — — 3 800 —

Financial investments 89 718 — 86 474 —

Participations 100 1 000 100 1 000

Fixed assets 440 — 485 —

Accrued income and prepaid expenses 12 994 603 12 073 1 265

Other assets 3 626 8 722 12 445 16 851

Total 546 871 1 042 211 282 427 607 219


Due to banks 45 330 84 117 24 162 93 433

Due to clients 236 946 1 006 126 131 732 384 350

Accrued expenses and deferred income 27 388 345 42 427 1 005

Other liabilities 7 948 6 381 12 585 22 158

Valuation adjustments and provisions 28 259 — 28 335 —

Reserves for general banking risks 18 000 — 18 000 —

Share capital 60 000 — 60 000 —

General legal reserve 25 600 — 23 700 —

Other reserves 23 800 — 16 500 —

Retained earnings brought forward 60 — 193 —

Net income 18 782 — 31 066 —

Total 492 113 1 096 969 388 700 500 946


33

3.15 Assets by countries / country groups

CHF 1000 31.12.09 31.12.08

Total in % Total in %

Assets

Europe

– Germany 62 400 3.9% 38 067 4.3%

– United Kingdom 219 474 13.8% 68 351 7.7%

– Switzerland 546 872 34.5% 282 427 31.8%

– Rest of Europe 526 451 33.1% 292 783 32.9%

Total Europe 1 355 197 85.3% 681 628 76.7%

North America 63 928 4.0% 42 960 4.8%

Asia 10 482 0.7% 10 211 1.1%

Other countries 159 475 10.0% 154 847 17.4%

Total 1 589 082 100.0% 889 646 100.0%


34

3.16 Assets by currencies

CHF 1000 31.12.2009

Currencies CHF EUR USD Precious Other Total metals

Assets

Cash 217 193 1 833 273 — 141 219 440

Due from banks 25 435 320 030 392 597 34 398 133 940 906 400

Due from clients 49 056 150 272 95 447 — 50 964 345 739

Mortgages 300 — — — — 300

Securities and precious

metal trading portfolios — — — — — —

Financial investments 81 506 — — 8 212 — 89 718

Participations 1 100 — — — — 1 100

Fixed assets 440 — — — — 440

Accrued income and prepaid expenses 10 860 259 260 — 2 218 13 597

Other assets 11 984 7 356 — 1 12 348

Total balance sheet assets 397 874 472 401 488 933 42 610 187 264 1 589 082

Assets deriving from FX spot,

FX forward and FX option transactions 369 684 344 405 457 412 — 176 583 1 348 084

Total assets 767 558 816 806 946 345 42 610 363 847 2 937 166


Due to banks 1 327 35 775 67 143 — 25 202 129 447

Due to clients 181 943 412 093 460 846 42 610 145 580 1 243 072

Accrued expenses and deferred income 26 252 151 164 — 1 166 27 733

Other liabilities 13 813 18 498 — — 14 329

Valuation adjustments and provisions 28 259 — — — — 28 259

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

Share capital 60 000 — — — — 60 000

General legal reserve 25 600 — — — — 25 600

Other reserves 23 800 — — — — 23 800

Retained earnings brought forward 60 — — — — 60

Net income 18 782 — — — — 18 782

Total balance sheet liabilities 397 836 448 037 528 651 42 610 171 948 1 589 082

Liabilities deriving from FX spot,

FX forward and FX option transactions 372 421 368 563 417 469 — 189 653 1 348 106

Total liabilities 770 257 816 600 946 120 42 610 361 601 2 937 188

Net position by currency (2 699) 206 225 — 2 246 (22)


