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Results for the first Quarter of 2008Results for the first Quarter of 2008Conference Call, 24Conference Call, 24thth April 2008April 2008

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Key Figures

Growth

FXBook the Swissquote eForex application

Balance Sheet

Appendix

AgendaAgenda

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Key FiguresKey Figures

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0

10'000

20'000

30'000

40'000

50'000

60'000

70'000

80'000

90'000

100'000

110'000

Q1-2006 Q1-2007 Q1-2008

Clients [End of Period]

Massive growth in clients and record net new moniesMassive growth in clients and record net new monies

0

50

100

150

200

250

300

350

400

450

Q1-2006 Q1-2007 Q1-2008

Net new Monies [CHF m]

CHF mill ion

39,5%

19,9%

39,5% increase over 2007

6818 net new clients Year-to-

Date Ambitious growth target for 2008

maintained: 115000 Clientsexpected

19,9% higher inflow of Assetsover 2007

414 million record net newmonies in the first quarter

Goal for 2008: 1.2 Billion netnew monies

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Revenues & profitability maintained despite market turmoilRevenues & profitability maintained despite market turmoil

0

5'000

10'000

15'000

20'000

25'000

30'000

35'000

40'000

Q1-2006 Q1-2007 Q1-2008

Net Revenues

CHF mill ion

0

2'000

4'000

6'000

8'000

10'000

12'000

14'000

Q1-2006 Q1-2007 Q1-2008

Net Profit

CHF m illio n

Revenues slightly up 2.2% over2007

27,6 million revenues in the1st quarter of 2008

Lower activity compensated bystrong client growth

2,2%

-5,8% Profit slightly below last yearsfigures due to higher marketingexpenses.

Net profit of 11,5 million (41,7%net profit margin)

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Q1Q1--20072007

+2.2%+2.2%

--5.8%5.8%

+39.5%+39.5%

+5.9%+5.9%

+0.6m+0.6m

--0.7m0.7m

+27662+27662

+299m+299m

+27.8%+27.8%+29.4m+29.4m

27.6m27.6m

11.5m11.5m

9769497694

5354m5354m

135.3m135.3m

--4.1%4.1%--0.6m0.6m14.7m14.7m

Q1Q1--20082008

RevenuesRevenues

Net profitNet profit

ClientsClients

Assets u. CustodyAssets u. Custody

EquityEquity

Operating profitOperating profit

Key figures for Q1Key figures for Q1--2008 (compared with Q12008 (compared with Q1--2007)2007)

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Q4Q4--20072007

--2.8%2.8%

--1.0%1.0%

+7.5%+7.5%

--8.5%8.5%

--0.8m0.8m

--0.1m0.1m

+6818+6818

--496m496m

+6.9%+6.9%+8.7m+8.7m

27.6m27.6m

11.5m11.5m

9769497694

5354m5354m

135.3m135.3m

--2.4%2.4%--0.4m0.4m14.6m14.6m

Q1Q1--20082008

Key figures for Q1Key figures for Q1--2008 (compared with Q42008 (compared with Q4--2007)2007)

RevenuesRevenues

Net profitNet profit

ClientsClients

Assets u. custodyAssets u. custody

EquityEquity

Operating profitOperating profit

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0

5

10

15

2025

30

35

40

45

50

01.avr

01.mai

01.juin

01.juil

01.aot

01.sept

01.oct

01.nov

01.d

c

01.janv

01.f

vr

01.mars

Trades per client per year

Transactions per client per year at the lower end of ourTransactions per client per year at the lower end of our bandwithbandwith

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0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

darts

tpcpy

Daily average revenue transactions (darts) however maintainedDaily average revenue transactions (darts) however maintained

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Unchanged profitability levelsUnchanged profitability levels

0

2'5005'000

7'500

10'000

12'50015'000

17'500

20'000

22'500

25'000

27'500

30'000

32'500

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Operating Profit

Quarterly Revenues

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Operating costs per client and quarter below CHF 100Operating costs per client and quarter below CHF 100

150 144 147 146 145 135 125 124 135 128 120104 98

26 26 29 29 30 31 27 32 28 2737

30 25

249235

277295

373

325

285

341

403 376

348325

293

0

50

100

150

200

250

300

350400

450

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Costs Marketing Revenues

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Brokerage revenue below 60%Brokerage revenue below 60%

16'064

58%

1'890

7%

7'426

27%

2'2178%

Net Brokerage Custody & Other Interest Trading

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GrowthGrowth

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20000

2500030000

3500040000

4500050000

5500060000

6500070000

75000800008500090000

95000100000

105000

janv.0

3

avr.03

juil.03

oct.03

janv.0

4

avr.04

juil.04

oct.04

janv.0

5

avr.05

juil.05

oct.05

janv.0

6

avr.06

juil.06

oct.06

janv.0

7

avr.07

juil.07

oct.07

janv.0

8

avr.08

0

20

40

60

80

100

120

140

160

180

200

220

240

260

280

Clients

Opening Requests

Ongoing accelerated growthOngoing accelerated growth

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6'818

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Higher client growth since 2007Higher client growth since 2007

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414

1'500

2'000

2'500

3'000

3'500

4'000

4'500

5'000

5'500

6'000

6'500

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

Net Assets Inflow

CHF m ill ion

Customer assets decreased by 8.5% despiteCustomer assets decreased by 8.5% despite

