BDSA is the result of the merger between Banque Degroof (Switzerland) SA

  and Bearbull (Switzerland) SA on 30.03.06.

  Established in 1970, Bearbull (Switzerland) SA, independent asset manager, is solely dedicated

  to the international management of assets, both private and institutional, and has used all its

  resources to constantly improve and progress in this specific area.

  Banque Degroof (Switzerland) SA, which has been present on the Geneva market since 1996,

  has developed its know-how over the past decade with the help of the 135 years of experience

  of the Degroof Group.

  The parent company is situated in Brussels, but the Group now has offices in Belgium, Luxembourg,

  Switzerland, Spain, France and the Netherlands. Its geographical reach has benefited from majority

  shareholdings taken over during the past few years in asset management companies and financial

  institutions, both Belgian and foreign. On 30 September 2005, with a workforce of 879 people, the

  Group reported assets under management of a total of CHF 31 billion and assets under custody of

  CHF 55 billion.

  The Bank is independent and controlled by its management and was awarded the honour

  of Best Private Bank in Belgium in 2005 by Euromoney.