35

4. Information on Of f Balance Sheet Transactions

4.1 Contingent liabilities

CHF 1000 31.12.09 31.12.08

Credit guarantees 36 027 53 372

Irrevocable commitments 4 518 15 507

Total 40 545 68 879

4.2 Confirmed credits

CHF 1000 31.12.09 31.12.08

Obligations under deferred payments — —

4.3 Outstanding derivative instruments

CHF 1000

Positive Negative Contract replacement replacement volume values values

Foreign exchange instruments

Forward contracts 11 360 11 219 1 313 459

Options (OTC) 395 395 34 624

Options (traded) — — —

Indices

Forward contracts — — —

Options (OTC) — — —

Total 31.12.09 11 755 11 614 1 348 083

31.12.08 28 719 30 646 1 056 733

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


36

Outstanding derivative instruments by counterparties

CHF 1000 31.12.09 31.12.08

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

values values values values

Banks 3 048 7 635 645 750 17 299 3 731 382 203

Non banks 8 708 3 979 702 333 11 420 26 915 674 530

Total 11 756 11 614 1 348 083 28 719 30 646 1 056 733

4.4 Fiduciary transactions

CHF 1000 31.12.09 31.12.08

Fiduciary deposits

Fiduciary deposits in CHF 14 368 59 495

Fiduciary deposits in European currencies 1 341 397 2 096 265

Fiduciary deposits in USD 312 580 771 039

Fiduciary deposits in other currencies 11 517 11 571

Total 1 679 862 2 938 370

Fiduciary credits

Fiduciary credits in CHF 600 600

Fiduciary credits in European currencies 3 177 1 992

Fiduciary credits in USD 13 717 15 753

Total 17 494 18 345

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


37

4.5 Funds under management

CHF 1000 31.12.09 31.12.08

Private Banking

Assets in own managed investment funds 11 900 15 635

Assets under discretionary management 1 872 450 1 944 719

Assets subject to other management 5 385 014 4 808 984

Total funds under management Private Banking (incl. double counting) 7 269 364 6 769 338

of which double counting 11 900 15 635

Total funds under management Private Banking (excl. double counting) 7 257 464 6 753 703

Total net inflow/outflow of assets (60 211) (25 628)

Institutional Business

Assets in own managed investment funds 391 428 519 693

Assets under discretionary management 718 313 1 047 177

Assets subject to other management 4 438 290 1 669 154

Total funds under management Institutional Business (incl. double counting) 5 548 031 3 236 024

of which double counting 24 323 28 777

Total funds under management Institutional Business (excl. double counting) 5 523 708 3 207 247

Total net inflow/outflow of assets 2 556 776 (789 947)

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 wich are not under custody at Schroder & Co Bank AG.

4.6 Funds administered by the Service Centre Private Banking

CHF 1000 31.12.09 31.12.08

Assets administered Private Banking (cf 4.5.) 7 257 464 6 753 703

Assets administered Institutional Business (cf 4.5.) 5 523 708 3 207 247

Assets administered in connection with the insourcing for Schroder Group companies 12 762 254 9 034 901

Total assets administered by the Service Centre Private Banking 25 543 426 18 995 851

The Bank’s Service Centre Private Banking renders administrative services to other Schroder Group companies in the areas of custody, operations and finance. For this insourcing business the Service Centre charges fees which are reflected in the profit and loss account under the position “Other ordinary results” (see explanation about the Service Centre – insourcing business).


38

5. Information on the Prof it and Loss Account

5.1 Results from trading operations

CHF 1000 2009 2008

Securities 323 (951)

Foreign exchange 9 125 9 152

Total 9 448 8 201

5.2 Personnel expenses

CHF 1000 2009 2008

Authorities, meeting compensations and fixed compensations 216 210

Salaries and extras 38 171 39 232

Social security contributions 2 052 1 787

Pension plan contributions 4 453 5 766

Other personnel expenses 1 009 2 122

Total 45 901 49 117

5.3 Operating expenses

CHF 1000 2009 2008

Occupancy expenses 4 145 5 836

Expenses for EDP, machinery, fixtures and fittings,

vehicles and other equipment 4 890 4 073

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 15 122 17 262

Total 24 157 27 171


39

5.4 Extraordinary Income

The CHF 11.4 million of extraordinary income is due to the reversal of a provision which was no longer necessary.

5.5 Post Balance Sheet EventsAs of 1 January 2010 the Bank’s Institutional Asset Management and Fund Distribution division was transferred to Schroder

Investment Management (Switzerland) AG, which has been a part of the Schroder Group since 2008. The employees of that

division complement the existing team of fund managers and analysts.

That Group’s company now has its own independent integrated platform for the delivery of comprehensive services to institution-

al clients. Following this separation, the Bank will focus on the private banking business and the expansion of the Service Centre

Private Banking. Based on the 2009 results, the Bank expects a reduction in commissions of CHF 22 million and in expenses of

CHF 16 million. The effects on the balance sheet will be minimal.

Ext

ract

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(Sw

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)


41

As statutory auditor, we have audited the finan-

cial statements of Schroder & Co Bank AG, which

comprise the balance sheet, income statement and

notes, for the year ended 31 December 2009.

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 judgement, 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 of 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 2009 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, 4 March 2010

Repor t of the Statutor y Auditor

Ext

ract

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42

Board and Senior Staf f (as of 1 Januar y 2010 )

Board of Directors

Philip Mallinckrodt

Chairman

Dr. François Bochud

Deputy Chairman

Dr. Martin Eckert

Jean-Claude Marchand

Jean-Charles Roguet

Markus Rütimann (since 14.09.09)

Executive Board

Luc Denis

Chairman, Head of Private Banking

Heinz Scheiwiller

Deputy Chairman, Head of Service Centre Private Banking

Jean-Jacques Hunziker

Member, Head Legal and Compliance

Michael Kiepert

Member, Head Banking, Treasury and Risk Management

Martin Liebi

Member, Head of Private Banking Zurich

Senior Management

Otto Amberg

Alexis André

Beat Bochsler

Norbert Brestel

Pierre-Antoine Carron

Beat Cassani

Ann Daverio

Reto Dietrich

Markus Engeler

Slavica Barovic Esnault-Pelterie

Pierre-Louis Favre

Rolf Fischer

Karl Gallmann

Marco Ghilotti

Claudia Giger

Enrique Gil

Roland Heule

Jürg Klingler

Bernhard Leibkutsch

Samuel Moulin

Stephan Ochsner

Andreas Pletscher

Denis Purmann

Stefano Scanzoni

Christian Schmid

Michael Spörndli

Ulysse-Oliver Traub

Urs Winiger

Antonio Winspeare Guiccardi

Paolo Zaglia

External Auditors

PricewaterhouseCoopers AG Zürich

Ext

ract

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00

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ese

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note

(Jap

an)

Ext

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note

(Jap

an)


44

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 74 50 01

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 5

Schroder Property Investment Management GmbH (SPrIM)Taunustor 2 (Japan Center)60311 Frankfurt am MainTel +49 (0)69 97 57 17 800

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 Management (SIM) Benelux N.V.De entree 26018th floor1101 EE Amsterdam ZuidoostTel + 31 (0)20 301 65 60

Schroder Property Investment Management GmbHDe entree 26018th floor1101 EE Amsterdam ZuidoostTel + 31 (0)20 301 65 60

Main Schroder Branches

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

Schroder Trust SA12, rue Ami-Lullin1207 GenèveTel +41 (0)22 818 41 22

Spain

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

Schroders & CoCalle Pinar 7, 28006 MadridTel +34 91 590 05 05

Americas

Argentina

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

Bermuda

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


45

Brazil

Schroder Investment ManagementBrasil S.A.Rua Joaquim Floriano, 100São 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

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 Penn Mutual Towers520 Walnut StreetSuite 1150Philadelphia, 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 Shanghai IFC Phase INo. 8 Century AvenuePudong, Shanghai 200120Tel +86 21 50 12 05 80

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, 400018MaharashtraTel +91 22 4347 3401

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) Limited21st Floor Marunouchi Trust Tower Main1-8-3 MarunouchiChiyoda-Ku, Tokyo 100-0005

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

South Korea

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

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

© 2010Schroder & Co Bank AG Annual Report 2009

Project management:Schroder & Co Bank AG

Concept:Peter Bütikofer & Company, Zurich

Design, production:markenart, Zurich

Printed by:Lenggenhager Druck, Zurich

The Annual Report 2009 is also published in German. The German version takes precedence.

The web version of the Annual Report 2009 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

Schroder Trust SA

12, rue Ami-Lullin

1207 Genève

Tel +41 (0)22 818 41 22

Fax +41 (0)22 818 41 28

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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