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414.4

0

50

100

150

200

250

300

350

400

450

Q1-05

Q2-05

Q3-05

Q4-05

Q1-06

Q2-06

Q3-06

Q4-06

Q1-07

Q2-07

Q3-07

Q4-07

Q1-08

CHF m

414 million record net new monies in the first quarter of 2007414 million record net new monies in the first quarter of 2007

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FXBookFXBook, The Swissquote, The Swissquote ForexForex trading Platformtrading Platform

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FXBookFXBook, The Swissquote, The Swissquote ForexForex trading Platformtrading Platform

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FXBookFXBook, The Swissquote, The Swissquote ForexForex trading Platformtrading Platform

Services OfferingServices Offering

24 hour trading of 6 major currencies

Access to the worlds biggest liquidity pool of 60 major banks

Commission free and up to 1.8 pips spread

Cutting edge technology

Competitive PositioningCompetitive Positioning

With the ruling of the FBC the eForex service offering will be authorized (asof 1st April 2009) only for banks

The customer will therefore benefit from the security and fairness rulesapplicable to all bank clients

Swissquote will benefit from the new rules and take a leading part in theeForex business in Switzerland

First success report to be published at the half-year results

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Balance SheetBalance Sheet

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Balance sheet per 31Balance sheet per 31stst March 2008March 2008

[CHF m] 31s

March 2008 31s

December 2007 Change %

ASSETS

Cash & deposits 1'183.3 1'103.2 80.1 6.8%

Loans to customers 77.2 93.4 (16.2) -21.0%

Investment securities 66.9 72.3 (5.4) -8.1%

Property & systems 29.5 28.7 0.8 2.7%

Other assets 24.3 13.4 10.9 44.9%

Total assets 1'381.2 1'311.0 70.2 5.1%

LIABILITIES AND EQUITY

Liabilities

Due to customers 1'200.7 1'143.6 57.1 4.8%Other liabilities 45.2 40.9 4.3 9.5%

Total liabilities 1'245.9 1'184.5 61.4 4.9%

Equity

Ordinary shares 7.3 7.3 - 0.0%

Reserves & retained earnings 143.5 133.0 10.5 7.3%

Treasury shares (15.5) (13.8) (1.7) 11.0%

Total equity 135.3 126.5 8.8 6.5%

Total liabilities and equity 1'381.2 1'311.0 70.2 5.1%

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AppendixAppendix

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Complete key figures for the fist quarter 2008Complete key figures for the fist quarter 2008

CHF'000 Q1-2008 Q1-2007 Change Change [%] Q1-2008 Q4-2007 Change Change [%]

Net Fee & Commission Income 18'280.7 19'707.2 (1'426.5) -7.2% 18'280.7 18'810.6 (529.9) -2.8%

Interest Spread 7'426.1 5'295.6 2'130.5 40.2% 7'426.1 7'188.8 237.3 3.3%

Trading Results 1'890.1 2'001.4 (111.3) -5.6% 1'890.1 2'426.8 (536.7) -22.1%

Total Net Revenues 27'596.9 27'004.2 592.7 2.2% 27'596.9 28'426.2 (829.3) -2.9%

Operating Expenses (9'269.0) (9'081.9) (187.1) 2.1% (9'269.0) (9'060.0) (209.0) 2.3%

Marketing Expenses (2'319.0) (1'858.2) (460.8) 24.8% (2'319.0) (2'649.6) 330.6 -12.5%

Depreciation and Provision (1'358.8) (788.1) (570.7) 72.4% (1'358.8) (1'706.7) 347.9 -20.4%

Total Expenses & Depreciation (12'946.8) (11'728.2) (1'218.6) 10.4% (12'946.8) (13'416.3) 469.5 -3.5%

Operating Profit 14'650.1 15'276.0 (625.9) -4.1% 14'650.1 15'009.9 (359.8) -2.4%

Taxes (3'139.3) (3'053.2) (86.1) 2.8% (3'139.3) (3'387.3) 248.0 -7.3%

Net Profit 11'510.8 12'222.8 (712.0) -5.8% 11'510.8 11'622.6 (111.8) -1.0%

Operating Profit Margin 53.1% 56.6% 53.1% 52.8%

Net Profit Margin 41.7% 45.3% 41.7% 40.9%

31.03.2008 31.03.2007 Change Change [%] 31.03.2008 31.12.2007 Change Change [%]

Number of Clients 97'694 70'032 27'662 39.5% 97'694 90'876 6'818 7.5%

Increase of Clients in Period 6'818 5'965 853 14.3% 6'818 6'772 46 0.7%

Increase in % 7.5% 9.3% 7.5% 8.1%

Assets under Custody 5'354 5'055 299 5.9% 5'354 5'850 (496) -8.5%

Change [in Million CHF] (496) 563 (496) 76

Increase in % -8.5% 12.5% -8.5% 1.3%

Net New Monies in Period [in Million CHF] 414.4 345.7 68.7 19.9% 414.4 281.0 133.4 47.5%

Equity [in Million CHF] 135.3 105.9 29.4 27.8% 135.3 126.6 8.7 6.9%

Comparison with Previous QuarterComparison with Previous Year