Group profit increases to CHF 23,2 mn (pro Forma, +3%) - Performance fees rise to CHF 13,5 mn - Profit of over CHF 80 mn due to sale of Private Banking Successful first quarter Bellevue Group AG closed the first quarter year of 2007 with a profit from continued operations of CHF 23,2 mn, an increase of 3% over the comparable year-ago figure (continued operations) of CHF 22,6 mn. The result is defined as profit from continued operations minus other ordinary income. Bellevue Group's operating income for the first quarter of the current year totaled CHF 43,6 mn (adjusted Q1 2006 figure: CHF 36,9 mn). The main component of operating income - fee and commission income - increased from CHF 34,9 mn to CHF 38,6 mn. Performance fees amounted to CHF 13,5 mn compared to CHF 6.0 mn in the prior-year period. This figure includes the BB MEDTECH performance fees as well as performance fees of CHF 5,7 mn from BB BIOTECH. Operating costs in the first quarter of 2007 amounted to CHF 16,5 mn (prior-year figure CHF 10,3 mn). This increase was caused by the formation of accruals for personnel and IT. The cost/income ratio for the first quarter of 2007 was 33,7% (previous year: 22,7%), which reflects a first transition towards the new employee compensation plan. Bellevue Group reported shareholders' equity of CHF 473,2 mn at the end of the first quarter (CHF 394,2 mn at year-end 2006). The annualized return on equity for the first quarter based on consolidated profit attributable to Bellevue Group shareholders (CHF 23,2 mn) was 23,5%. Disposal of Private Banking Zurich and Zug Swissfirst Bank AG, with operations in Zurich and Zug, was sold to Bank Pasche S.A. in Geneva on January 3, 2007. This transaction resulted in a gain of more than CHF 80 mn, which is reported as other ordinary income. Assets under management: CHF 7'376 mn Bellevue Group AG reported assets under management of CHF 7'376 mn as of March 31, 2007; the comparable figure for the end of 2006 (continuing basis) was CHF 6'771 mn. Net new money inflow in the first quarter of 2007 totaled CHF 147 mn. The increase related to market value was CHF 461 mn. Bellevue Group's workforce numbered 71 at the end of the first quarter, or 67,9 measured as full-time equivalents. Annual General Meeting on May 11, 2007 The Board of Directors will propose a dividend of CHF 5.00 per registered share at the Annual General Meeting on May 11, 2007. The dividend will be paid out on May 14, 2007. Financial calendar: Annual General Meeting 2007 May 11, 2007 2Q 2007 results July 20, 2007 3Q 2007 results October 23, 2007 For further information please contact: Bellevue Group AG, Seestrasse 16, CH-8700 Küsnacht Anja Stubenrauch, Tel. +41 (44) 267 67 00, [email protected] Income Statement Period Period 1.1. - 1.1. - CHF 1'000 31.03.2007 31.03.2006 3 months 3 months Continuing business activities Net interest income Interest and discount income 1,873 568 Dividend income 3,397 - Interest expense -700 -240 Subtotal net interest income 4,570 328 Net commission and service fee income Commission income from lending activities - 21 Commission income from securities and investment business 38,629 34,915 Commission income from other services 25 736 Commission expense -114 -1,708 Subtotal net fee and commission income 38,540 33,964 Net trading income 533 2,579 Other ordinary income Real estate income - 67 Income from the sale of companies 81,855 - Income from the sale of financial assets -375 7 Other ordinary expense -1,553 -3 Other ordinary income 5,070 149 Subtotal other ordinary income 84,997 220 Net operating income 128,640 37,091 Operating expenses Personnel expenses -10,069 -5,089 Other operating expenses -4,641 -3,279 Depreciation an amortization of fixed assets -19 -113 Depreciation an amortization of intangible fixed assets -1,779 -1,686 Valuation