PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

(b) Rights to subscribe for new securities (including directors’ and other executive options)

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a) Purchases and sales

(b) Derivatives transactions (other than options)

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

(ii) Exercising

(d) Other dealings (including subscribing for new securities)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

(b) Agreements, arrangements or understandings relating to options or derivatives

(c) Attachments

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

“Many of our customers live in difficult-to-reach areas when it comes to delivering broadband data, voice, and, video access”

“Many of our customers live in difficult-to-reach areas when it comes to delivering broadband data, voice, and, video access,” said Tom Lewis, Chief Technician, Muscatine Power & Water. “Families and businesses need these critical services and Alvarion is providing the solution to help us bridge the digital divide and keep our community online and connected.”

Working together with Wireless Connections, Muscatine Power & Water will leverage Alvarion’s carrier-class BreezeMAX® Extreme solution operating in the 3.65 GHz spectrum to deliver better communications services to local businesses and residents. The new deployment consists of six new base stations that will enable Muscatine Power & Water to more effectively serve its customers across the region.

“We enjoy a longstanding partnership with Alvarion that dates back to our first Muscatine Power & Water deployment in 2001,” said John Staley, Sales Manager, Wireless Connections. “When Muscatine evaluated options for upgrading its infrastructure, we again turned to Alvarion because of the equipment’s proven reliably and ability to affordably extend coverage and capacity.”

Muscatine Power & Water upgraded its broadband network infrastructure to grow its coverage footprint, increase service reliability, and offer bandwidth options in order to attract new customers. Later this year, Muscatine plans to increase marketing efforts and the new Alvarion deployment will help Muscatine maximize the opportunities associated with expanding its user base.

“Alvarion’s wireless solutions are ideal for providing high-speed connectivity in rural and underserved communities worldwide,” said Nir Golan, Executive Vice President, BWA Division, Alvarion. “We are pleased to work together with Wireless Connections to apply our expertise in Iowa with Muscatine Power & Water to deliver the broadband connectivity and speed this growing community needs to work and live.”

About Wireless Connections

Wireless Connections, a division of Advanced Computer Connections, Inc., is the leader in providing expertise needed for proper design, equipment purchases, implementation and maintenance of wireless networks in both licensed and unlicensed frequencies. The company’s typical clients include ISPs, utilities, telcos, emergency management agencies, municipalities and resellers across the country in need of a wireless solution (www.wirelessconnections.net).

About Alvarion

Alvarion Ltd. (NASDAQ:ALVR) provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across licensed and unlicensed spectrums. (www.alvarion.com)

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion’s management and are subject to various factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: our failure to fully implement our 2012 turnaround plan, our inability to reallocate our resources and rationalize our business in a more efficient manner, potential impact on our business of the current global macro-economic uncertainties, the inability of our customers to obtain credit to purchase our products as a result of global credit market conditions, the failure to fund projects under the U.S. broadband stimulus program, continued delays in 4G license allocation in certain countries; the failure of the products for the 4G market to develop as anticipated; our inability to capture market share in the expected growth of the 4G market as anticipated, due to, among other things, competitive reasons or failure to execute in our sales, marketing or manufacturing objectives; the failure of our strategic initiatives to enable us to more effectively capitalize on market opportunities as anticipated; delays in the receipt of orders from customers and in the delivery by us of such orders; our failure to fully and effectively integrate the business and technology of Wavion Inc., acquired by us in November 2011, into our products and realize the expected synergies from the acquisition; the failure of the markets for our (including Wavion's) products to grow as anticipated; our inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; our inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers; our inability to comply with covenants included in our financing agreements; our inability to raise sufficient funds to continue our operations, either through equity issuances or asset sales; and other risks detailed from time to time in the Company’s annual reports on Form 20-F as well as in other filings with the U.S. Securities and Exchange Commission.

Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the U.S. Securities and Exchange Commission, which this press release will be a part of.

You may request Alvarion's future press releases by contacting Sivan Farfuri, Sivan.farfuri@alvarion.com or +972.3.767.4333. Please see the Investor section of the Alvarion website for more information: http://www.alvarion.com/investors.

Alvarion®, its logo and certain names, product and service names referenced herein are either registered trademarks, trademarks, trade names or service marks of Alvarion Ltd. in certain jurisdictions. All other names are or may be the trademarks of their respective owners.

“It garnered more than 40 percent of the unique clicks and many of those readers viewed it more than once.”

The latest edition of AWARE, the online newsletter for benefits brokers and HR professionals published by the group insurance unit of Minnesota Life Insurance Company, features an article about consultative selling that suggests the time is right for brokers to shift their approach from pitching products to filling needs -- the hallmark of voluntary sales.

The article, “Moving from transactional to consultative selling” cites a revealing statistic from a broker survey conducted this spring by Eastbridge Consulting Group. More than 70 percent said voluntary sales account for less than 10 percent of their total revenues.¹ The time may be right for brokers to grow that percentage.

“This article struck a chord among our readers,” said Paula Bilitz, director of group life insurance marketing at Minnesota Life. “It garnered more than 40 percent of the unique clicks and many of those readers viewed it more than once.”

A shift in focus to voluntary benefits addresses the uncertainty over the future of health care reform and the economy’s slow recovery. Employers are finding it more difficult to provide competitive, yet affordable, employee benefits, making them especially receptive to the expert advice brokers can provide. It’s a good time to talk about employee-paid benefits, such as critical illness or supplemental life insurance, which cost the employer nothing to offer and appeal to employees who find it more convenient to buy at work than on the open market.

Visit the AWARE site and find current, pertinent information about trends in human resources, employee benefits and employment policies.

Securian Financial Group is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer. Since 1880, Securian and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Securian is now one of the nation’s largest financial services providers.

¹ “The New Benefit Brokers and Voluntary Carriers – Who’s Winning the Battle?” Eastbridge Consulting Group, Inc., March 2012.

DOFU – 08-2012

A03089-0812

• Julius Baer (SWX: BAER), el grupo de banca privada líder en Suiza, ha acordado, previa aprobación por parte de los accionistas y órganos reguladores correspondientes, adquirir el área International Wealth Management de Merrill Lynch (IWM) radicada fuera de Estados Unidos, con activos bajo gestión por un valor de 84 millardos de USD (81 millardos de CHF) a 30 de junio de 2012 y una plantilla que supera las 2.000 personas (entre ellos más de 500 asesores financieros).
• La operación combinará una serie de adquisiciones societarias y traspasos empresariales con la cual, según estimaciones actuales, para el final del periodo de integración de dos años se habrán alcanzado entre 57 y 72 millardos de CHF en nuevos activos bajo gestión, de los cuales aproximadamente dos tercios provendrán de mercados en crecimiento. Suponiendo que el traspaso llegue a 72 millardos de CHF, los activos bajo gestión actuales de Julius Baer a fecha 30 de junio de 2012 se incrementarían en un 40% aproximadamente, alcanzando los 251 millardos de CHF, y el patrimonio total de sus clientes ascendería a 341 millardos de CHF, ambas cifras a base pro forma.
• Esta adquisición supone un considerable paso adelante en la estrategia de crecimiento de Julius Baer, y fortalecerá notoriamente su posición de liderazgo en banca privada global al aportarle una proyección sustancial y nuevas oficinas ante todo en mercados en crecimiento, pero también en Europa.
• En el marco de esta operación, Julius Baer y Bank of America Merrill Lynch (BofAML) han puesto en marcha un acuerdo de cooperación por el que BofAML ofrecerá determinados productos y servicios a Julius Baer, entre los que se incluye el acceso a análisis sobre renta variable mundial. Además, se procederá a la remisión cruzada de clientes entre ambas organizaciones.
• Se prevé que la adquisición genere beneficios a los tres años enteros de cumplido el plazo clave, es decir, tras el primer año de la fase estacionaria que seguirá a la integración. Independientemente de los activos bajo gestión traspasados por importe de entre 57 y 72 millardos de CHF, el objetivo de aumento del beneficio por acción (BPA)¹ en 2015 es de aproximadamente un 15%.
• El precio acordado para la transacción es el 1,2% de los activos bajo gestión transferidos (pagadero cuando se hayan traspasado a Julius Baer los activos bajo gestión). Por lo tanto, si se traspasasen 72 millardos de CHF en activos bajo gestión, Julius Baer pagaría aproximadamente 860 millones de CHF. Tomando como referencia la misma cantidad de activos bajo gestión traspasados, se prevé que el capital necesario para soportar el aumento de activos ponderados según el riesgo alcanzaría aproximadamente los 300 millones de CHF, mientras que los costes totales de reestructuración, integración y retención derivados del necesario traspaso de actividad a la plataforma de Julius Baer ascenderían aproximadamente hasta una cantidad aproximada de 400 millones de CHF (312 millones de CHF después de impuestos). Por otra parte, Bank of America (BofA) asumirá una aportación adicional de hasta 121 millones de CHF² (121 millones de USD) en concepto de costes definidos de reestructuración e integración previos al cierre de la operación.
• La intención del Consejo de Administración del Grupo Julius Baer consiste en encontrar fuentes de financiación suficientes para respaldar la adquisición por valor de hasta 72 millardos de CHF en activos bajo gestión. En ese caso, está previsto que la operación se financie a través de una combinación de hasta 0,53 millardos de CHF procedentes de exceso existente de capital, 0,2 millardos de CHF procedentes de la emisión de nuevos instrumentos híbridos y 0,74 millardos de CHF de una ampliación de capital social, de los cuales 0,24 millardos de CHF provendrán de emisiones de BofA como parte de la contraprestación, mientras que 500 millones de CHF se obtendrían a través de una oferta de derechos de suscripción preferente. Además, como parte de esta oferta de derechos, el Consejo de Administración propondrá conseguir 250 millones de CHF de nuevo capital social destinado a flexibilidad estratégica futura (no relacionada con la operación de IWM), con lo que se obtendría una cantidad total de 750 millones de CHF para la oferta de derechos preferentes. La ampliación de capital propuesta está sujeta a la aprobación de la Junta General Extraordinaria prevista para el 19 de septiembre de 2012.
• Se espera que el plazo clave se cierre a finales de 2012 o primeros de 2013 tras el visto bueno de los principales órganos reguladores y el cumplimiento de otras condiciones de la operación. Las previsiones apuntan a que los traspasos de actividad y la integración empresarial se prolongarán entonces durante un periodo de dos años, quedando completados en el 4T de 2014 o el 1T de 2015.
• A consecuencia de la considerable ampliación a nivel mundial, en el momento de cerrarse el plazo clave se realineará la estructura directiva actual de Julius Baer.
• Para los primeros años completos tras la integración (es decir, de 2015 en adelante si la integración queda completada en el 4T de 2014), Julius Baer prevé los siguientes objetivos para el nuevo grupo resultante: dinero nuevo neto: 4%-6%; coeficiente costo/ganancia: 65%-70%; y margen de beneficios antes de impuestos: 30-35 p. b.
• Además, ante la convergencia inminente de enfoques entre Suiza y el BIS para calcular en 2013 cuotas de capital, la cuota mínima de capital total según el BIS se verá reducida del 14% al 12%. En consecuencia, Julius Baer ajusta su objetivo de ratio BIS de capital total desde el 16% actual hasta el 15%, lo que supone un 3% (hasta ahora era un 2%) de margen por encima del mínimo que exige la normativa. El objetivo del 12% para el ratio BIS de nivel 1 permanecerá inalterado. De acuerdo con la planificación propuesta del capital, se estima que las cuotas de capital de Julius Baer se mantendrán en todo momento por encima de los niveles previstos a lo largo del proceso de integración. Se cancelará el programa anunciado de recompra de acciones.

Julius Baer, el grupo suizo líder en banca privada, ha acordado, previa aprobación por parte de los accionistas y órganos reguladores correspondientes, adquirir de Bank of America (BofA) la sección International Wealth Management de Merrill Lynch (IWM) radicada fuera de Estados Unidos y Japón, con activos bajo gestión por un valor de 84 millardos de USD (81 millardos de CHF) a fecha 30 de junio de 2012 y una plantilla que supera las 2.000 empleados (entre ellos más de 500 asesores financieros). Aproximadamente dos tercios de los activos bajo gestión de IWM pertenecen a clientes domiciliados en mercados en crecimiento de Asia (más de la mitad), Latinoamérica y Oriente Medio. La operación consiste en una serie de adquisiciones societarias y traspasos empresariales, y en la previsión actual al final de los dos años del periodo de integración se habrán obtenido nuevos activos bajo gestión por un valor aproximado de entre 57 y 72 millardos de CHF de los cuales unos dos tercios provendrán de mercados en crecimiento.

En caso de traspasarse 72 millardos de CHF en activos bajo gestión, se prevé que la adquisición supondría un aumento de los activos bajo gestión actuales de Julius Baer de aproximadamente un 40%, alcanzando los 251 millardos de CHF y los 341 millardos de CHF en concepto de patrimonio total de los clientes al final de los dos años del periodo de integración (ambas cifras a base pro forma). Aunque gran parte de la actividad de IWM se localiza en sedes como Ginebra, Londres, Hong Kong, Singapur, Dubái y Montevideo, donde Julius Baer ya tiene presencia, a la red actual de Julius Baer vendrían a añadirse nuevas sucursales en Bahréin, Holanda, India, Irlanda, Líbano, Luxemburgo, Panamá y España³. Tras la integración, Julius Baer estará presente en más de 25 países con más de 50 oficinas operativas en todo el mundo. En caso de traspasarse 72 millardos de CHF, las estimaciones apuntan a que la proporción de activos bajo gestión de mercados en crecimiento pasaría del tercio actual hasta casi la mitad del total, a base pro forma.

Idoneidad estratégica, cultural y geográfica: fortalecimiento de la posición de liderazgo

Daniel J. Sauter, Presidente del Grupo Julius Baer, ha afirmado lo siguiente: «Esta operación ofrece la rara oportunidad de adquirir un negocio internacional de tamaño considerable con dedicación exclusiva a la gestión de patrimonio, y ampliará notablemente la dimensión de nuestro negocio tanto en Europa como en mercados en crecimiento fundamentales de Asia, Latinoamérica y Oriente Medio. La fuerte presencia en mercados estratégicos en crecimiento y las características comerciales propias de International Wealth Management de Merrill Lynch hacen que encaje perfectamente en Julius Baer desde el punto de vista estratégico, cultural y geográfico».

Por su parte, Boris F.J. Collardi, CEO del Grupo Julius Baer, ha añadido lo siguiente: «Esta adquisición supone un nuevo paso adelante en nuestra estrategia de crecimiento, y fortalecerá considerablemente nuestra posición mundial de liderazgo en banca privada aportando una nueva dimensión en los mercados en crecimiento, pero también en Europa. Una vez integrados, la compatibilidad y la complementariedad de los dos modelos de negocio crearán un nuevo paradigma en banca privada y una oferta sólida para todos los clientes de ambos negocios. Además, reforzará el atractivo de Julius Baer como empresa a elegir en el sector de la banca privada. Estamos deseando comenzar a trabajar con nuestros nuevos compañeros que, sin lugar a dudas, enriquecerán nuestra cultura corporativa».

La solidez de la franquicia IWM le ha servido para estar presente en los principales mercados internacionales durante décadas. Su compatibilidad con la actividad de Julius Baer queda patente, entre otras cosas, por la composición similar de la asignación de activos o el promedio semejante de activos bajo gestión por cliente. Además, cerca de la mitad de asesores financieros de IWM lleva más de diez años ofreciendo servicios a sus clientes desde dicha empresa.

Como parte de la integración, las sociedades adquiridas operarán bajo la marca Julius Baer.

La plataforma abierta de productos de Julius Baer y su enfoque orientado al cliente quedarán optimizados gracias a las culturas corporativas y los modelos de servicio complementarios de ambos negocios, que además fomentarán el intercambio fructífero de experiencia y destrezas. Tanto clientes como empleados se beneficiarán de las nuevas oportunidades resultantes a raíz del fortalecimiento de las franquicias locales.

Fuerte aumento previsto del BPA¹ a partir de 2015

El precio acordado para la transacción es el 1,2% de los activos bajo gestión adquiridos (pagadero cuando se hayan traspasado a Julius Baer los activos bajo gestión). Por lo tanto, suponiendo un traspaso de 72 millardos de CHF en activos bajo gestión, los activos bajo gestión de Julius Baer a fecha 30 de junio de 2012 se verían incrementados en aproximadamente un 40%, hasta alcanzar 251 millardos de CHF (a base pro forma), mientras que el patrimonio total de clientes se elevaría a 341 millardos de CHF. En ese caso, el importe total de capital requerido legalmente para soportar el incremento de activos ponderados según el riesgo se prevé que ascienda a aproximadamente 300 millones de CHF.

Se prevé que los costes totales de transacción, reestructuración, integración y retención necesarios que se deriven del traspaso del negocio a la plataforma de Julius Baer ascenderán aproximadamente a 400 millones de CHF (312 millones de CHF después de impuestos). Entre los componentes principales de estos costes cabe destacar costes informáticos (p. ej.: mantenimiento en paralelo de las plataformas de IWM y Julius Baer durante el proceso de traspaso, así como los costes de mejora de la plataforma y los costes de infraestructura y migración), costes de retención necesarios para incentivar y retener a asesores financieros y otro personal fundamental, así como el coste de las contrataciones temporales y otros gastos de reestructuración e integración. Por otra parte, BofA asumirá un importe adicional de 121 millones de CHF (125 millones de USD) en concepto de costes definidos de reestructuración e integración previos al cierre de la operación.

Se prevé que la adquisición genere beneficios a partir del tercer año posterior al cierre principal, es decir, a partir de que transcurra un año completo desde la integración. Independientemente de la cantidad final traspasada entre 57 y 72 millardos de CHF, el objetivo del aumento del BPA⁴ en 2015 es de aproximadamente un 15%.

Dieter A.Enkelmann, CFO de Julius Baer, afirma: «Para nuestros accionistas, esta adquisición representa una inversión considerable en aras del crecimiento futuro. Contamos con varios equipos experimentados que se harán cargo de que la integración sea perfecta a nivel mundial. Estos mismos equipos ya han logrado la integración satisfactoria de varios bancos en los últimos años. Además, está previsto que la diversificación geográfica resultante reduzca notablemente la exposición cambiaria neta de Julius Baer al franco suizo».

Para los primeros años completos tras los dos años de integración (es decir, de 2015 en adelante suponiendo que la integración quede completada en el 4T de 2014), Julius Baer prevé los siguientes objetivos para el grupo resultante: dinero nuevo neto: 4%-6%; coeficiente costo/ganancia: 65%-70%; y margen de beneficios antes de impuestos: 30-35 p. b.

Además, ante la inminente convergencia de enfoques entre Suiza y el BIS para calcular en 2013 cuotas de capital, la cuota mínima de capital total según el BIS se verá reducida del 14% al 12%. En consecuencia, Julius Baer ajusta su objetivo de ratio BIS de capital total desde el 16% actual hasta el 15%, lo que supone un 3% (hasta ahora era un 2%) de margen por encima del mínimo que exige la normativa. El objetivo del 12% para el ratio BIS de nivel 1 permanece inalterado. De acuerdo a la planificación propuesta del capital, se estima que las cuotas de capital de Julius Baer se mantendrán en todo momento por encima de los niveles previstos a lo largo del proceso de integración. Se cancelará el programa anunciado de recompra de acciones.

La financiación incluye el uso del exceso existente de capital, emisiones híbridas y una ampliación de capital, con BofA como accionista

La intención del Consejo de Administración del Grupo Julius Baer consiste en encontrar fuentes de financiación suficientes para respaldar la adquisición por valor de hasta 72 millardos de CHF en activos bajo gestión. En ese caso, está previsto que la operación se financie a través de una combinación de hasta 0,53 millardos de CHF procedentes de exceso existente de capital, 0,2 millardos de CHF procedentes de la emisión de nuevos instrumentos híbridos y 0,74 millardos de CHF de una ampliación de capital social, de los cuales 0,24 millardos provendrán de emisiones de BofA como parte de la contraprestación, mientras que 500 millones de CHF se obtendrían ofreciendo derechos de suscripción preferente. Además, como parte de esta oferta de derechos, el Consejo de Administración propondrá conseguir 250 millones de CHF de nuevo capital social destinado a flexibilidad estratégica futura (no relacionada con la operación de IWM), con lo que se obtendría una cantidad total de 750 millones de CHF para la oferta de derechos preferentes. La ampliación de capital propuesta está sujeta a la aprobación por parte de la Junta General Extraordinaria prevista para el 19 de septiembre de 2012.

Aunque el plazo clave y el cumplimiento de otras condiciones para el cierre de la operación están previstos para finales de 2012 o primeros de 2013 tras el visto bueno de los accionistas y principales órganos reguladores, se espera que los traspasos y la integración empresarial se prolonguen entonces durante un periodo de dos años, quedando completados hacia el 4T de 2014 o el 1T de 2015. Las partes colaborarán estrechamente para elaborar un plan detallado de traspaso y separación del negocio adquirido en cada jurisdicción territorial.

Realineación de la estructura directiva: cooperación con BofAML

A consecuencia de la considerable ampliación a nivel mundial, y a fin de dejar patente la mayor importancia de los mercados en crecimiento, en el momento del cierre principal se realineará la estructura directiva actual de Julius Baer (véanse los organigramas adjuntos).

En el marco de esta operación, Julius Baer y BofAML han puesto en marcha un acuerdo de cooperación por el que BofAML ofrecerá determinados productos y servicios a Julius Baer, entre los que se incluye el acceso a análisis sobre renta variable mundial, ofertas de productos y productos estructurados y de asesoramiento. Además, se procederá a la remisión cruzada de clientes entre ambas organizaciones.

Perella Weinberg Partners actuó en calidad de asesor financiero exclusivo para el Grupo Julius Baer en esta operación.

Se proporcionará más información sobre esta adquisición en la presentación para analistas, inversores y representantes de medios de comunicación que tendrá lugar hoy a las 9.00 horas en el Hotel Widder, calle Rennweg 7, en Zúrich. La presentación se retransmitirá en directo por internet en la página www.juliusbaer.com/webcast. Las presentaciones mostradas a lo largo de la conferencia también estarán disponibles en nuestra página web, www.juliusbaer.com.

Este comunicado de prensa está disponible también en inglés. La versión inglesa prevalece.

Sobre Julius Baer

Julius Baer es el grupo suizo líder en banca privada, con un enfoque exclusivo en la prestación de servicios y asesoramiento a clientes privados. A finales de junio de 2012, los activos totales de clientes ascendían a 269.000 millones de CHF, incluyendo activos en gestión por valor de 179.000 millones de CHF. Bank Julius Baer & Co. Ltd., el banco privado de renombre cuyo origen se remonta a 1890, es la empresa operativa principal de Julius Baer Group Ltd., cuyas acciones cotizan en la bolsa de valores suiza SIX (símbolo bursátil: BAER), y que a la vez forman parte del índice de mercados suizo (SMI), compuesto por las 20 acciones suizas de mayor volumen y mayor liquidez.

Julius Baer cuenta con más de 3 600 empleados en más de 20 países y más de 40 sucursales, incluyendo Zúrich (sede principal), Dubái, Fráncfort, Ginebra, Hong Kong, Londres, Lugano, Milán, Mónaco, Montevideo, Moscú, Shanghái y Singapur.

Para más información visite nuestra página web www.juliusbaer.com

The information in this media release may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this media release and any opinions expressed in relation thereto are subject to change without notice.

This media release does not constitute or forms part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in the company or any other securities nor shall it or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. Any such offer of securities would be made, if at all, by means of a prospectus or offering memorandum to be issued by the company. Any decision to purchase securities in the context of any offering should be made solely on the basis of information contained in the final form of any prospectus, offering memorandum or other document published in relation to such an offering and any supplements thereto. This media release does not constitute a prospectus pursuant to art. 652a and/or 1156 of the Swiss Code of Obligations or art. 27 et seq. of the listing rules of the SIX Swiss Exchange.

The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States, Canada, Australia and Japan.

This media release includes forward-looking statements that reflect the Company’s intentions, beliefs or current expectations and projections about the transaction described herein, the financing thereof, potential synergies and the Company’s and the combined group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies, opportunities and the industry in which the Company operates. Forward-looking statements involve all matters that are not historical fact. The Company has tried to identify those forward-looking statements by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “seek”, “plan”, “predict” and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause the Company’s or the combined group’s actual results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies or opportunities, as well as those of the markets they serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: actual amount of AuM transferred to the Company, which may vary from the expected AuM to be transferred; breakdown of client domicile of the actual AuM transferred, which may vary from the breakdown based on preliminary data; delays in or costs relating to the integration of the Merrill Lynch International Wealth Management business, limitations or conditions imposed on the Company in connection with seeking consent from regulators to complete the acquisition, changing business or other market conditions, general economic conditions in Switzerland, the European Union, the United States and elsewhere, and the Company’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance, or achievements to differ materially. The Company, the Merrill Lynch International Wealth Management business and each such entity’s directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

Without prejudice to the foregoing, it should be noted that certain financial information contained in this media release is unaudited and/or is presented on a pro forma basis. The assets under management numbers for the IWM as of 30 June 2012 are preliminary unaudited numbers and are therefore subject to change. The unaudited pro forma financial information contained in this media release has been prepared based on the Company’s historical unaudited financial information and the Merrill Lynch International Wealth Management business’s historical unaudited financial information and does not include any pro forma adjustments. The unaudited pro forma financial information has been prepared for illustrative purposes only and, because of its nature, may not give a true picture of the financial position or results of operations of the combined group that will be achieved upon completion of the transaction. Furthermore, the unaudited pro forma financial information is not indicative of the financial position or results of operations of the combined group for any future date or period.

¹ Basado en el beneficio neto ajustado, es decir, excluidos costes de integración y reestructuración y la amortización de activos intangibles.

² Para expresar en CHF los importes en dólares se ha aplicado un tipo de cambio de 0,97 CHF por 1,00 USD

³ Quedan fuera de la adquisición algunas sucursales de IWM de tamaño reducido.

⁴ Basado en el beneficio neto ajustado, es decir, excluidos costes de integración y reestructuración y la amortización de activos intangibles.

• Julius Baer (SWX: BAER), el grupo de banca privada líder en Suiza, ha acordado, previa aprobación por parte de los accionistas y órganos reguladores correspondientes, adquirir el área International Wealth Management de Merrill Lynch (IWM) radicada fuera de Estados Unidos, con activos bajo gestión por un valor de 84 millardos de USD (81 millardos de CHF) a 30 de junio de 2012 y una plantilla que supera las 2.000 personas (entre ellos más de 500 asesores financieros).
• La operación combinará una serie de adquisiciones societarias y traspasos empresariales con la cual, según estimaciones actuales, para el final del periodo de integración de dos años se habrán alcanzado entre 57 y 72 millardos de CHF en nuevos activos bajo gestión, de los cuales aproximadamente dos tercios provendrán de mercados en crecimiento. Suponiendo que el traspaso llegue a 72 millardos de CHF, los activos bajo gestión actuales de Julius Baer a fecha 30 de junio de 2012 se incrementarían en un 40% aproximadamente, alcanzando los 251 millardos de CHF, y el patrimonio total de sus clientes ascendería a 341 millardos de CHF, ambas cifras a base pro forma.
• Esta adquisición supone un considerable paso adelante en la estrategia de crecimiento de Julius Baer, y fortalecerá notoriamente su posición de liderazgo en banca privada global al aportarle una proyección sustancial y nuevas oficinas ante todo en mercados en crecimiento, pero también en Europa.
• En el marco de esta operación, Julius Baer y Bank of America Merrill Lynch (BofAML) han puesto en marcha un acuerdo de cooperación por el que BofAML ofrecerá determinados productos y servicios a Julius Baer, entre los que se incluye el acceso a análisis sobre renta variable mundial. Además, se procederá a la remisión cruzada de clientes entre ambas organizaciones.
• Se prevé que la adquisición genere beneficios a los tres años enteros de cumplido el plazo clave, es decir, tras el primer año de la fase estacionaria que seguirá a la integración. Independientemente de los activos bajo gestión traspasados por importe de entre 57 y 72 millardos de CHF, el objetivo de aumento del beneficio por acción (BPA)¹ en 2015 es de aproximadamente un 15%.
• El precio acordado para la transacción es el 1,2% de los activos bajo gestión transferidos (pagadero cuando se hayan traspasado a Julius Baer los activos bajo gestión). Por lo tanto, si se traspasasen 72 millardos de CHF en activos bajo gestión, Julius Baer pagaría aproximadamente 860 millones de CHF. Tomando como referencia la misma cantidad de activos bajo gestión traspasados, se prevé que el capital necesario para soportar el aumento de activos ponderados según el riesgo alcanzaría aproximadamente los 300 millones de CHF, mientras que los costes totales de reestructuración, integración y retención derivados del necesario traspaso de actividad a la plataforma de Julius Baer ascenderían aproximadamente hasta una cantidad aproximada de 400 millones de CHF (312 millones de CHF después de impuestos). Por otra parte, Bank of America (BofA) asumirá una aportación adicional de hasta 121 millones de CHF² (121 millones de USD) en concepto de costes definidos de reestructuración e integración previos al cierre de la operación.
• La intención del Consejo de Administración del Grupo Julius Baer consiste en encontrar fuentes de financiación suficientes para respaldar la adquisición por valor de hasta 72 millardos de CHF en activos bajo gestión. En ese caso, está previsto que la operación se financie a través de una combinación de hasta 0,53 millardos de CHF procedentes de exceso existente de capital, 0,2 millardos de CHF procedentes de la emisión de nuevos instrumentos híbridos y 0,74 millardos de CHF de una ampliación de capital social, de los cuales 0,24 millardos de CHF provendrán de emisiones de BofA como parte de la contraprestación, mientras que 500 millones de CHF se obtendrían a través de una oferta de derechos de suscripción preferente. Además, como parte de esta oferta de derechos, el Consejo de Administración propondrá conseguir 250 millones de CHF de nuevo capital social destinado a flexibilidad estratégica futura (no relacionada con la operación de IWM), con lo que se obtendría una cantidad total de 750 millones de CHF para la oferta de derechos preferentes. La ampliación de capital propuesta está sujeta a la aprobación de la Junta General Extraordinaria prevista para el 19 de septiembre de 2012.
• Se espera que el plazo clave se cierre a finales de 2012 o primeros de 2013 tras el visto bueno de los principales órganos reguladores y el cumplimiento de otras condiciones de la operación. Las previsiones apuntan a que los traspasos de actividad y la integración empresarial se prolongarán entonces durante un periodo de dos años, quedando completados en el 4T de 2014 o el 1T de 2015.
• A consecuencia de la considerable ampliación a nivel mundial, en el momento de cerrarse el plazo clave se realineará la estructura directiva actual de Julius Baer.
• Para los primeros años completos tras la integración (es decir, de 2015 en adelante si la integración queda completada en el 4T de 2014), Julius Baer prevé los siguientes objetivos para el nuevo grupo resultante: dinero nuevo neto: 4%-6%; coeficiente costo/ganancia: 65%-70%; y margen de beneficios antes de impuestos: 30-35 p. b.
• Además, ante la convergencia inminente de enfoques entre Suiza y el BIS para calcular en 2013 cuotas de capital, la cuota mínima de capital total según el BIS se verá reducida del 14% al 12%. En consecuencia, Julius Baer ajusta su objetivo de ratio BIS de capital total desde el 16% actual hasta el 15%, lo que supone un 3% (hasta ahora era un 2%) de margen por encima del mínimo que exige la normativa. El objetivo del 12% para el ratio BIS de nivel 1 permanecerá inalterado. De acuerdo con la planificación propuesta del capital, se estima que las cuotas de capital de Julius Baer se mantendrán en todo momento por encima de los niveles previstos a lo largo del proceso de integración. Se cancelará el programa anunciado de recompra de acciones.

Julius Baer, el grupo suizo líder en banca privada, ha acordado, previa aprobación por parte de los accionistas y órganos reguladores correspondientes, adquirir de Bank of America (BofA) la sección International Wealth Management de Merrill Lynch (IWM) radicada fuera de Estados Unidos y Japón, con activos bajo gestión por un valor de 84 millardos de USD (81 millardos de CHF) a fecha 30 de junio de 2012 y una plantilla que supera las 2.000 empleados (entre ellos más de 500 asesores financieros). Aproximadamente dos tercios de los activos bajo gestión de IWM pertenecen a clientes domiciliados en mercados en crecimiento de Asia (más de la mitad), Latinoamérica y Oriente Medio. La operación consiste en una serie de adquisiciones societarias y traspasos empresariales, y en la previsión actual al final de los dos años del periodo de integración se habrán obtenido nuevos activos bajo gestión por un valor aproximado de entre 57 y 72 millardos de CHF de los cuales unos dos tercios provendrán de mercados en crecimiento.

En caso de traspasarse 72 millardos de CHF en activos bajo gestión, se prevé que la adquisición supondría un aumento de los activos bajo gestión actuales de Julius Baer de aproximadamente un 40%, alcanzando los 251 millardos de CHF y los 341 millardos de CHF en concepto de patrimonio total de los clientes al final de los dos años del periodo de integración (ambas cifras a base pro forma). Aunque gran parte de la actividad de IWM se localiza en sedes como Ginebra, Londres, Hong Kong, Singapur, Dubái y Montevideo, donde Julius Baer ya tiene presencia, a la red actual de Julius Baer vendrían a añadirse nuevas sucursales en Bahréin, Holanda, India, Irlanda, Líbano, Luxemburgo, Panamá y España³. Tras la integración, Julius Baer estará presente en más de 25 países con más de 50 oficinas operativas en todo el mundo. En caso de traspasarse 72 millardos de CHF, las estimaciones apuntan a que la proporción de activos bajo gestión de mercados en crecimiento pasaría del tercio actual hasta casi la mitad del total, a base pro forma.

Idoneidad estratégica, cultural y geográfica: fortalecimiento de la posición de liderazgo

Daniel J. Sauter, Presidente del Grupo Julius Baer, ha afirmado lo siguiente: «Esta operación ofrece la rara oportunidad de adquirir un negocio internacional de tamaño considerable con dedicación exclusiva a la gestión de patrimonio, y ampliará notablemente la dimensión de nuestro negocio tanto en Europa como en mercados en crecimiento fundamentales de Asia, Latinoamérica y Oriente Medio. La fuerte presencia en mercados estratégicos en crecimiento y las características comerciales propias de International Wealth Management de Merrill Lynch hacen que encaje perfectamente en Julius Baer desde el punto de vista estratégico, cultural y geográfico».

Por su parte, Boris F.J. Collardi, CEO del Grupo Julius Baer, ha añadido lo siguiente: «Esta adquisición supone un nuevo paso adelante en nuestra estrategia de crecimiento, y fortalecerá considerablemente nuestra posición mundial de liderazgo en banca privada aportando una nueva dimensión en los mercados en crecimiento, pero también en Europa. Una vez integrados, la compatibilidad y la complementariedad de los dos modelos de negocio crearán un nuevo paradigma en banca privada y una oferta sólida para todos los clientes de ambos negocios. Además, reforzará el atractivo de Julius Baer como empresa a elegir en el sector de la banca privada. Estamos deseando comenzar a trabajar con nuestros nuevos compañeros que, sin lugar a dudas, enriquecerán nuestra cultura corporativa».

La solidez de la franquicia IWM le ha servido para estar presente en los principales mercados internacionales durante décadas. Su compatibilidad con la actividad de Julius Baer queda patente, entre otras cosas, por la composición similar de la asignación de activos o el promedio semejante de activos bajo gestión por cliente. Además, cerca de la mitad de asesores financieros de IWM lleva más de diez años ofreciendo servicios a sus clientes desde dicha empresa.

Como parte de la integración, las sociedades adquiridas operarán bajo la marca Julius Baer.

La plataforma abierta de productos de Julius Baer y su enfoque orientado al cliente quedarán optimizados gracias a las culturas corporativas y los modelos de servicio complementarios de ambos negocios, que además fomentarán el intercambio fructífero de experiencia y destrezas. Tanto clientes como empleados se beneficiarán de las nuevas oportunidades resultantes a raíz del fortalecimiento de las franquicias locales.

Fuerte aumento previsto del BPA¹ a partir de 2015

El precio acordado para la transacción es el 1,2% de los activos bajo gestión adquiridos (pagadero cuando se hayan traspasado a Julius Baer los activos bajo gestión). Por lo tanto, suponiendo un traspaso de 72 millardos de CHF en activos bajo gestión, los activos bajo gestión de Julius Baer a fecha 30 de junio de 2012 se verían incrementados en aproximadamente un 40%, hasta alcanzar 251 millardos de CHF (a base pro forma), mientras que el patrimonio total de clientes se elevaría a 341 millardos de CHF. En ese caso, el importe total de capital requerido legalmente para soportar el incremento de activos ponderados según el riesgo se prevé que ascienda a aproximadamente 300 millones de CHF.

Se prevé que los costes totales de transacción, reestructuración, integración y retención necesarios que se deriven del traspaso del negocio a la plataforma de Julius Baer ascenderán aproximadamente a 400 millones de CHF (312 millones de CHF después de impuestos). Entre los componentes principales de estos costes cabe destacar costes informáticos (p. ej.: mantenimiento en paralelo de las plataformas de IWM y Julius Baer durante el proceso de traspaso, así como los costes de mejora de la plataforma y los costes de infraestructura y migración), costes de retención necesarios para incentivar y retener a asesores financieros y otro personal fundamental, así como el coste de las contrataciones temporales y otros gastos de reestructuración e integración. Por otra parte, BofA asumirá un importe adicional de 121 millones de CHF (125 millones de USD) en concepto de costes definidos de reestructuración e integración previos al cierre de la operación.

Se prevé que la adquisición genere beneficios a partir del tercer año posterior al cierre principal, es decir, a partir de que transcurra un año completo desde la integración. Independientemente de la cantidad final traspasada entre 57 y 72 millardos de CHF, el objetivo del aumento del BPA⁴ en 2015 es de aproximadamente un 15%.

Dieter A.Enkelmann, CFO de Julius Baer, afirma: «Para nuestros accionistas, esta adquisición representa una inversión considerable en aras del crecimiento futuro. Contamos con varios equipos experimentados que se harán cargo de que la integración sea perfecta a nivel mundial. Estos mismos equipos ya han logrado la integración satisfactoria de varios bancos en los últimos años. Además, está previsto que la diversificación geográfica resultante reduzca notablemente la exposición cambiaria neta de Julius Baer al franco suizo».

Para los primeros años completos tras los dos años de integración (es decir, de 2015 en adelante suponiendo que la integración quede completada en el 4T de 2014), Julius Baer prevé los siguientes objetivos para el grupo resultante: dinero nuevo neto: 4%-6%; coeficiente costo/ganancia: 65%-70%; y margen de beneficios antes de impuestos: 30-35 p. b.

Además, ante la inminente convergencia de enfoques entre Suiza y el BIS para calcular en 2013 cuotas de capital, la cuota mínima de capital total según el BIS se verá reducida del 14% al 12%. En consecuencia, Julius Baer ajusta su objetivo de ratio BIS de capital total desde el 16% actual hasta el 15%, lo que supone un 3% (hasta ahora era un 2%) de margen por encima del mínimo que exige la normativa. El objetivo del 12% para el ratio BIS de nivel 1 permanece inalterado. De acuerdo a la planificación propuesta del capital, se estima que las cuotas de capital de Julius Baer se mantendrán en todo momento por encima de los niveles previstos a lo largo del proceso de integración. Se cancelará el programa anunciado de recompra de acciones.

La financiación incluye el uso del exceso existente de capital, emisiones híbridas y una ampliación de capital, con BofA como accionista

La intención del Consejo de Administración del Grupo Julius Baer consiste en encontrar fuentes de financiación suficientes para respaldar la adquisición por valor de hasta 72 millardos de CHF en activos bajo gestión. En ese caso, está previsto que la operación se financie a través de una combinación de hasta 0,53 millardos de CHF procedentes de exceso existente de capital, 0,2 millardos de CHF procedentes de la emisión de nuevos instrumentos híbridos y 0,74 millardos de CHF de una ampliación de capital social, de los cuales 0,24 millardos provendrán de emisiones de BofA como parte de la contraprestación, mientras que 500 millones de CHF se obtendrían ofreciendo derechos de suscripción preferente. Además, como parte de esta oferta de derechos, el Consejo de Administración propondrá conseguir 250 millones de CHF de nuevo capital social destinado a flexibilidad estratégica futura (no relacionada con la operación de IWM), con lo que se obtendría una cantidad total de 750 millones de CHF para la oferta de derechos preferentes. La ampliación de capital propuesta está sujeta a la aprobación por parte de la Junta General Extraordinaria prevista para el 19 de septiembre de 2012.

Aunque el plazo clave y el cumplimiento de otras condiciones para el cierre de la operación están previstos para finales de 2012 o primeros de 2013 tras el visto bueno de los accionistas y principales órganos reguladores, se espera que los traspasos y la integración empresarial se prolonguen entonces durante un periodo de dos años, quedando completados hacia el 4T de 2014 o el 1T de 2015. Las partes colaborarán estrechamente para elaborar un plan detallado de traspaso y separación del negocio adquirido en cada jurisdicción territorial.

Realineación de la estructura directiva: cooperación con BofAML

A consecuencia de la considerable ampliación a nivel mundial, y a fin de dejar patente la mayor importancia de los mercados en crecimiento, en el momento del cierre principal se realineará la estructura directiva actual de Julius Baer (véanse los organigramas adjuntos).

En el marco de esta operación, Julius Baer y BofAML han puesto en marcha un acuerdo de cooperación por el que BofAML ofrecerá determinados productos y servicios a Julius Baer, entre los que se incluye el acceso a análisis sobre renta variable mundial, ofertas de productos y productos estructurados y de asesoramiento. Además, se procederá a la remisión cruzada de clientes entre ambas organizaciones.

Perella Weinberg Partners actuó en calidad de asesor financiero exclusivo para el Grupo Julius Baer en esta operación.

Se proporcionará más información sobre esta adquisición en la presentación para analistas, inversores y representantes de medios de comunicación que tendrá lugar hoy a las 9.00 horas en el Hotel Widder, calle Rennweg 7, en Zúrich. La presentación se retransmitirá en directo por internet en la página www.juliusbaer.com/webcast. Las presentaciones mostradas a lo largo de la conferencia también estarán disponibles en nuestra página web, www.juliusbaer.com.

Este comunicado de prensa está disponible también en inglés. La versión inglesa prevalece.

Sobre Julius Baer

Julius Baer es el grupo suizo líder en banca privada, con un enfoque exclusivo en la prestación de servicios y asesoramiento a clientes privados. A finales de junio de 2012, los activos totales de clientes ascendían a 269.000 millones de CHF, incluyendo activos en gestión por valor de 179.000 millones de CHF. Bank Julius Baer & Co. Ltd., el banco privado de renombre cuyo origen se remonta a 1890, es la empresa operativa principal de Julius Baer Group Ltd., cuyas acciones cotizan en la bolsa de valores suiza SIX (símbolo bursátil: BAER), y que a la vez forman parte del índice de mercados suizo (SMI), compuesto por las 20 acciones suizas de mayor volumen y mayor liquidez.

Julius Baer cuenta con más de 3 600 empleados en más de 20 países y más de 40 sucursales, incluyendo Zúrich (sede principal), Dubái, Fráncfort, Ginebra, Hong Kong, Londres, Lugano, Milán, Mónaco, Montevideo, Moscú, Shanghái y Singapur.

Para más información visite nuestra página web www.juliusbaer.com

The information in this media release may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this media release and any opinions expressed in relation thereto are subject to change without notice.

This media release does not constitute or forms part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in the company or any other securities nor shall it or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. Any such offer of securities would be made, if at all, by means of a prospectus or offering memorandum to be issued by the company. Any decision to purchase securities in the context of any offering should be made solely on the basis of information contained in the final form of any prospectus, offering memorandum or other document published in relation to such an offering and any supplements thereto. This media release does not constitute a prospectus pursuant to art. 652a and/or 1156 of the Swiss Code of Obligations or art. 27 et seq. of the listing rules of the SIX Swiss Exchange.

The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States, Canada, Australia and Japan.

This media release includes forward-looking statements that reflect the Company’s intentions, beliefs or current expectations and projections about the transaction described herein, the financing thereof, potential synergies and the Company’s and the combined group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies, opportunities and the industry in which the Company operates. Forward-looking statements involve all matters that are not historical fact. The Company has tried to identify those forward-looking statements by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “seek”, “plan”, “predict” and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause the Company’s or the combined group’s actual results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies or opportunities, as well as those of the markets they serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: actual amount of AuM transferred to the Company, which may vary from the expected AuM to be transferred; breakdown of client domicile of the actual AuM transferred, which may vary from the breakdown based on preliminary data; delays in or costs relating to the integration of the Merrill Lynch International Wealth Management business, limitations or conditions imposed on the Company in connection with seeking consent from regulators to complete the acquisition, changing business or other market conditions, general economic conditions in Switzerland, the European Union, the United States and elsewhere, and the Company’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance, or achievements to differ materially. The Company, the Merrill Lynch International Wealth Management business and each such entity’s directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

Without prejudice to the foregoing, it should be noted that certain financial information contained in this media release is unaudited and/or is presented on a pro forma basis. The assets under management numbers for the IWM as of 30 June 2012 are preliminary unaudited numbers and are therefore subject to change. The unaudited pro forma financial information contained in this media release has been prepared based on the Company’s historical unaudited financial information and the Merrill Lynch International Wealth Management business’s historical unaudited financial information and does not include any pro forma adjustments. The unaudited pro forma financial information has been prepared for illustrative purposes only and, because of its nature, may not give a true picture of the financial position or results of operations of the combined group that will be achieved upon completion of the transaction. Furthermore, the unaudited pro forma financial information is not indicative of the financial position or results of operations of the combined group for any future date or period.

¹ Basado en el beneficio neto ajustado, es decir, excluidos costes de integración y reestructuración y la amortización de activos intangibles.

² Para expresar en CHF los importes en dólares se ha aplicado un tipo de cambio de 0,97 CHF por 1,00 USD

³ Quedan fuera de la adquisición algunas sucursales de IWM de tamaño reducido.

⁴ Basado en el beneficio neto ajustado, es decir, excluidos costes de integración y reestructuración y la amortización de activos intangibles.

• Sous réserve de l’approbation par les actionnaires, Julius Baer (SWX: BAER), le plus important groupe suisse dans le private banking, a accepté d’acquérir l’activité International Wealth Management (IWM) de Merrill Lynch basée en dehors des Etats-Unis avec 84 milliards USD (soit 81 milliards CHF) d'actifs gérés (AuM) au 30 juin 2012, représentant plus de 2000 employés dont plus de 500 conseillers financiers.
• La transaction est composée d’une combinaison d'acquisitions d’entités juridiques et de transferts d'activités et devrait rapporter entre 57 et 72 milliards CHF supplémentaires en AuM d’ici la fin de la période d’intégration prévue sur deux années, dont environ deux tiers en provenance des marchés de croissance. A supposer un niveau de 72 milliards CHF d’AuM supplémentaires, les AuM existants de Julius Baer augmenteraient au 30 juin 2012 d'env. 40% à 251 milliards CHF et les actifs totaux de ses clients à environ 341 milliards CHF, tous deux sur une base pro-forma.
• Cette acquisition fera nettement progresser la stratégie de croissance de Julius Baer et renforcera considérablement sa position de leader dans ses opérations mondiales de private banking en apportant une envergure substantielle et des bureaux supplémentaires, principalement sur les marchés de croissance, mais aussi en Europe.
• Dans le cadre de cette transaction, Julius Baer et Bank of America Merrill Lynch (BofAML) ont accepté de signer un accord de coopération, au moyen duquel BofAML fournira certains produits et services à Julius Baer, dont la recherche mondiale d'actions. Les deux organisations procéderont en outre à un renvoi croisé de leurs clients.
• Cette acquisition devrait contribuer à un accroissement des bénéfices à partir de la troisième année complète après le bouclage principal de l’opération, c'est-à-dire la première année stationnaire complète après l'intégration. Quel que soit le montant d’AuM transférés, compris entre 57 milliards CHF et 72 milliards CHF, l’accroissement visé du BPA¹ en 2015 est d’environ 15%.
• Le prix convenu de la transaction est de 1,2% des AuM transférés (payables lorsque les AuM seront transférées à Julius Baer). Par conséquent, pour un 72 milliards CHF d'AuM transférés, Julius Baer paiera env. 860 millions CHF. A ce niveau d'AuM transférés, le montant de capital réglementaire requis pour soutenir les actifs additionnels pondérés en fonction des risques devraient s'élever à environ 300 millions CHF et les coûts totaux de restructuration, d'intégration et de rétention liés au transfert de l’activité vers la plateforme de Julius Baer devraient s'élever jusqu’à environ 400 millions CHF (312 millions CHF après les taxes). De plus, Bank of America (BofA) prendra en charge séparément un montant supplémentaire de 121² millions CHF (125 millions USD) pour des coûts définis de restructuration et d’intégration précédant le bouclage.
• Le conseil d’administration du Groupe Julius Baer a l'intention d’injecter suffisamment de fonds pour supporter l'acquisition de jusqu'à CHF 72 milliards d'AuM. A ce niveau, la transaction devrait être financée par une combinaison de jusqu’à 0,53 milliard CHF provenant de capitaux excédentaires existants, d'émission de nouveaux instruments hybrides à hauteur de 0,2 milliard CHF et de 0,74 milliard CHF de nouveau capital-actions, dont 0,24 milliard CHF qui seront émis à l’attention de BofA dans le cadre de la transaction, et 500 millions CHF qui seront levés via une offre d’émission de droits de souscription. Dans le cadre de cette émission de droits de souscription, le conseil d’administration proposera en outre une émission supplémentaire de 250 millions CHF du capital-actions pour assurer une flexibilité stratégique ultérieure (non liée à la transaction IWM), résultant en une émission totale proposée de droits de souscription de 750 millions CHF. Cette proposition d'augmentation du capital est soumise à l'approbation de l'Assemblée générale extraordinaire qui devrait se dérouler le 19 septembre 2012.
• Le bouclage de l’opération principale suivant les approbations majeures des organismes de réglementation et des autres conditions de bouclage est attendu pour fin 2012 ou début 2013, les transferts et l'intégration complète des activités devraient ensuite se dérouler sur une période de deux ans et être achevés d’ici le 4^èmetrimestre 2014 / 1^er trimestre 2015.
• En raison des activités commerciales considérablement élargies dans le monde, la structure de gestion actuelle de Julius Baer sera réalignée lors de l’opération de bouclage principale.
• Pour les premières années entières après l'intégration (c'est-à-dire 2015 et au-delà si l’intégration est achevée au 4^ème trimestre 2014), Julius Baer envisage les objectifs suivants pour le nouveau groupe agrandi: afflux net d’argent frais de 4-6%, coefficient d’exploitation de 65-70% et marge bénéficiaire avant impôts de 30-35 points de base.
• De plus, étant donné la convergence imminente du BRI et les approches de la Suisse dans le calcul des ratios de capital en 2013, le ratio cible BRI minimum de capital total sera réduit de 14% à 12%. Par conséquent, Julius Baer ajuste le ratio cible BRI de capital total 16% actuellement à 15%, soit une trésorerie de 3% (contre 2% à présent) supérieure à l’exigence minimale règlementaire. Le ratio cible BRI de niveau 1 restera inchangé à 12%. Dans le cadre de la planification proposée du capital, les ratios du capital de Julius Baer devraient rester supérieurs aux niveaux cibles pendant toute la durée du processus d'intégration. Le programme de rachat d'actions précédemment annoncé sera annulé.

Sous réserve de l’approbation par les actionnaires, Julius Baer, le principal groupe suisse de private banking, a accepté d’acquérir auprès de Bank of America (BofA) l’activité International Wealth Management (IWM) de Merrill Lynch basée hors des Etats-Unis et au Japon avec actuellement 84 milliards USD (soit 81 milliards CHF) d'actifs gérés (AuM) au 30 juin 2012, et représentant plus de 2000 employés dont plus de 500 conseillers financiers, sous réserve d’une approbation des organismes de réglementation et des actionnaires. Environ deux tiers des AuM d’IWM proviennent de clients domiciliés sur des marchés de croissance en Asie (pour plus de la moitié), en Amérique Latine et au Moyen-Orient. La transaction est composée d’une combinaison d'acquisitions d’entités juridiques et de transferts d'activités et devrait rapporter entre 57 et 72 milliards CHF supplémentaires en AuM d’ici la fin de la période d’intégration prévue sur deux années, dont environ deux tiers en provenance des marchés de croissance.

Un niveau de 72 milliards CHF d’AuM supplémentaires augmenterait les AuM existants de Julius Baer d'env. 40% à 251 milliards CHF et les actifs totaux de ses clients à environ 341 milliards CHF, tous deux sur une base pro-forma, à la fin de la période d’intégration de deux ans. Tandis que la plus grande partie des activités d'IWM se déroule dans des lieux où Julius Baer est déjà présent comme Genève, Londres, Hong-Kong, Singapour, Dubaï et Montevideo, cette acquisition permettrait d’ajouter au réseau existant de Julius Baer de nouveaux sites au Bahreïn, aux Pays-Bas, en Inde, en Irlande, au Liban, au Luxembourg, à Panama et en Espagne³. Après cette intégration, Julius Baer sera présent dans plus de 25 pays opérant et 50 sites dans le monde. A un niveau de 72 milliards CHF d’AuM transférés, la part d'AuM provenant des marchés de croissance devrait augmenter de plus d’un tiers actuellement à près de la moitié sur une base pro-forma.

Excellent ajout stratégique, culturelle et géographique – renforcement de la position dominante

Daniel J. Sauter, président du Groupe Julius Baer, a déclaré: «Cette transaction représente une occasion rare d'acquérir une affaire internationale d’une taille significative, exclusivement réservée à la gestion de fortune, et augmentera sensiblement notre poids en Europe et sur les marchés majeurs de croissance en Asie, en Amérique Latine et au Moyen-Orient. Grâce à sa forte présence sur les marchés de croissance stratégiques et à ses caractéristiques d'affaires, le secteur IWM de Merrill Lynch s’avère un excellent ajout stratégique, culturelle et géographique pour Julius Baer».

Boris F.J. Collardi, CEO du groupe Julius Baer, a ajouté de son côté: «Cette acquisition fera nettement progresser notre stratégie de croissance et renforcera considérablement sa position de leader dans ses opérations mondiales de private banking en apportant non seulement une envergure substantielle sur les marchés de croissance, mais aussi en Europe. La compatibilité et la complémentarité des deux modèles économiques, une fois intégrés, créera une nouvelle référence en matière de private banking et une offre accrue pour tous les clients des secteurs combinés. En outre, elle renforcera aussi considérablement la notoriété de Julius Baer comme employeur de choix dans ce domaine du private banking. Nous sommes impatients de travailler avec nos nouveaux collègues qui enrichiront sans aucun doute notre culture d'entreprise».

La franchise forte d’IWM est présente sur les marchés-clefs internationaux depuis des décennies. La compatibilité avec les activités de Julius Baer est notamment mise en évidence, entre autres, par la composition comparable dans la répartition des actifs, ou par un niveau moyen d’AuM par client similaire, impliquant une grande similitude dans les exigences des clients. De plus, près de la moitié des conseillers financiers d’IWM ont assisté les clients dans leur société pendant plus de dix ans.

Dans le cadre de l'intégration, les entités juridiques acquises opéreront sous la marque Julius Baer.

L'approche de Julius Baer centrée sur les clients et sa plateforme de produits ouverts seront augmentées par la culture et les modèles de service complémentaires des deux activités qui encourageront une précise fertilisation croisée des talents et des expériences. Les clients et les collaborateurs profiteront de nouvelles opportunités grâce aux franchises locales renforcées.

Forte augmentation¹ du BPA attendue à partir de 2015

Le prix convenu de la transaction est de 1,2% sur les AuM transférés (payables lorsque les AuM seront transférées à Julius Baer). A supposer un niveau de 72 milliards CHF d'AuM transférés, les AuM existants de Julius Baer au 30 juin 2012 augmenteraient par conséquent d’env. 40% à 251 milliards CHF sur une base pro-forma et les actifs totaux de ses clients à environ 341 milliards CHF. A ce niveau d'AuM transférés, le montant de capital réglementaire requis pour soutenir les actifs additionnels pondérés en fonction des risques devraient s'élever à environ 300 millions CHF.

Les coûts totaux de restructuration, d'intégration et de rétention liés au transfert de l’activité vers la plateforme de Julius Baer devraient s'élever jusqu’à environ 400 millions CHF (312 millions CHF après les taxes). Les principaux composants de ces dépenses incluent les coûts TI (par exemple maintien des plateformes IWM et Julius Baer en parallèle pendant toute la durée du processus de transfert, ainsi que les coûts d'amélioration des plateformes, d’infrastructure et de migration), les coûts de rétention requis pour stimuler et conserver les conseillers financiers et les autres membres-clés du personnel, les frais pour le personnel provisoire, ainsi que les autres dépenses de restructuration et d'intégration. De plus, BofA prendra en charge séparément un montant supplémentaire de jusqu’à 121 millions CHF (125 millions USD) pour des coûts définis de restructuration et d’intégration précédant le bouclage.

Cette acquisition devrait contribuer à un accroissement des bénéfices à partir de la troisième année complète après l’opération principale de bouclage, c'est-à-dire la première année stationnaire complète après l'intégration. Quel que soit le niveau d’AuM transférés, compris entre 57 milliards CHF et 72 milliards CHF, l’accroissement visé du BPA en 2015 est d’environ 15%⁴.

Dieter A. Enkelmann, CFO de Julius Baer, a déclaré: «Cette acquisition représente pour nos actionnaires un investissement substantiel de notre croissance future. Plusieurs de nos équipes expérimentées sont disponibles et seront chargées de réaliser cette intégration mondiale en douceur. Ces équipes sont déjà parvenues à intégrer plusieurs banques avec succès au cours de ces dernières années. En outre, la diversification géographique en résultant devrait réduire significativement le montant net de l’exposition de Julius Baer au franc suisse».

Pour les premières années entières après l'intégration (c'est-à-dire 2015 et au-delà si l’intégration est achevée au 4^ème trimestre 2014), Julius Baer envisage les objectifs suivants pour le nouveau groupe agrandi: afflux net d’argent frais de 4-6%, coefficient d’exploitation de 65-70% et marge bénéficiaire avant impôts de 30-35 points de base.

De plus, étant donné la convergence imminente du BRI et les approches de la Suisse dans le calcul des ratios de capital en 2013, le ratio cible BRI minimum de capital total sera réduit de 14% à 12%. Par conséquent, Julius Baer ajuste son ratio cible BRI de capital total 16% actuellement à 15%, soit une trésorerie de 3% (contre 2% à présent) supérieure à l’exigence minimale règlementaire. Le ratio cible BRI de niveau 1 reste inchangé à 12%. Dans le cadre de la planification proposée du capital, les ratios du capital de Julius Baer devraient rester supérieurs aux niveaux cibles pendant toute la durée du processus d'intégration. Le programme de rachat d'actions précédemment annoncé sera annulé.

Le financement inclut l'utilisation d'excès de capital existant, l'émission hybride et une augmentation de capital – BofA comme actionnaire

Le conseil d’administration du Groupe Julius Baer a l'intention d’injecter suffisamment de fonds pour supporter l'acquisition de jusqu'à CHF 72 milliards d'AuM. A ce niveau, la transaction devrait être financée par une combinaison de jusqu’à 0,53 milliard CHF provenant de capitaux excédentaires existants, d'émission de nouveaux instruments hybrides à hauteur de 0,2 milliard CHF et de 0,74 milliard CHF de nouveau capital-actions, dont 0,24 milliard CHF qui seront émis à l’attention de BofA dans le cadre de la transaction, et 500 millions CHF qui seront levés via une offre d’émission de droits de souscription. Dans le cadre de l’émission de droits de souscription, le conseil d’administration proposera en outre une émission supplémentaire du capital-actions de 250 millions CHF pour assurer une flexibilité stratégique ultérieure (non liée à la transaction IWM), résultant en une émission totale proposée de droits de souscription de 750 millions CHF. Cette proposition d'augmentation de capital est soumise à l'approbation de l'Assemblée générale extraordinaire qui devrait se dérouler le 19 septembre 2012.

Même si l’opération principale de bouclage suivant les approbations majeures des organismes de réglementation et des actionnaires, ainsi que d’autres conditions de bouclage est attendue pour fin 2012 ou début 2013, les transferts et l'intégration des activités devraient ensuite se dérouler sur une période de deux ans et être achevés d’ici le 4^ème trimestre 2014 / 1^er trimestre 2015. Les parties collaboreront étroitement pour développer un plan détaillé pour le transfert et la séparation de l'affaire acquise pour chaque juridiction.

Réalignement de la structure de gestion – Coopération avec BofAML

En raison des activités commerciales considérablement élargies dans le monde et pour refléter l'importance accrue des marchés de croissance, la structure de gestion actuelle de Julius Baer sera réalignée lors de l’opération de bouclage principale (cf. organigramme ci-joint).

Dans le cadre de la transaction, Julius Baer et BofAML ont accepté de signer un accord de coopération, au moyen duquel BofAML fournira certains produits et services à Julius Baer, dont la recherche mondiale d'actions, des offres de produits, des produits structurés, ainsi que des services consultatifs. Les deux organisations procéderont en outre à un renvoi croisé de leurs clients.

Dans cette transaction, Perella Weinberg Partners a agi en qualité de conseiller financier exclusif pour le Groupe Julius Baer.

De plus amples détails sur l'acquisition seront fournis aujourd'hui lors d’une conférence destinée aux représentants de médias, aux analystes et aux investisseurs, qui se tiendra à 9h00 du matin au Widder Hotel, Rennweg 7, à Zurich. La présentation sera retransmise en direct sur Internet par webcast via www.juliusbaer.com/webcast. Les présentations tenues lors de la conférence seront également disponibles sur notre site Web www.juliusbaer.com.

Ce communiqué de presse est également disponible en anglais. La version anglaise fait foi.

A propos de Julius Baer

Julius Baer est le plus important groupe suisse de private banking. Il se concentre exclusivement sur le service et le conseil à la clientèle privée. A fin juin 2012, le total des avoirs de la clientèle de Julius Baer s’élevait à CHF 269 milliards, dont env. CHF 179 milliards d’actifs sous gestion. La Banque Julius Baer & Cie SA, banque de renom, dont les origines remontent à 1890, est l’unité opérationnelle principale de Julius Baer Groupe SA, dont les actions sont cotées à la SIX Swiss Exchange (symbole boursier: BAER) et font partie du Swiss Market Index (SMI), l’indice des 20 titres suisses les plus importants et les plus liquides.

Julius Baer compte plus de3 600 collaborateurs répartis dans plus de 20 pays et plus de 40 sites, notamment à Zurich (siège principal), Dubaï, Francfort, Genève, Hong Kong, Londres, Lugano, Milan, Monaco, Montevideo, Moscou, Shanghai et Singapour.

Pour plus d’informations, consultez notre site Internet www.juliusbaer.com

The information in this media release may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this media release and any opinions expressed in relation thereto are subject to change without notice.

This media release does not constitute or forms part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in the company or any other securities nor shall it or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. Any such offer of securities would be made, if at all, by means of a prospectus or offering memorandum to be issued by the company. Any decision to purchase securities in the context of any offering should be made solely on the basis of information contained in the final form of any prospectus, offering memorandum or other document published in relation to such an offering and any supplements thereto. This media release does not constitute a prospectus pursuant to art. 652a and/or 1156 of the Swiss Code of Obligations or art. 27 et seq. of the listing rules of the SIX Swiss Exchange.

The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States, Canada, Australia and Japan.

This media release includes forward-looking statements that reflect the Company’s intentions, beliefs or current expectations and projections about the transaction described herein, the financing thereof, potential synergies and the Company’s and the combined group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies, opportunities and the industry in which the Company operates. Forward-looking statements involve all matters that are not historical fact. The Company has tried to identify those forward-looking statements by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “seek”, “plan”, “predict” and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause the Company’s or the combined group’s actual results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies or opportunities, as well as those of the markets they serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: actual amount of AuM transferred to the Company, which may vary from the expected AuM to be transferred; breakdown of client domicile of the actual AuM transferred, which may vary from the breakdown based on preliminary data; delays in or costs relating to the integration of the Merrill Lynch International Wealth Management business, limitations or conditions imposed on the Company in connection with seeking consent from regulators to complete the acquisition, changing business or other market conditions, general economic conditions in Switzerland, the European Union, the United States and elsewhere, and the Company’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance, or achievements to differ materially. The Company, the Merrill Lynch International Wealth Management business and each such entity’s directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

Without prejudice to the foregoing, it should be noted that certain financial information contained in this media release is unaudited and/or is presented on a pro forma basis. The assets under management numbers for the IWM as of 30 June 2012 are preliminary unaudited numbers and are therefore subject to change. The unaudited pro forma financial information contained in this media release has been prepared based on the Company’s historical unaudited financial information and the Merrill Lynch International Wealth Management business’s historical unaudited financial information and does not include any pro forma adjustments. The unaudited pro forma financial information has been prepared for illustrative purposes only and, because of its nature, may not give a true picture of the financial position or results of operations of the combined group that will be achieved upon completion of the transaction. Furthermore, the unaudited pro forma financial information is not indicative of the financial position or results of operations of the combined group for any future date or period.

¹ Basé sur le bénéfice net ajusté, c'est-à-dire excluant les coûts d’intégration et de restructuration, ainsi que les amortissements des actifs incorporels

² Les montants en USD ont été convertis en CHF à un taux de change de 0,97 CHF pour 1,0 USD

³ L'acquisition exclut certains petits sites d’IWM

⁴ Basé sur le bénéfice net ajusté, c'est-à-dire excluant les coûts d’intégration et de restructuration, ainsi que les amortissements des actifs incorporels

• Julius Bär (SWX:BAER), die führende Private-Banking-Gruppe der Schweiz, hat dem Kauf von Merrill Lynchs „International Wealth Management“-Geschäft (IWM) ausserhalb der USA zugestimmt – vorbehaltlich der Genehmigung durch die Behörden und Aktionäre. IWM verwaltete per 30. Juni 2012 Vermögen von USD 84 (CHF 81) Milliarden und verfügte über mehr als 2000 Mitarbeitende einschliesslich mehr als 500 Finanzberater.
• Die Transaktion, eine Kombination von Übernahmen rechtlicher Einheiten und von Geschäftsaktivitäten, sollte per Ende der zweijährigen Integrationsphase voraussichtlich in zusätzlich verwalteten Vermögen zwischen CHF 57 und 72 Milliarden resultieren, wovon ca. zwei Drittel aus Wachstumsmärkten. Bei CHF 72 Milliarden transferierten Vermögen würde das derzeit per 30. Juni 2012 von Julius Bär verwaltete Vermögen um ca. 40% auf CHF 251 Milliarden und das Total der Kundenvermögen auf ca. CHF 341 Milliarden, beide auf Pro-forma-Basis, ansteigen.
• Diese Akquisition bringt Julius Bär in ihrer Wachstumsstrategie einen grossen Schritt weiter und stärkt ihre führende Position im globalen Private Banking deutlich dank substanziellen Grösseneffekten und zusätzlichen Standorten, primär in Wachstumsmärkten, aber auch in Europa.
• Im Rahmen der Transaktion haben Julius Bär und Bank of America Merrill Lynch (BofAML) eine Kooperation vereinbart, wobei BofAML Julius Bär gewisse Produkte und Dienstleistungen zugänglich machen wird, einschliesslich des Zugangs zu globalem Aktienresearch. Zusätzlich werden die beiden Organisationen ihre Kunden wechselseitig weiterempfehlen.
• Die Akquisition wird voraussichtlich ab dem dritten vollen Jahr nach dem Abschluss der Transaktion positiv zum Gewinn beitragen, d.h. im ersten vollen, ordentlichen Jahr nach der Integration. Unabhängig vom transferierten Vermögen zwischen CHF 57 und 72 Milliarden wird ein Zuwachs des Gewinns pro Aktie¹ im Jahr 2015 von ca. 15% angestrebt.
• Der vereinbarte Transaktionspreis entspricht 1.2% der transferierten Vermögen (zu bezahlen, sobald die Vermögen zu Julius Bär transferiert wurden). Basierend auf transferierten Vermögen von CHF 72 Milliarden würde Julius Bär somit CHF 860 Millionen bezahlen. Bei transferierten Vermögen in diesem Umfang beträgt das für die zusätzlichen risikogewichteten Aktiven benötigte Eigenkapital voraussichtlich ca. CHF 300 Millionen. Die Gesamtkosten für Restrukturierung, Integration und Mitarbeiterbindung im Zusammenhang mit der nötigen Übertragung des Geschäfts auf die Julius-Bär-Plattform werden voraussichtlich ca. CHF 400 Millionen (nach Steuern CHF 312 Millionen) betragen. Unabhängig davon wird Bank of America (BofA) bis zu zusätzlich CHF 121² Millionen (USD 125 Millionen) für bestimmte, vor Abschluss der Transaktion anfallende Restrukturierungs- und Integrationskosten beitragen.
• Der Verwaltungsrat der Julius Bär Gruppe beabsichtigt, die Finanzierung so zu gestalten, dass die Übernahme von verwalteten Vermögen von bis zu CHF 72 Milliarden möglich ist. Bei diesem Volumen erfolgt die Finanzierung der Transaktion voraussichtlich durch eine Kombination von bis zu CHF 0.53 Milliarden existierendem Überschusskapital, der Ausgabe von CHF 0.2 Milliarden neuen hybriden Instrumenten sowie CHF 0.74 Milliarden neuem Aktienkapital. Davon werden CHF 0.24 Milliarden an BofA als Teil des Kaufpreises und CHF 500 Millionen durch ein Bezugsrechtsangebot ausgegeben. Zusätzlich wird der Verwaltungsrat von Julius Bär im Rahmen des Bezugsrechtsangebots die Aufnahme von weiteren CHF 250 Millionen neuem Aktienkapital für künftige strategische Flexibilität vorschlagen (ohne Bezug zur IWM-Transaktion), wodurch sich das vorgeschlagene Bezugsrechtsangebot auf insgesamt CHF 750 Millionen belaufen wird. Die Kapitalerhöhung unterliegt der Zustimmung durch eine für den 19. September 2012 geplante Ausserordentliche Generalversammlung.
• Der Abschluss der Transaktion wird nach Vorliegen der Genehmigung durch wichtige Behörden und anderer Abschlussbedingungen gegen Ende 2012 oder Anfang 2013 erwartet. Die Übertragung der Geschäftsaktivitäten und die vollständige Integration werden danach über einen Zeitraum von zwei Jahren vollzogen und bis zum vierten Quartal 2014/ ersten Quartal 2015 abgeschlossen sein.
• Als Folge des weltweit deutlich vergrösserten Geschäftsvolumens wird die aktuelle Managementstruktur von Julius Bär auf den Zeitpunkt des Transaktionsabschlusses hin neu ausgerichtet.
• Für die ersten Geschäftsjahre nach der Integration (d.h. ab 2015 und nachfolgend unter der Annahme, dass die Integration im vierten Quartal 2014 abgeschlossen sein wird) strebt Julius Bär folgende Ziele für die neue, vergrösserte Gruppe an: Nettoneugeldzufluss 4-6%, Cost/Income Ratio 65-70% und Vorsteuergewinn 30-35 Basispunkte.
• Zusätzlich und angesichts der bevorstehenden Angleichung der BIZ- und Schweizer Ansätze bei der Berechnung von Kapitalkennzahlen im Jahr 2013, wird das Mindestziel für die BIZ Gesamtkapitalquote von 14% auf 12% gesenkt. Entsprechend passt Julius Bär das Ziel für die BIZ Gesamtkapitalquote von derzeit 16% auf 15% an, was einem Puffer von 3% (bisher 2%) gegenüber dem regulatorischen Minimum entspricht. Das Ziel für die BIZ Kernkapitalquote (Tier 1) bleibt mit 12% unverändert. Im Rahmen der vorgeschlagenen Kapitalplanung werden Julius Bärs Kapitalkennzahlen voraussichtlich während der gesamten Integrationsphase die Zielwerte übersteigen. Das zuvor angekündigte Aktienrückkaufprogramm wird annulliert.

Julius Bär, die führende Private-Banking-Gruppe der Schweiz, hat dem Kauf von Merrill Lynchs „International Wealth Management“-Geschäft (IWM) ausserhalb der USA und Japan von Bank of America (BofA) zugestimmt– vorbehaltlich der Genehmigung durch die Behörden und Aktionäre. IWM verwaltete per 30. Juni 2012 Vermögen von USD 84 (CHF 81) Milliarden und verfügte über mehr als 2000 Mitarbeitende einschliesslich über 500 Finanzberater. Rund zwei Drittel der von IWM verwalteten Vermögen stammen von Kunden mit Domizil in Wachstumsmärkten in Asien (mehr als die Hälfte), Lateinamerika und dem Mittleren Osten. Die Transaktion, eine Kombination von Übernahmen rechtlicher Einheiten und von Geschäftsaktivitäten, sollte per Ende der zweijährigen Integrationsphase voraussichtlich in zusäztlich verwalteten Vermögen zwischen CHF 57 und 72 Milliarden resultieren, wovon ca. zwei Drittel aus Wachstumsmärkten.

Bei CHF 72 Milliarden transferierten Vermögen würde das derzeit von Julius Bär verwaltete Vermögen per Ende der zweijährigen Integrationsphase um ca. 40% auf CHF 251 Milliarden und das Total der Kundenvermögen auf ca. CHF 341 Milliarden, beide auf Pro-forma-Basis, ansteigen. Während sich der grösste Teil des IWM-Geschäfts an Standorten wie Genf, London, Hongkong, Singapur, Dubai und Montevideo befindet, an denen Julius Bär bereits über eine Präsenz verfügt, würde das bestehende Netzwerk von Julius Bär um neue Standorte in Bahrain, den Niederlanden, Indien, Irland, Libanon, Luxemburg, Panama und Spanien³ vergrössert. Nach der Integration wird Julius Bär in mehr als 25 Ländern und an 50 Standorten weltweit tätig sein. Bei transferierten CHF 72 Milliarden wird erwartet, dass der Anteil der verwalteten Vermögen aus den Wachstumsmärkten (pro forma) nach gegenwärtig mehr als einem Drittel auf voraussichtlich fast die Hälfte ansteigen wird.

Ausgezeichnete strategische, kulturelle und geographische Übereinstimmung – führende Position gestärkt

Daniel J. Sauter, Verwaltungsratspräsident der Julius Bär Gruppe, sagte: „Diese Transaktion stellt eine seltene Gelegenheit dar, ein internationales und rein auf die private Vermögensverwaltung konzentriertes Geschäft von bedeutendem Umfang zu übernehmen. Sie wird unsere Geschäftsaktivitäten in Europa sowie in unseren wichtigen Wachstumsmärkten in Asien, Lateinamerika und dem Mittleren Osten deutlich vergrössern. Aufgrund der starken Präsenz in strategischen Wachstumsmärkten und der Geschäftsausrichtung ergänzt Merrill Lynchs „International Wealth Management“-Geschäft von Julius Bär strategisch, kulturell und geographisch ideal.“

Boris F.J. Collardi, CEO der Julius Bär Gruppe, ergänzte: „Diese Akquisition bringt uns in unserer Wachstumsstrategie einen grossen Schritt weiter und wird Julius Bärs führende Position im globalen Private-Banking-Geschäft deutlich ausbauen, sowohl in Wachstumsmärkten als auch in Europa. Dank der grossen Übereinstimmung und Komplementarität der beiden Geschäftsmodelle wird nach erfolgter Integration eine neue Referenz im Private Banking geschaffen, mit einem leistungsfähigen Angebot für alle Kunden. Damit wird auch die Attraktivität von Julius Bär als bevorzugter Arbeitgeber in der Private-Banking-Industrie verstärkt. Wir freuen uns sehr auf die Zusammenarbeit mit unseren neuen Kollegen und die Bereicherung, die sie für unsere Unternehmenskultur sicher sein werden.“

IWM ist seit Jahrzehnten in bedeutenden internationalen Märkten hervorragend positioniert. Die Übereinstimmung mit Julius Bär wird unter anderem aus der ähnlichen Asset Allocation und den vergleichbaren durchschnittlich verwalteten Vermögen pro Kunde ersichtlich. Zudem betreut fast die Hälfte aller Finanzberater von IWM ihre Kunden schon seit mehr als zehn Jahren.

Im Zuge der Integration werden die übernommenen rechtlichen Einheiten neu unter dem Markennamen Julius Bär tätig sein.

Der kundenorientierte Beratungsansatz von Julius Bär und ihre offene Produktplattform werden durch die komplementären Dienstleistungen und Kulturen der beiden Geschäftseinheiten aufgewertet. Dies wird für beide Seiten eine Bereicherung sein.

Starker Zuwachs¹ des Gewinns pro Aktie ab 2015 erwartet

Der vereinbarte Transaktionspreis entspricht 1.2% der transferierten Vermögen (zu bezahlen, sobald die Vermögen zu Julius Bär transferiert wurden). Bei CHF 72 Milliarden transferierten Vermögen würde das derzeit per 30. Juni 2012 von Julius Bär verwaltete Vermögen (pro forma) um ca. 40% auf CHF 251 Milliarden und das Total der Kundenvermögen auf ca. CHF 341 Milliarden ansteigen. Bei transferierten Vermögen in diesem Umfang beträgt das für die zusätzlichen risikogewichteten Aktiven benötigte Eigenkapital voraussichtlich ca. CHF 300 Millionen.

Die gesamten Transaktions-, Restrukturierung-, Integrationskosten und Kosten für Mitarbeiterbindung im Zusammenhang mit der nötigen Übertragung des Geschäfts auf die Julius-Bär-Plattform werden voraussichtlich ca. CHF 400 Millionen (nach Steuern CHF 312 Millionen) betragen. Wesentliche Teile davon betreffen IT-Kosten (z.B. den gleichzeitigen Erhalt der Plattformen von IWM und Julius Bär während des Transferprozesses sowie Kosten für die Anpassung der Plattformen, für Infrastruktur und für Migration), Kosten für Mitarbeiterbindung nötig als Anreize für und die Bindung von Finanzberatern und anderem wichtigen Personal, Kosten für temporäre Mitarbeitende sowie andere Restrukturierungs- und Integrationskosten. Unabhängig davon wird BofA bis zu zusätzlich CHF 121 Millionen (USD 125 Millionen) für bestimmte, vor Abschluss der Transaktion anfallende Restrukturierungs- und Integrationskosten beitragen.

Die Akquisition wird voraussichtlich ab dem dritten vollen Jahr nach der Transaktion positiv zum Gewinn beitragen, d.h. im ersten ordentlichen Geschäftsjahr nach der Integration. Unabhängig vom transferierten Vermögen zwischen CHF 57 und 72 Milliarden wird ein Zuwachs des Gewinns pro Aktie¹ im Jahr 2015 von ca. 15% angestrebt.

Dieter A. Enkelmann, CFO von Julius Bär, sagte: „Für unsere Aktionäre stellt die Akquisition eine substanzielle Investition in unser künftiges Wachstum dar. Wir verfügen über mehrere erfahrene Teams, die für eine reibungslose globale Integration verantwortlich sein werden. Diese Teams haben bereits in den vergangenen Jahren erfolgreich mehrere Banken integriert. Zudem erwarten wir durch die geographische Diversifikation eine deutlich geringere Abhängigkeit von Julius Bär vom Schweizer Franken.“

Für die ersten vollen Jahre nach der zweijährigen Integration (d.h. ab 2015 und nachfolgend unter der Annahme, dass die Integration im vierten Quartal 2014 abgeschlossen sein wird) strebt Julius Bär folgende Ziele für die neue, vergrösserte Gruppe an: Nettoneugeldzufluss 4-6%, Cost/Income Ratio 65-70% und Vorsteuergewinn 30-35 Basispunkte.

Zusätzlich und angesichts der unmittelbar bevorstehenden Angleichung der BIZ- und Schweizer Ansätze bei der Berechnung von Kapitalkennzahlen im Jahr 2013 wird das Mindestziel für die BIZ Gesamtkapitalquote von 14% auf 12% gesenkt. Entsprechend passt Julius Bär das Ziel für die BIZ Gesamtkapitalquote von derzeit 16% auf 15% an, was einem Puffer von 3% (bisher 2%) gegenüber der regulatorischen Mindestanforderung entspricht. Das Ziel für die BIZ Kernkapitalquote (Tier 1) bleibt mit 12% unverändert. Im Rahmen der vorgeschlagenen Kapitalplanung werden Julius Bärs Kapitalkennzahlen voraussichtlich jederzeit während der Integrationsphase die Zielwerte übersteigen. Das zuvor angekündigte Aktienrückkaufprogramm wird annulliert.

Finanzierung beinhaltet existierendes Überschusskapital, Ausgabe von hybriden Instrumenten und eine Kapitalerhöhung – BofA als Aktionär

Der Verwaltungsrat der Julius Bär Gruppe beabsichtigt, die Finanzierung so zu gestalten, dass die Übernahme von verwalteten Vermögen von bis zu CHF 72 Milliarden möglich ist. Bei diesem Volumen erfolgt die Finanzierung der Transaktion voraussichtlich durch eine Kombination von bis zu CHF 0.53 Milliarden existierendem Überschusskapital, der Ausgabe von CHF 0.2 Milliarden neuen hybriden Instrumenten sowie CHF 0.74 Milliarden neuem Aktienkapital. Davon werden CHF 0.24 Milliarden an BofA als Teil des Kaufpreises und CHF 500 Millionen durch ein Bezugsrechtsangebot ausgegeben. Zusätzlich wird der Verwaltungsrat von Julius Bär im Rahmen des Bezugsrechtsangebots die Aufnahme von weiteren CHF 250 Millionen neuem Aktienkapital für künftige strategische Flexibilität vorschlagen (ohne Bezug zur IWM-Transaktion), wodurch sich das vorgeschlagene Bezugsrechtsangebot auf insgesamt CHF 750 Millionen belaufen wird. Die Kapitalerhöhung unterliegt der Zustimmung durch eine für den 19. September 2012 geplante Ausserordentliche Generalversammlung.

Der Hauptabschluss der Transaktion wird nach Vorliegen der Genehmigung durch wichtige Behörden und Aktionäre und anderer Abschlussbedingungen gegen Ende 2012 oder Anfang 2013 erwartet. Die Übertragung der Geschäftsaktivitäten und die vollständige Integration werden danch über einen Zeitraum von zwei Jahren vollzogen und bis zum vierten Quartal 2014/ ersten Quartal 2015 abgeschlossen sein. Die Parteien werden eng an der Entwicklung eines detaillierten Plans für den Transfer und die Abspaltung der übernommenen Geschäftseinheiten für jede Gerichtsbarkeit arbeiten.

Anpassung der Managementstruktur – Kooperation mit BofAML

Als Folge des weltweit deutlich vergrösserten Geschäftes und um der gestiegenen Bedeutung der Wachstumsmärkte Rechnung zu tragen, wird die aktuelle Managementstruktur von Julius Bär auf den Zeitpunkt des Hauptabschlusses hin neu ausgerichtet (vgl. angehängte Organigramme).

Im Rahmen der Transaktion haben Julius Bär und BofAML eine Kooperation vereinbart, wobei BofAML Julius Bär gewisse Produkte und Dienstleistungen zugänglich machen wird, einschliesslich des Zugangs zu globalem Aktienresearch, Produktangeboten sowie Strukturierten Produkten und Beratungsprodukten. Zusätzlich werden die beiden Organisationen ihre Kunden wechselseitig weiterempfehlen.

Perella Weinberg Partners agierten für diese Transaktion exklusiv als Finanzberater für die Julius Bär Gruppe.

Weitere Informationen zur Akquisition wird Julius Bär im Rahmen einer Pressekonferenz für Medien, Analysten sowie Investoren bekanntgeben, die um 9:00 Uhr im Widder Hotel, Rennweg 7, in Zürich stattfinden wird. Die Präsentation wird via Webcast live im Internet unter www.juliusbaer.com/webcast übertragen. Die an der Pressekonferenz gehaltenen Präsentationen sind auch auf unserer Website zugänglich: www.juliusbaer.com.

Diese Medienmitteilung liegt auch in englischer Sprache vor. Massgebend ist die englische Version.

Über Julius Bär

Julius Bär ist die führende Private-Banking-Gruppe der Schweiz, ausschliesslich ausgerichtet auf die Betreuung und Beratung von Privatkunden. Julius Bär betreute Ende Juni 2012 Kundenvermögen von insgesamt CHF 269 Milliarden, einschliesslich verwalteter Vermögen in der Höhe von rund CHF 179 Milliarden. Die Bank Julius Bär & Co. AG, die renommierte Privatbank, deren Ursprünge bis ins Jahr 1890 zurückreichen, ist die wichtigste operative Gesellschaft der Julius Bär Gruppe AG, deren Aktien an der SIX Swiss Exchange (Ticker-Symbol: BAER) kotiert und Teil des Swiss Market Index (SMI) sind, der die 20 grössten und liquidesten Schweizer Aktien umfasst.

Julius Bär beschäftigt mehr als 3 600 Mitarbeitende in über 20 Ländern und an mehr als 40 Standorten – unter anderem in Zürich (Hauptsitz), Dubai, Frankfurt, Genf, Hongkong, London, Lugano, Mailand, Monaco, Montevideo, Moskau, Schanghai und Singapur.

Weitere Informationen finden Sie auf unserer Website unter www.juliusbaer.com

The information in this media release may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this media release and any opinions expressed in relation thereto are subject to change without notice.

This media release does not constitute or forms part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in the company or any other securities nor shall it or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. Any such offer of securities would be made, if at all, by means of a prospectus or offering memorandum to be issued by the company. Any decision to purchase securities in the context of any offering should be made solely on the basis of information contained in the final form of any prospectus, offering memorandum or other document published in relation to such an offering and any supplements thereto. This media release does not constitute a prospectus pursuant to art. 652a and/or 1156 of the Swiss Code of Obligations or art. 27 et seq. of the listing rules of the SIX Swiss Exchange.

The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States, Canada, Australia and Japan.

This media release includes forward-looking statements that reflect the Company’s intentions, beliefs or current expectations and projections about the transaction described herein, the financing thereof, potential synergies and the Company’s and the combined group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies, opportunities and the industry in which the Company operates. Forward-looking statements involve all matters that are not historical fact. The Company has tried to identify those forward-looking statements by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “seek”, “plan”, “predict” and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause the Company’s or the combined group’s actual results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies or opportunities, as well as those of the markets they serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: actual amount of AuM transferred to the Company, which may vary from the expected AuM to be transferred; breakdown of client domicile of the actual AuM transferred, which may vary from the breakdown based on preliminary data; delays in or costs relating to the integration of the Merrill Lynch International Wealth Management business, limitations or conditions imposed on the Company in connection with seeking consent from regulators to complete the acquisition, changing business or other market conditions, general economic conditions in Switzerland, the European Union, the United States and elsewhere, and the Company’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance, or achievements to differ materially. The Company, the Merrill Lynch International Wealth Management business and each such entity’s directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

Without prejudice to the foregoing, it should be noted that certain financial information contained in this media release is unaudited and/or is presented on a pro forma basis. The assets under management numbers for the IWM as of 30 June 2012 are preliminary unaudited numbers and are therefore subject to change. The unaudited pro forma financial information contained in this media release has been prepared based on the Company’s historical unaudited financial information and the Merrill Lynch International Wealth Management business’s historical unaudited financial information and does not include any pro forma adjustments. The unaudited pro forma financial information has been prepared for illustrative purposes only and, because of its nature, may not give a true picture of the financial position or results of operations of the combined group that will be achieved upon completion of the transaction. Furthermore, the unaudited pro forma financial information is not indicative of the financial position or results of operations of the combined group for any future date or period.

¹ Berechnet auf der Basis des adjustierten Konzerngewinns, d.h. unter Ausklammerung von Integrations- und Restrukturierungskosten sowie Abschreibungen auf Immateriellen Vermögenswerten.

² USD Beträge wurden basierend auf dem Wechselkurs CHF 0.97 pro USD 1.00 umgerechnet.

³ Die Akquisition klammert gewisse kleinere IWM-Standorte aus.

• Julius Baer (SWX: BAER), the leading Swiss private banking group, has agreed, subject to regulatory and shareholder approvals, to acquire Merrill Lynch’s International Wealth Management business (IWM) based outside the US with USD 84 (CHF 81) billion of assets under management (AuM) as of 30 June 2012 and over 2,000 employees, including more than 500 financial advisers.
• The transaction is a combination of legal entity acquisitions and business transfers, that by the end of the expected two-year integration period, is currently estimated to result in additional AuM of between CHF 57 billion and CHF 72 billion, of which approximately two thirds from growth markets. Assuming CHF 72 billion AuM transferred, Julius Baer’s existing AuM as of 30 June 2012 would increase by approx. 40% to CHF 251 billion and its total client assets to CHF 341 billion, both on a pro forma basis.
• This acquisition brings Julius Baer a major step forward in its growth strategy and will considerably strengthen its leading position in global private banking by adding substantial scale and additional offices primarily in growth markets, but also in Europe.
• As part of the transaction, Julius Baer and Bank of America Merrill Lynch (BofAML) have agreed to enter into a cooperation agreement whereby BofAML will provide certain products and services to Julius Baer, including global equity research. In addition there will be cross-referral of clients between both organisations.
• The acquisition is expected to be earnings accretive from the third full-year following principal closing, i.e. the first full steady-state year following integration. Irrespective of the AuM transferred between CHF 57 billion and CHF 72 billion, the EPS accretion¹ target in 2015 is approx. 15%.
• The agreed transaction price is 1.2% of AuM transferred (payable as and when AuM transfer to Julius Baer). Therefore, at CHF 72 billion AuM transferred, Julius Baer would pay approx.
  CHF 860 million. At that level of AuM transferred, the amount of regulatory capital required to support the incremental risk-weighted assets is expected to amount to approx.
  CHF 300 million, and the total restructuring, integration and retention costs in connection with the necessary transfer of the business to the Julius Baer platform are expected to amount to up to approx. CHF 400 (after tax CHF 312) million. Separately, Bank of America (BofA) will assume up to an additional CHF 121² (USD 125) million of defined pre-completion restructuring and integration costs.

• The Board of Directors of Julius Baer Group intends to put funding in place at a level that is sufficient to support the acquisition of up to CHF 72 billion AuM. At that level, the transaction is expected to be funded by a combination of up to CHF 0.53 billion from existing excess capital, CHF 0.2 billion from the issuance of new hybrid instruments, and CHF 0.74 billion of new share capital, of which CHF 0.24 billion is to be issued to BofA as part of the consideration, and CHF 500 million to be raised via a proposed rights offer. In addition, as part of the rights offer, the Board of Directors will propose to raise a further CHF 250 million in new share capital for future strategic flexibility (not related to the IWM transaction), resulting in a total CHF 750 million proposed rights offering. The proposed capital increase is subject to approval by an Extraordinary General Meeting expected to be scheduled for
  19 September 2012.
• Principal closing following major regulatory approvals and other closing conditions is expected towards the end of 2012 or in early 2013. Business transfers and full integration are expected to occur over a two-year period thereafter and to be completed by Q4 2014/Q1 2015.
• As a consequence of the significantly enlarged business globally, the current Julius Baer management structure will be realigned as of the principal closing.
• For the first full years after the integration (i.e. 2015 and beyond, assuming the integration is completed in Q4 2014), Julius Baer envisages targets for the new enlarged group as follows: Net new money 4-6%, cost/income ratio 65-70% and pre-tax profit margin 30-35bps.
• In addition, given the imminent convergence of the BIS and Swiss approaches to calculating capital ratios in 2013, the minimum required BIS total capital ratio will be reduced from 14% to 12%. As a consequence, Julius Baer adjusts its BIS total capital ratio target from the current 16% to 15%, which represents a 3% (thus far 2%) buffer over the regulatory minimum requirement. The 12% BIS tier 1 target ratio will remain unchanged. In the proposed capital planning, Julius Baer’s capital ratios are expected to remain above target levels at all times throughout the integration process. The previously announced share buyback programme will be cancelled.

Julius Baer, the leading Swiss private banking group, has agreed, subject to the regulatory and shareholder approvals, to acquire Merrill Lynch’s International Wealth Management business (IWM) based outside the US and Japan from Bank of America (BofA) with USD 84 (CHF 81) billion of assets under management (AuM) as of 30 June 2012 and over 2,000 employees, including more than 500 financial advisers. Approximately two thirds of IWM AuM are from clients domiciled in growth markets in Asia (more than half), Latin America and the Middle East. The transaction is a combination of legal entity acquisitions and business transfers and, by the end of the expected two-year integration period, is currently estimated to result in additional AuM of between CHF 57 billion and CHF 72 billion, of which approximately two thirds from growth markets.

At CHF 72 billion AuM transferred, this would increase Julius Baer’s existing AuM by approx. 40% to CHF 251 billion and its total client assets to CHF 341 billion at the end of the two-year integration period, both on a pro forma basis. While the bulk of IWM’s business is in locations where Julius Baer is already present, such as Geneva, London, Hong Kong, Singapore, Dubai and Montevideo, the acquisition would add new locations in Bahrain, the Netherlands, India, Ireland, Lebanon, Luxembourg, Panama and Spain³ to Julius Baer’s existing network. Post integration, Julius Baer will be present in more than 25 countries and 50 locations globally. At CHF 72 billion transferred, the proportion of AuM derived from growth markets is expected to increase from over a third today to almost half, on a pro forma basis.

Excellent strategic, cultural and geographic fit – strengthening of leading position

Daniel J. Sauter, Chairman of the Julius Baer Group, said: “This transaction represents a rare opportunity to acquire an international pure-play wealth management business of significant size and will add substantial scale to our business in Europe and in key growth markets in Asia, Latin America and the Middle East. Due to its strong presence in strategic growth markets and its business characteristics, Merrill Lynch’s International Wealth Management business is an excellent strategic, cultural and geographic fit for Julius Baer.”

Boris F.J. Collardi, CEO of the Julius Baer Group, added: “This acquisition brings us a major step forward in our growth strategy and will considerably strengthen Julius Baer’s leading position in global private banking by adding a new dimension not only to growth markets but also to Europe. The compatibility and complementarity of the two business models, once integrated, will create a new reference in private banking and a powerful offering for all clients of the combined businesses. In addition, it will reinforce Julius Baer’s attractiveness as an employer of choice in the private banking industry. We very much look forward to working with our new colleagues who will undoubtedly enrich our corporate culture.”

The strong IWM franchise has been present in international key markets for decades. The compatibility with Julius Baer’s business is evidenced, among others, by the similar asset allocation composition or similar average AuM per client. Furthermore, close to half of the financial advisors at IWM have been servicing clients at their company for more than ten years.

As part of the integration, the acquired legal entities will operate under the brand Julius Baer.

Julius Baer’s client-centric approach and open-product platform will be enhanced through the complementary service models and cultures of the two businesses that will promote valuable cross-fertilisation of skills and experience. Clients and employees will benefit from new opportunities as a result of strengthened local franchises.

Strong EPS accretion¹ expected from 2015

The agreed transaction price is 1.2% on AuM transferred (payable as and when AuM transfer to Julius Baer). Therefore, assuming CHF 72 billion AuM transferred, Julius Baer’s existing AuM as of 30 June 2012 would increase by approx. 40% to CHF 251 billion on a pro forma basis and its total client assets to CHF 341 billion. At that level of AuM transferred, the amount of regulatory capital required to support the incremental risk-weighted assets is expected to amount to approx. CHF 300 million.

Total transaction, restructuring, integration and retention costs in connection with the necessary transfer of the business to the Julius Baer platform are expected to amount to up to approx. CHF 400 (after tax CHF 312) million. Major components of these costs include IT costs (e.g. maintaining IWM and Julius Baer platforms in parallel throughout the transfer process, as well as platform enhancements, infrastructure and migration costs), retention costs required to incentivise and retain financial advisors and other key personnel, costs for temporary staff as well as other restructuring and integration expenses. Separately, BofA will assume up to an additional CHF 121 (USD 125) million of defined pre-completion restructuring and integration costs.

The acquisition is expected to be earnings accretive from the third full-year following principal closing, i.e. the first full steady-state year following integration. Irrespective of the AuM transferred between CHF 57 billion and CHF 72 billion, the EPS accretion¹ target in 2015 is approx. 15%.

Dieter A. Enkelmann, CFO of Julius Baer, said: “For our shareholders the acquisition represents a substantial investment in our future growth. We have a number of experienced teams available which will be responsible for achieving a smooth global integration. These teams have already been successful in integrating several banks over the last years. Furthermore, the resulting geographic diversification is expected to significantly reduce Julius Baer’s net currency exposure to the Swiss franc.”

For the first full years after the two-year integration (i.e. 2015 and beyond assuming the integration is completed in Q4 2014), Julius Baer envisages targets for the new enlarged group as follows: Net new money 4-6%, cost/income ratio 65-70% and pre-tax profit margin 30-35bps.

In addition, given the imminent convergence of the BIS and Swiss approaches to calculating capital ratios in 2013, the minimum required BIS total capital ratio will be reduced from 14% to 12%. As a consequence, Julius Baer adjusts its BIS total capital ratio target from currently 16% to 15%, which represents a 3% (thus far 2%) buffer over the regulatory minimum requirement. The 12% BIS tier 1 ratio target remains unchanged. In the proposed capital planning, Julius Baer’s capital ratios are expected to remain above target levels at all times throughout the integration process. The previously announced share buyback programme will be cancelled.

Funding includes use of existing excess capital, hybrid issuance and a capital increase – Bank of America (BofA) as shareholder

The Board of Directors of Julius Baer Group intends to put funding in place at a level that is sufficient to support the acquisition of up to CHF 72 billion AuM. At that level, the transaction is expected to be funded by a combination of up to CHF 0.53 billion from existing excess capital, CHF 0.2 billion from the issuance of new hybrid instruments, and CHF 0.74 billion new share capital, of which CHF 0.24 billion is to be issued to BofA as part of the consideration, and CHF 500 million to be raised via a proposed rights offering. In addition, as part of the rights offering, the Board of Directors will propose to raise a further CHF 250 million in new share capital for future strategic flexibility (not related to the IWM transaction), resulting in a total CHF 750 million proposed rights offering. The proposed capital increase is subject to approval by an Extraordinary General Meeting expected to be scheduled for the 19 September 2012.

While the principal closing following major regulatory and shareholder approvals and other closing conditions is expected towards the end of 2012 or in early 2013, the business transfers and integration are expected to occur over a two-year period thereafter and to be completed in Q4 2014/Q1 2015. The parties will work closely together to develop a detailed plan for the transfer and separation of the acquired business for each jurisdiction.

Management structure realignment – cooperation with BofAML

As a consequence of the significantly enlarged business globally and to reflect the increased importance of growth markets, the current Julius Baer management structure will be realigned as of principal closing (see organisational charts attached).

As part of the transaction, Julius Baer and BofAML have agreed to enter into a cooperation agreement whereby BofAML will provide certain products and services to Julius Baer, including the provision of global equity research, product offerings, as well as structured and advisory products. In addition there will be cross-referral of clients between both organisations.

Perella Weinberg Partners acted as exclusive financial advisor to Julius Baer Group on this transaction.

More information on the acquisition will be provided today at a presentation for media representatives, analysts and investors, which will take place at 9.00 a.m. at the Widder Hotel, Rennweg 7, in Zurich. The presentation will be webcast live on the internet via www.juliusbaer.com/webcast. The presentations held at the conference will also be available on our website, www.juliusbaer.com.

About Julius Baer

The Julius Baer Group is the leading Swiss private banking group, with an exclusive focus on servicing and advising private clients. Julius Baer’s total client assets amounted to CHF 269 billion at the end of June 2012, with assets under management accounting for CHF 179 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and form part of the Swiss Market Index (SMI) of the 20 largest and most liquid Swiss stocks.

Julius Baer employs a staff of over 3,600 in more than 20 countries and some 40 locations, including Zurich (head office), Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, Milan, Monaco, Montevideo, Moscow, Shanghai and Singapore.

For more information visit our website at www.juliusbaer.com

The information in this media release may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this media release and any opinions expressed in relation thereto are subject to change without notice.

This media release does not constitute or forms part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in the company or any other securities nor shall it or any part of it nor the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. Any such offer of securities would be made, if at all, by means of a prospectus or offering memorandum to be issued by the company. Any decision to purchase securities in the context of any offering should be made solely on the basis of information contained in the final form of any prospectus, offering memorandum or other document published in relation to such an offering and any supplements thereto. This media release does not constitute a prospectus pursuant to art. 652a and/or 1156 of the Swiss Code of Obligations or art. 27 et seq. of the listing rules of the SIX Swiss Exchange.

The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States, Canada, Australia and Japan.

This media release includes forward-looking statements that reflect the Company’s intentions, beliefs or current expectations and projections about the transaction described herein, the financing thereof, potential synergies and the Company’s and the combined group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies, opportunities and the industry in which the Company operates. Forward-looking statements involve all matters that are not historical fact. The Company has tried to identify those forward-looking statements by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “seek”, “plan”, “predict” and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause the Company’s or the combined group’s actual results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies or opportunities, as well as those of the markets they serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: actual amount of AuM transferred to the Company, which may vary from the expected AuM to be transferred; breakdown of client domicile of the actual AuM transferred, which may vary from the breakdown based on preliminary data; delays in or costs relating to the integration of the Merrill Lynch International Wealth Management business, limitations or conditions imposed on the Company in connection with seeking consent from regulators to complete the acquisition, changing business or other market conditions, general economic conditions in Switzerland, the European Union, the United States and elsewhere, and the Company’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance, or achievements to differ materially. The Company, the Merrill Lynch International Wealth Management business and each such entity’s directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

Without prejudice to the foregoing, it should be noted that certain financial information contained in this media release is unaudited and/or is presented on a pro forma basis. The assets under management numbers for the IWM as of 30 June 2012 are preliminary unaudited numbers and are therefore subject to change. The unaudited pro forma financial information contained in this media release has been prepared based on the Company’s historical unaudited financial information and the Merrill Lynch International Wealth Management business’s historical unaudited financial information and does not include any pro forma adjustments. The unaudited pro forma financial information has been prepared for illustrative purposes only and, because of its nature, may not give a true picture of the financial position or results of operations of the combined group that will be achieved upon completion of the transaction. Furthermore, the unaudited pro forma financial information is not indicative of the financial position or results of operations of the combined group for any future date or period.

¹ Based on adjusted net profit, i.e. excluding integration and restructuring costs and amortisation of intangible assets

² USD amounts have been translated into CHF at an exchange rate of CHF 0.97 per USD 1.00

³ The acquisition excludes some small IWM locations

「シルバー・スプリングのおかげで、Jemenaは当社スマートメーターの優に99%超を毎日、信頼性をもって検針することができます。当社はその情報をElectricity Outlookポータルを介して消費者と共有しているため、消費者は家庭におけるエネルギー使用量を理解し、エネルギーコストと温室効果ガス排出量の管理を改善できます。」

シルバー・スプリング・ネットワークスのスコット・ラング最高経営責任者（CEO）は、次のように述べています。「シルバー・スプリングの業界有数のIPv6ネットワーキングプラットフォームは世界各地で1200万以上の住宅と事業所をつなぎ、世界中の電力会社が顧客との接続を改善できるように支援しています。今日、節目となる大きな成果を達成したことで、オープンで標準ベースのスマートエネルギーネットワークを導入し、消費者がエネルギー効率を改善できるようにするという世界的な取り組みにおいて、オーストラリアの電力会社は最前線の地位を確立したことになります。」

シティーパワー＆パワーコール、Jemena、ユナイテッド・エナジーの顧客は、今日のスマートグリッドがもたらす恩恵を既に実感しています。高度検針は信頼性に優れ、回数も頻繁であるため、電力料金の推計に基づく請求書は急速に過去のものになりつつあり、消費者は既にエネルギー使用に関する情報をオンラインで取得し始めています。さらに、スマートメーターを利用している消費者は、スマートエネルギーネットワークにより、現場技術者の自宅への出張を必要とすることなく、以前にも増して迅速で廉価なサービスと保守を利用できます。

シティーパワー＆パワーコールCEOのShane Breheny氏は、次のように述べています。「当社はシルバー・スプリングと協力して、人口密度が高い都市部と低い地方に、今日までに70万台以上のスマートメーターを導入することができました。その数は今後さらに増える見通しです。当社のプログラムは予定通りに予算内で進んでおり、宅内ディスプレー、リモート再接続、停電管理強化を通じて、消費者に便益を提供し始めています。」

Jemenaマネジングディレクターのポール・アダムズ氏は、次のように語っています。「シルバー・スプリングのおかげで、Jemenaは当社スマートメーターの優に99%超を毎日、信頼性をもって検針することができます。当社はその情報をElectricity Outlookポータルを介して消費者と共有しているため、消費者は家庭におけるエネルギー使用量を理解し、エネルギーコストと温室効果ガス排出量の管理を改善できます。」

ユナイテッド・エナジーCEOのヒュー・グリーソン氏は、次のように述べています。「シルバー・スプリングは、 “インテリジェントユーティリティー”を生み出すという当社のビジョンの実現を支援してくれています。スマートメーターはその1歩に過ぎません。当社は既に、ネットワーク投資の活用によって、配電ネットワーク管理を改善してエネルギーの信頼性と効率性を高めています。またインターネットポータルのEnergy Easyなどの新たなツールで消費者を支援しています。当社の顧客はEnergy Easy（UEのスマートメーター利用者はwww.ue.com.auからアクセス可能）によって、エネルギー使用量をモニタリング・把握し、その情報を基に自分のライフスタイルにより適した電力小売サービスを選択できます。」

シルバー・スプリングの標準ベースのIPv6ネットワーキングプラットフォームは、電力網の性能向上とエネルギー効率の改善を狙った広範なソリューションとアプリケーションに対応しています。このプラットフォームは配電自動化と停電通知システムをサポートしているため、消費者の電力網に対する信頼性を高めることができます。さらにデマンドサイド管理にも対応する予定です。ビクトリア・エネルギー効率ターゲット（VEET）の基準に完全準拠しているため、エンドユーザーは宅内ディスプレーを利用することができます。

シルバー・スプリング・ネットワークスについて

シルバー・スプリング・ネットワークスは、スマートエネルギーネットワーク向けのネットワーキングプラットフォームと各種ソリューションを提供する一流企業です。当社は先進的なIPv6ネットワーキングプラットフォームにより、世界中で住宅と事業所1200万カ所以上をネットワーク化しており、世界のためにエネルギー効率向上の実現を目標に掲げています。電力会社はシルバー・スプリングの革新的製品により、効率の向上と再生可能エネルギー源の組み込みが可能となり、またエネルギー消費量をモニタリング・管理できる機能を顧客に提供することができます。シルバー・スプリング・ネットワークスの製品は世界中の大手電力会社で採用されており、ボルチモア・ガス＆エレクトリック、シティーパワー＆パワーコール、コモンウェルス・エジソン、フロリダ・パワー＆ライト、Jemena Electricity Networks Limited、パシフィック・ガス＆エレクトリック・カンパニー、ペプコ・ホールディングズ、ユナイテッド・エナジーなどを顧客として抱えています。詳細情報についてはwww.silverspringnet.comをご覧ください。

本記者発表文の公式バージョンはオリジナル言語版です。翻訳言語版は、読者の便宜を図る目的で提供されたものであり、法的効力を持ちません。翻訳言語版を資料としてご利用になる際には、法的効力を有する唯一のバージョンであるオリジナル言語版と照らし合わせて頂くようお願い致します。

“Hemos alcanzado un punto crítico en la evolución de la programación en español para EE. UU. y es el momento preciso para MundoFox”

MundoFox se enorgullece de contar con un reparto variado de programas de calidad que se hacen eco de los intereses del "Nuevo Televidente Latino". Los televidentes de esta cadena podrán ver estrellas tan famosas como Marlon Moreno, María Adelaida Puerta y Andrés Suárez en la exitosa serie en español “El Capo.” Los aclamados actores mexicanos Verónica Castro, Jaime Camil y Ludwika Paleta son las estrellas de “Los Exitosos Pérez.” El comediante y actor de telenovelas Carlos Espejel y la actriz, compositora y cantante puertorriqueña Roselyn Sánchez, trabajan en la venidera serie de comedia “EXPOSOS”, y Christopher Von Uckermann es la estrella de la aclamada serie “Kdabra.” El divertido y brillante Marco Antonio Regil conducirá el nuevo programa de juegos “Minuto Para Ganar“, y cada noche entresemana, el periodista Rolando Nichols, laureado con el Premio Peabody, conducirá “Noticias MundoFox” a las 6 pm, el único noticiero en español que se producirá en vivo para ambas costas.

El repertorio de MundoFox incluye:

• El Capo 2 – la segunda temporada de una de las series de televisión en español más exitosas de la historia, basada en la historia del ficticio cabecilla narco Pedro Pablo Jaramillo, saldrá al aire todas las noches de lunes a viernes a las 9 (8 Centro).
• Los Exitosos Pérez – una historia donde el robo de identidad es la trama principal y los lazos sentimentales de Martín Pérez son manejados con un tono de comedia.
• Kdabra –Misterio, magia e intriga conectan elementos del mundo natural y el sobrenatural; el misterio apasionante que rodea al protagonista, un adolescente de 17 años que se escapó de una comunidad siniestra, genera una serie de eventos inesperados.
• Tiempo Final – Cada semana, los personajes dan con un callejón sin salida o encaran un destino inevitable que cambiará sus vidas para siempre —desde amantes cansados de su anonimato que deciden revelar su relación hasta un asesino en serie que se oculta bajo la imagen inocua de un plomero o una despedida de soltero que se convierte rápidamente en un suceso inolvidable.
• Minuto para Ganar– un programa de entretenimiento que adaptado del exitazo en inglés "Minute to Win It", donde los concursantes enfrentan diez desafíos que deben ser superados en un minuto cada uno.
• Betty La Fea – uno de los programas en español más populares de la historia, en versiones de media hora por primera vez en EE. UU.
• American Dad, una de las comedias animadas más exitosas, de Seth McFarlane, el creador de Family Guy, saldrá al aire tarde en la noche.
• Las Santísimas – La versión latina de “Sex and the City”, que sigue las vidas de cinco mujeres muy distintas, quienes se topan con obstáculos internos y externos en la búsqueda de la felicidad.
• Pobres Rico – la historia de una familia acaudalada que pierde su fortuna por una traición desde adentro. El destino y la necesidad los obliga a trabar una alianza precaria con una familia rival, pero el amor aflora en lugares inesperados para dar a ambas familias lecciones de confianza, unidad y solidaridad.
• El Joe, La Leyenda – un drama de los setenta basado en la historia exclusiva de la leyenda musical Joe Arroyo, un joven músico amante de la diversión pero felizmente comprometido, quien se tiene una aventura amorosa un fin de semana con una joven seductora, sin saber que es la hija de un magnate de la música. Sin embargo, una serie de giros inesperados propiciará que los amantes vuelvan a reunirse años después y reavivan su aventura prohibida.
• Nat Geo Kids – la revista infantil más popular de EE. UU. se vuelve televisiva gracias a MundoFox, incluyendo programas de mucha información e intenso ritmo, producidos por National Geographic.
• UFC-LIVE – programa de acción con la organización más importante de artes marciales mixtas y los mejores luchadores del mundo. Eventos en vivo saldrán al aire durante todo el año por MundoFox.

MundoFox ha formado ya una base de 50 estaciones afiliadas en mercados que representan el 80% de los hogares hispanos, y la cadena confía en que su mezcla de programas innovadores y de punta atraerá a una porción significativa de los 52 millones (número que va en ascenso) de latinos que viven en EE. UU. MundoFox estará disponible por la televisión de señal abierta y también por la televisión por cable, satélite y de proveedores de telecomunicaciones (para información sobre los números de los canales locales, visite por favor mundofox.com o llame a su proveedor de cable, satélite o telecomunicación).

Tras haberse percatado que los deseos y necesidades de entretenimiento de los latinos estadounidenses han cambiado y continúan en evolución, MundoFox se dirige a la audiencia con mentalidad de "Entretenimiento Latino, Actitud Estadounidense" MundoFox se instituye para captar la imaginación de esa audiencia bicultural que vive en ambos mundos lingüísticos: inglés y español, con una mezcla de programas sofisticados bien producidos y culturalmente relevantes.

“Hemos alcanzado un punto crítico en la evolución de la programación en español para EE. UU. y es el momento preciso para MundoFox”, declaró su Presidente, Emiliano Saccone. “Como hicimos en 1986 al lanzar Fox Broadcasting, hemos examinado el panorama y creemos que ha llegado el momento. Sabemos que hay una competencia increíble en esta arena, pero nuestro poderoso repertorio de programas creativos y con inspiración, la base sólida de afiliados, los anunciantes con reconocimiento internacional y una claro sentido de adónde vamos dan la fórmula del éxito a largo plazo."

Los expertos de demografía estiman que la creciente población de latinos en EE. UU. alcanzará los 133 millones en 2050. Esto significa que casi uno de tres estadounidenses será hispano. La mitad del crecimiento poblacional de EE. UU. en la década pasada provino de este grupo, cuyo poder adquisitivo anual es de más de un billón de dólares. Se pronostica que esta cifra ascenderá a $1.5 billones en 2015, según Nielsen Media Research. Los anunciantes comprenden el poder de esos números. Toyota Motor Sales USA, L’Oreal y T-Mobile USA están entre los más de cincuenta anunciantes comprometidos ya con MundoFox.

Acerca de MundoFox

MundoFox es una empresa conjunta de Fox International Channels (FIC), la unidad internacional multimedios de News Corporation, y RCN, la cadena latinoamericana líder de televisión y compañía de producción propiedad de la Organización Ardila Lulle (OAL). Juntos, FIC y RCN llegan en la actualidad a 1.2 billones de núcleos familiares en todo el mundo con comedias y dramas en el horario estelar y series diurnas, así como programas educativos, deportivos y de estilo de vida. Además, ambas operan y programan redes de televisión por cable, así como canales noticiosos globales que transmiten las 24 horas del día. La nueva cadena, con sede en Los Ángeles, California, debutará en agosto de 2012.

Para más información, visite MundoFox en http://us.mundofox.com.

Fotos y galería multimedia disponibles en: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50374500&lang=es

“Minuto Para Ganar“ and every weeknight, the Peabody Award-winning journalist Rolando Nichols will anchor “Noticias MundoFox”

MundoFox is proud to have a diverse roster of quality programming that echoes the interests of the ‘New Latino’ viewer. Network viewers can tune in to see such well-known stars as Marlon Moreno, Maria Adelaida Puerta and Andres Suarez in the Spanish hit “El Capo.” The acclaimed Mexican actors Veronica Castro, Jaime Camil and Ludwika Paleta star in “Los Exitosos Perez.” Carlos Espejel, Mexican telenovela actor and comedian, and Roselyn Sanchez, Puerto Rican singer-songwriter/actress in the upcoming comedy series “EXPOSOS” and Christopher Von Uckermann, star of the critically-acclaimed series “Kdabra.” The brilliant and funny Marco Antonio Regil will host the new game show “Minuto Para Ganar“ and every weeknight, the Peabody Award-winning journalist Rolando Nichols will anchor “Noticias MundoFox” at 6 p.m., the only newscast in Spanish to be produced live for both the East and the West Coast.

The MundoFox lineup includes:

• El Capo 2 – the second season of one of the most successful Spanish-Language teleseries ever created, based on the story of the fictional drug lord Pedro Pablo Jaramillo, will air every weeknight at 9 (8 Central).
• Los Exitosos Perez – a story where identity theft is the groundbreaking plot and where the sentimental bonds of Martin Perez are managed with a tone of comedy.
• Kdabra – mystery, magic, and intrigue that gathers elements from the real and the supernatural worlds; where the enthralling mystery surrounding its main character, a 17-year-old teenager who has escaped from a dark community- triggers a series of unexpected events.
• Tiempo Final – each week, the characters face a dead end or an inevitable fate that will change their lives forever — from lovers who are exhausted by their anonymity and decide to disclose their relationship to a serial murderer who is hiding under the harmless image of a plumber or a bachelor party that quickly becomes one that will not be forgotten.
• Minuto para Ganar – an entertainment program adapted from the wildly successful U.S. show "Minute to Win It" whereby contestants play ten challenges, each lasting one minute..
• Betty La Fea – one of the most popular Spanish-Language shows ever created, for the first time in the US in half-hour versions.
• American Dad - one of the most successful animated comedies, from Family Guy creator Seth McFarlane, will air in late night.
• Las Santísimas – the Latino version of “Sex and the City”, following the lives of five women from different backgrounds who, in their pursuit for happiness, encounter both internal and external obstacles.
• Pobres Rico – the story of a wealthy family cut off from their riches by betrayal from within. Fate and necessity force them into an uneasy alliance with a rival family, but love blossoms in unexpected places teaching both families lessons about trust, unity and solidarity.
• El Joe, La Leyenda – a seventies period drama based on the exclusive story of music legend Joe Arroyo, a young, fun-loving but happily engaged musician, who indulges in a weekend fling with an alluring young woman, who unbeknownst to him, is the daughter of a music mogul. However, an unexpected series of twists and turns will conspire to bring the lovers together again years later and reignite their forbidden affair.
• Nat Geo Kids – the U.S.’ most popular kids magazine turned TV by MundoFox including great fact-filled, fast paced kids programming originally produced by National Geographic.
• UFC-LIVE – action from the premier mixed martial arts organization with the most top-ranked fighters in the world. Live events will air throughout the year on MundoFox.

MundoFox has already built a base of 50 affiliate stations in markets representing 80% of U.S. Hispanic households, and the network is confident its groundbreaking and innovative program mix will appeal to a significant portion of the 52 million (and growing) Latinos who live in the U.S. MundoFox will be available on broadcast over-the-air television, as well as through cable, satellite and telco providers (for local channel number information, please visit mundofox.com or call your cable, satellite or telco provider).

Knowing that the entertainment wants and needs of American Latinos have changed and continue to evolve, MundoFox is targeting this new mindset with “Latino entertainment, American attitude”. MundoFox is set to capture the imagination of this bi-cultural audience that lives in both the English and Spanish speaking worlds with a mix of well-produced, culturally relevant and sophisticated programming.

“We’ve reached a tipping point in the evolution of U.S. Spanish-language programming and the time is right for MundoFox,” said Emiliano Saccone, President of MundoFox. “Like we did in 1986 when we launched Fox Broadcasting, we’ve read the landscape and believe the time is now. We know that while there is incredible competition in this arena, our strong line-up of inspired and creative programs, robust foundation of affiliates, internationally recognized advertisers and clear sense of direction are a formula for long-term success.”

Demographic experts expect the burgeoning population of U.S. Latinos to reach 133 million by 2050, meaning that nearly one in three Americans will be Hispanic. Fifty percent of U.S. population growth over the past decade has come from this group with an annual spending power of $1 trillion. This number is forecast to climb to $1.5 trillion by 2015, according to Nielsen Media Research. Advertisers understand the power of these numbers. Toyota Motor Sales USA, L’Oreal and T-Mobile USA are among over fifty advertisers already committed to MundoFox.

About MundoFox

MundoFox is a joint venture between Fox International Channels (FIC), News Corporation’s international multi-media business, and RCN, the leading Latin American television network and production company belonging to Organización Ardila Lülle (OAL). Together, FIC and RCN currently reach over 1.2 billion households worldwide with primetime comedies, dramas and daytime series, as well as factual, sports and lifestyle programming. Additionally, both operate and program cable networks and twenty-four-hour global news channels. The new network, headquartered in Los Angeles, CA, will launch in August of 2012.

For more information, visit MundoFox online at http://us.mundofox.com/.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50374500&lang=en

この意義ある賞が授与されたのは、2011年にイコングループがその取引プラットフォームに画期的な改善を行ったことが理由です。この改善により、ECNから一切の人手を排除した完全自動化取引デスクとして最新技術のIKON Non-Trading Desk Executionを導入しました。そうすることで、イコングループのクライアントのすべての取引は、ECNに対しての、つまりはドイツ銀行、UBS銀行、JPモルガン、シティバンク、バークレイズ、ドレスナー銀行、クレディ・スイス・ドイツ銀行、モルガン・スタンレー、バンク・オブ・アメリカ、ゴールドマン・サックスといったイコンの流動性供給機関に対してのヘッジが可能になります。

イコンの自動取引デスクにより、クライアントの取引の執行では複数の流動性供給機関のECNにすべての取引が直接送信され、イコンとクライアントとの間で一切の利害衝突が起こりません。すべての取引はイコンの流動性供給機関に送信され、各機関がイコンに最も狭い為替スプレッドを提供しようと競うことが世界各地のクライアントのメリットになります。

イコングループは世界各地の多数の企業によって構成され、米国のイコングローバルマーケッツ（NFAとCFTC）、オーストラリアのマルチバンク（ASIC）、英国のイコンファイナンス（FSA）、ニュージーランドのイコンNZ（FMA）、中国の愛康金融服務有限公司（天津金融監督当局）、UAE（アラブ首長国連邦）のイコンアジア（RAK）といった規制当局の規制を受けた多数の会社が含まれています。さらに、イコングループは世界90カ国以上に8万人を超えるクライアントを持ち、イコンの事業量の60%が機関投資家クライアントに関係するものです。

上述したように世界的に厳しい金融規制を受けているイコングループの企業は、最高度に厳しい自己資本要件、顧客ケア、顧客資産の分別、プラットフォームと取引の厳格な統制の基準を満たし、独立の財務監査を実施することが要求され、イコンの金融規制当局の指示や要件に従って顧客の利益を保護する義務を負っています。

イコングループについて

イコングループはオンライン金融取引の世界的リーダーです。営業国は90カ国を超え、世界五大陸にわたる8万の銀行、金融機関、クライアントのネットワークを維持しています。イコンは為替、CFD、金属（貴金属）、NDF、先物、オプション、NASDAQ金を含む多様な取引商品を提供しています。イコンはNASDAQのパートナーとして、個人顧客と機関投資家に金のスポット取引商品を提供しています。

本記者発表文の公式バージョンはオリジナル言語版です。翻訳言語版は、読者の便宜を図る目的で提供されたものであり、法的効力を持ちません。翻訳言語版を資料としてご利用になる際には、法的効力を有する唯一のバージョンであるオリジナル言語版と照らし合わせて頂くようお願い致します。

The merger agreement provides that all shareholders of Taro other than Sun Pharma and its affiliates will receive a cash payment of $39.50 per share upon the closing of the merger. Sun Pharma and its affiliates collectively own approximately 66.0% of the outstanding Taro ordinary shares and 100% of Taro’s founders shares, representing approximately 77.5% of the outstanding voting power in Taro.

Upon completion of the merger, Taro will become a privately held company, will be wholly owned by affiliates of Sun Pharma, and its ordinary shares will no longer be traded on the New York Stock Exchange.

The closing of the merger is subject to certain terms and conditions customary for transactions of this type, including the affirmative vote at the shareholder meeting to be convened to approve the merger (the “Shareholder Meeting”) of (1) at least 75% of the voting power of the Taro ordinary shares voting at the Shareholder Meeting, (2) at least 75% of the voting power of the Taro founders shares voting at the Shareholder Meeting and (3) at least 75% of the total voting power of Taro (ordinary shares and founders shares together) voting at the Shareholder Meeting, including at least a majority of the voting power voted that is not held by Sun Pharma or its affiliates (unless the total voting power of Taro held by holders other than interested shareholders and voting against the merger does not exceed 2% of the total voting power of Taro). In connection with the proposed transaction, Taro intends to mail a proxy statement to its shareholders and to file relevant materials with the United States Securities and Exchange Commission.

The merger agreement was approved by Taro’s Board of Directors based upon the recommendations and approvals of the Special Committee of Taro’s Board of Directors (the “Special Committee”) and the Audit Committee of Taro’s Board of Directors. The Special Committee was advised by its independent financial advisor Citigroup Global Markets Inc. and its independent legal counsel Goldfarb Seligman & Co. as its Israeli legal counsel and Willkie Farr & Gallagher LLP as its United States legal counsel.

About Sun Pharmaceutical Industries Ltd.

Established in 1983, listed since 1994 and headquartered in India, Sun Pharmaceutical Industries Ltd. is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, the United States and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, gastroenterology, orthopedics and ophthalmology. Sun Pharma has strong skills in product development, process chemistry, and manufacturing of complex API, as well as dosage forms. More information about Sun Pharma can be found at Sun Pharma’s website at www.sunpharma.com.

About Taro Pharmaceutical Industries Ltd.

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. More information about Taro can be found on Taro’s website at www.taro.com.

Additional Information

In connection with the proposed transaction, Taro will prepare a proxy statement to be delivered to its shareholders. SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.

SAFE HARBOR STATEMENT

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts and statements that refer or relate to events or circumstances that Sun Pharma or Taro “estimates,” “believes,” or “expects” to happen or similar language. The forward-looking statements in this press release are based on the current expectations of Sun Pharma and Taro and are made only as of the date of this press release and involve certain risks and uncertainties that could cause actual results to differ materially from future results that may be expressed or implied by such forward-looking statements. Various factors that could cause actual results to differ materially from those expressed in such forward-looking statements include, but are not limited to, risks associated with uncertainty as to whether the transaction will be completed, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, potential litigation associated with the transaction, the failure to obtain shareholder approval and the failure of either party to meet the closing conditions set forth in the merger agreement. Unless required by law, neither Sun Pharma nor Taro undertake any obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

“We are honored to have Mr. Wang Jianlin’s participation in the World Summit”

Dalian Wanda Group was founded in 1988 and operates in five major industries including Commercial Properties, Luxury Hotels, Tourism Investment, Cultural Industry, and Department Store Chain. The company has assets of $31 billion d and an annual income of $17 billion. The company has already opened 49 Wanda Plazas, 28 five-star hotels, 726 cinema screens, 40 department stores and 45 all inclusive karaoke centers throughout the country.

Upon completion of its recent acquisition of US cinema chain AMC, which will be finalized in August 2012, the Wanda Group will be the world’s largest cinema operator.

“We are honored to have Mr. Wang Jianlin’s participation in the World Summit,” said Michael P. Kercheval, president and CEO of the ICSC. “As chairman of the Wanda Group of Beijing, one of China's - and the world's - largest real estate developers and retailers, he is one of a rare few individuals who can speak with authority on the future of the world’s economy. Mr. Wang Jianlin’s track record of success is unmatched, and his commitment to join us in Shanghai speaks volumes as to the importance of the World Summit – on a multinational scale.”

The World Summit agenda is designed to educate attendees on strategies and proven tactics to realize growth in an uncertain economy. While development in mature markets may have plateaued, emerging markets will present growth opportunities for the immediate future. A booming middle class in emerging markets has created myriad new retail opportunities.

Attendees will hear firsthand from retailers who are leading the globalization of retail by crossing borders and successfully broadening their brands.

To confirm your attendance or for more information on the ICSC Retail Real Estate World Summit, please visit www.ICSC.org/2012RWS.

ABOUT ICSC

Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 55,000 members in over 90 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials. As the global industry trade association, ICSC links with more than 25 national and regional shopping center councils throughout the world. For more information, visit www.icsc.org.

NEW PROJECT, WILLISTON BASIN

Samson has executed a definitive agreement to participate in the exploration of an area within the Williston Basin. Pursuant to this agreement, Samson will acquire a 25% interest in 23,700 acres (net 5,925 acres) at a price of $266 per acre, with the payment of $1.58 million due at closing following normal due diligence on land title.

The exploration opportunity is a conventional oil project that is adjacent to existing production from Mississippian aged reservoirs. The specific location of the project will remain undisclosed.

Highlights of the transaction include:

• The project covers 23,700 gross (5,925 net) acres prospective for conventional oil targets in the Williston Basin.
• Low entry cost
• Approximately 20 million barrels of oil potential, based on 2-D seismic.
• 3-D seismic data acquisition survey and processing to high-grade new drilling prospects, to be acquired before end of 2012.
• Drilling and completion cost estimated at $1.1 million per vertical well using conventional drilling and completion techniques.
• Very attractive rates of return

Our partner has mapped several leads from 2-D seismic and well control which Samson presently estimates to contain a gross recoverable contingent volume of approximately 20 million barrels of oil. This estimate is based on the average production from analogous fields on trend of similar size having produced between 1 to 6 million barrels of oil each. These leads will be further defined using a 3-D seismic grid to be acquired later this year for which Samson is agreeing to fund 33.34% at an estimated net cost to Samson of $0.94 million.

“Leads” as used in this context is an industry term, in this case referring to a structural anomaly mapped by existing 2-D seismic that is as yet unproven (from a seismic structural point of view). It is expected that some of these “leads” will not mature into “Prospects” for exploratory drilling. However, it is also possible that the 3-D seismic will identify additional prospects outside of what has been currently identified on the existing 2-D seismic. Most of the targets depend on structural closure, some on stratigraphic closure, which will be defined (or not) using 3-D seismic. “Prospects” as used in this context is a seismically defined feature that has been proven closed by the 3-D seismic.

Following the acquisition, processing and interpretation of this 3-D seismic, Samson will contribute at its working interest of 25% to the subsequent drilling program, which will be operated by one of the other joint venture partners. The wells are expected to cost a gross $1.1 million (drill and complete) given the relatively shallow depth of the targets and that the wells will be drilled vertically. Samson’s net revenue interest will be 81% of its working interest.

The relatively low cost of developing these potential fields is a very attractive feature of this project in light of the recent weakness in the price of oil because the development wells in this project can be drilled for $1.1 million, which in turn means that the rate return is very attractive.

The project, whilst being non-operated for Samson, nevertheless plays to the company’s exceptional capability in generating prospects from 3-D seismic.

ENERCOM CONFERENCE

Samson will be presenting at Enercom’s Denver Conference on Monday August 13^th at 3:35PM MST USA, or Tuesday August 14^th at 7:35AM EST Australia. The presentation can be accessed from the link below or from Samson’s website.

http://theoilandgasconference.com/webcast.shtml

http://www.samsonoilandgas.com.au

Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange AMEX under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 1,996 million ordinary shares issued and outstanding (including 231 million options exercisable at AUD 1.5 cents), which would be the equivalent of 88.25 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$1.15 per ADS on August 10th, 2012 the Company has a current market capitalization of approximately US$111 million. Correspondingly, based on the ASX closing price of A$0.053 on August 10th, 2012, the Company has a current market capitalization of A$103 million. The options have been valued at their closing price of A$0.040 on August 10th, 2012 and translated to US$ at the current exchange of 1.0519 for purposes of inclusion in the US$ market capitalization calculation.

For and on behalf of the board of

SAMSON OIL & GAS LIMITED

TERRY BARR

Managing Director

Statements made in this release that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.”

Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. Estimates of contingent recoverable volumes of oil or gas from planned but undrilled exploration projects are inherently uncertain and dependent on various contingencies that are outside the control of Samson.

A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.

“Our Reader’s Tablets have consistently been the highest rated products by the leading technology experts and now they're available for the lowest prices ever”

Customers seeking a fast, lightweight tablet with an incredible 7-inch VividView^™ display and long-lasting battery life will love the popular NOOK Tablet, now available at $179 for the 8GB model and $199 for the 16GB version. NOOK Tablet offers access to the world’s largest digital library of more than 2.5 million titles, popular movies, TV shows, music and more, plus thousands of high-quality NOOK Apps^™, fast Web browsing, e-mail and expandable memory. NOOK Color provides tablet essentials at a great value for only $149. The 7-inch device is ideal for reading and exploring a variety of great content including books, magazines, interactive children’s books, apps, access to top video and music services, e-mail and Web browsing.

“Our Reader’s Tablets have consistently been the highest rated products by the leading technology experts and now they're available for the lowest prices ever,” said Jamie Iannone, President of Digital Products at Barnes & Noble. “With NOOK Color for $149 and NOOK Tablet starting at $179, customers can enjoy our best-in-class digital reading and entertainment experience with an expansive selection of digital content and apps at an unbeatable price.”

All NOOK customers can shop Barnes & Noble's expansive NOOK Store^™ of more than 2.5 million digital titles, and the ability to enjoy their NOOK content across a wide array of popular devices. Barnes & Noble offers always free in-store NOOK support for customers to set up and learn how to use their new device face-to-face with friendly neighborhood NOOKsellers.

About Barnes & Noble, Inc.

Barnes & Noble, Inc. (NYSE:BKS), the leading retailer of content, digital media and educational products, operates 691 bookstores in 50 states. Barnes & Noble College Booksellers, LLC, a wholly-owned subsidiary of Barnes & Noble, also operates 647 college bookstores serving over 4.6 million students and faculty members at colleges and universities across the United States. Barnes & Noble conducts its online business through BN.com (www.bn.com), one of the Web's largest e-commerce sites, which also features more than 2.5 million titles in its NOOK Bookstore™ (www.bn.com/ebooks). Through Barnes & Noble’s NOOK® eReading product offering, customers can buy and read digital books and content on the widest range of platforms, including NOOK devices, partner company products, and the most popular mobile and computing devices using free NOOK software. Barnes & Noble is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named. Barnes & Noble.com is ranked the number one online retailer in customer satisfaction in the book, music and video category and a Top 10 online retailer overall in customer satisfaction according to ForeSee E-Retail Satisfaction Index (Spring Top 100 Edition).

General information on Barnes & Noble, Inc. can be obtained via the Internet by visiting the company's corporate website: www.barnesandnobleinc.com.

NOOK®, NOOK Tablet™, NOOK Simple Touch™ with GlowLight™ , NOOK Simple Touch™, NOOK Color™, Reader’s Tablet™, Best-Text™ Technology, VividView™, PagePerfect™, NOOK Store™, NOOK Bookstore™, NOOK Book™, NOOK Newsstand™, NOOK Magazine™, NOOK Newspaper™, NOOK Apps™, FREE NOOK Reading Apps™, NOOK Kids™, NOOK Digital Shop™, NOOK Cloud™, NOOK® for Web, Read In Store™, More In Store™, LendMe®, NOOK Books en español™, NOOK Study™, NOOK Library™, Lifetime Library™ and Read What You Love. Anywhere You Like™ are trademarks of Barnes & Noble, Inc. Other trademarks referenced in this release are the property of their respective owners.

Follow Barnes & Noble on Twitter (www.bn.com/twitter), Facebook (http://www.facebook.com/barnesandnoble) and YouTube (http://www.youtube.com/user/bnstudio).

About NOOK® from Barnes & Noble

Barnes & Noble's NOOK brand of eReading products makes it easy to read what you love, anywhere you like™ with a fun, easy-to-use and immersive digital reading experience. With NOOK, customers gain access to Barnes & Noble's expansive NOOK Store™ of more than 2.5 million digital titles, and the ability to enjoy content across a wide array of popular devices. NOOK Tablet™ is Barnes & Noble’s fastest, lightest tablet with the best in entertainment from top services and everything you want in a tablet at a great value ($179 for NOOK Tablet – 8GB, and $199 for NOOK Tablet – 16GB). Both NOOK Tablet and the award-winning NOOK Color™ ($149) feature a stunning 7-inch VividView™ Color Touchscreen to read all of the content you love, shop popular apps, connect via e-mail, browse the Web and more. NOOK Simple Touch™ ($99) is the fastest, easiest to use reader with the world’s best reading screen and the longest battery life and NOOK Simple Touch with GlowLight™ ($139) features patent-pending lighting technology that makes it perfect for reading at bedtime and on the beach. Barnes & Noble offers NOOK owners Always Free NOOK Support in any of its nearly 700 bookstores, as well as free Wi-Fi connectivity to enjoy the Read In Store™ feature to read NOOK Books™ for free, and the More In Store™ program, which offers free, exclusive content and special promotions. Barnes & Noble was the first company to offer digital lending for a wide selection of books through its LendMe® technology, available through NOOK eReading products. Find NOOK devices in Barnes & Noble stores and online at www.nook.com, as well as at Best Buy, Walmart, Staples, Target, Radio Shack, Books-A-Million, OfficeMax, Fred Meyer, P.C. Richard & Son stores, Office Depot, Fry’s Electronics, Kmart, hhgregg, Sears and Systemax Inc. retailers.

In addition to NOOK devices, Barnes & Noble makes it easy for customers to enjoy any book, anytime, anywhere with its Free NOOK Reading Apps™, available at www.nook.com/freenookapps. Customers can use Barnes & Noble's free eReading software to access and read books from their personal Barnes & Noble digital library on devices including iPad™, iPhone®, iPod touch®, Android™ smartphones and tablets, PC and Mac®. Lifetime Library™ helps ensure that Barnes & Noble customers will always be able to access their digital libraries on NOOK products and software-enabled devices and BN.com. Barnes & Noble also offers NOOK Study™ (www.nookstudy.com), an innovative study platform and software solution for higher education, NOOK Kids™ (www.nookkids.com), a collection of digital picture and chapter books for children, and NOOK Books en español™ (http://www.barnesandnoble.com/ebooksenespanol), the first-ever Spanish language digital bookstore in the United States.

For more information on NOOK devices and eReading software, updates, new NOOK Book releases, Free Friday™ NOOK Books and more, follow us on www.twitter.com/nookBN and www.facebook.com/nook.

“Our Reader’s Tablets have consistently been the highest rated products by the leading technology experts and now they're available for the lowest prices ever”

Customers seeking a fast, lightweight tablet with an incredible 7-inch VividView^™ display and long-lasting battery life will love the popular NOOK Tablet, now available at $179 for the 8GB model and $199 for the 16GB version. NOOK Tablet offers access to the world’s largest digital library of more than 2.5 million titles, popular movies, TV shows, music and more, plus thousands of high-quality NOOK Apps^™, fast Web browsing, e-mail and expandable memory. NOOK Color provides tablet essentials at a great value for only $149. The 7-inch device is ideal for reading and exploring a variety of great content including books, magazines, interactive children’s books, apps, access to top video and music services, e-mail and Web browsing.

“Our Reader’s Tablets have consistently been the highest rated products by the leading technology experts and now they're available for the lowest prices ever,” said Jamie Iannone, President of Digital Products at Barnes & