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BANK DEGROOF

Banque Degroof is Belgium’s leading independent private banking and merchant bank with performances recognised in every field in which it is involved: wealth management for private and institutional clients, financial markets, corporate finance activities, credit & structured finance, real estate activities and financial analysis, as well as incorporation and administration of investment funds. Founded in 1871 and active in six countries, today it employs about one thousand staff at the service of its customers.

In a difficult and changing market environment, Banque Degroof, during the financial year ending 30 September 2009, has reinforced its balance sheet structure and released a consolidated current net profit of EUR 66.1 million. At 30 September 2009, the Bank posted a CRD ratio of 16.94%, up in relation to the previous financial year and considerably higher than the regulations require.

Although the consolidated current net profit level of EUR 77.3 million achieved during the previous financial year has not been equalled, this was due to the fall in the average stock market level, the reallocation of portfolios in favour of less risky assets, and reduction of transaction volumes. These negative elements were to a large extent offset by the contribution of new capital, which led to a stabilisation of the value of the assets under management at EUR 22.9 Billion, and by the progression of the results of the other activities, of transformation activity in particular, which has been able to benefit from a particularly favourable interest rate curve.

The published consolidated net profit amounted to EUR 18.6 million after a write-down in holdings and a reduction in book values imposed by the IFRS rules on balance sheet cover instruments and on some portfolio values.