adjustments, provisions and losses - -93 Total operating expenses -16,508 -10,260 Pre-tax profit of contiuing business activities 112,132 26,831 Tax expenses -3,932 -4,219 Net profit of continued business activities 108,200 22,612 Discontinued business acitivities Pre-tax profit of discontiuing business activities - 4,620 Tax expenses - -1,058 Net profit of discontinued business activities - 3,562 Group net profit 108,200 26,174 attributable to: -Shareholders of Bellevue Group AG 108,200 25,119 - Minority interests - 1,055 Balance Sheet Interim End year Interim statement statement statement CHF 1'000 31.03.2007 31.12.2006 31.03.2006 Assets Cash 7,552 112,316 92,885 Due from banks 337,997 245,927 670,707 Due from customers 57,179 32,494 375,465 Securities trading positions 6,298 19,920 58,479 Derivative financial instruments 3,380 2,516 103,145 Financial investments 262,724 186,340 251,136 Associated companies - - 1,383 Fixed assets 266 285 22,105 Intangible fixed assets 71,248 72,999 77,872 Goodwill 160,289 160,289 160,289 Prepaid expenses and accrued income 3,249 1,292 3,825 Current tax assets 460 459 15,073 Other assets 22,972 1,885 668 Available-for-sale assets - 444,366 - Total assets 933,614 1,281,088 1,833,032 Liabilities and shareholders' equity Due to banks 2,488 5,269 129,412 Due to customers 232,566 303,687 857,722 Derivative financial instruments and other trading liabilities 172,375 148,352 290,223 Debt issued - - 134,730 Deferred income 15,271 9,909 18,777 Other liabilities 13,747 21,836 10,188 Current tax liabilities 7,332 6,864 10,399 Deferred tax liabilities 15,103 14,795 18,902 Provisions 1,567 2,301 6,872 Available-for-sale liabilities - 373,826 - Total liabilities 460,449 886,839 1,477,225 Share capital 1,050 1,050 1,050 Treasury shares -24,669 3,609 -2,317 Capital reserves 27,250 27,250 27,250 Retained earnings 469,534 362,340 307,191 Equity attributable to the shareholders of Bellevue Group AG 473,165 394,249 333,174 Minority interests - - 22,633 Total equity 473,165 394,249 355,807 Total liabilities and shareholders' equity 933,614 1,281,088 1,833,032 Segment Reporting Private Asset Investment Corporate TOTAL Banking Management Banking Items CHF 1'000 Period 1.1. - 31.03.2007 Net income from ordinary operating activities - 18,588 24,417 3,780 46,785 Income from the sale of companies - - - 81,855 81,855 Personnel and other operating expenses - -5,722 -6,838 -2,150 -14,710 Depreciation, valuation adjustments, provisions and losses - -627 -1,171 - -1,798 Gross operating - 12,239 16,408 83,485 112,132 profit Taxes - -152 -2,680 -1,100 -3,932 Profit after - 12,087 13,728 82,385 108,200 taxes Total assets - 102,184 573,092 258,338 933,614 Total liabilities - 9,170 284,043 167,236 460,449 Total capital expenditure - - 28 - 28 Total assets under management at 31.03.2007 - 4,191 mn 3,185 mn 0 mn 7,376 mn Period 1.1. - 31.03.2006 Net income from ordinary operating activities 12,803 11,516 24,052 651 49,022 Personnel and other operating expenses -6,902 -2,856 -4,697 -815 -15,270 Depreciation, valuation adjustments, provisions and losses -409 -728 -1,164 - -2,301 Intercompany services, net -872 - 232 640 Gross operating 4,620 7,932 18,423 476 31,451 profit Taxes -1,058 -217 -3,878 -124 -5,277 Minority interests -987 -68 - - -1,055 Profit after 2,575 7,647 14,545 352 25,119 taxes Total assets 1,024,060 25,209 783,642 121 1,833,032 Total liabilities 1,000,041 5,628 470,452 504 1,476,625 Total capital expenditure 7 5 313 - 325 Total assets under management at 31.03.2006 3,764 mn 4,861 mn 3,165 mn 71 mn 11,861mn Total assets under management at 31.12.2007 2,237 mn 4,039 mn 2,732 mn 0 mn 9,008 mn --- End of Message --- Bellevue Group AG Seestrasse 16, Postfach Küsnacht/Zürich Switzerland WKN: A0LG3Z; ISIN: CH0028422100; Index: SPI, SPIEX, SSCI; ;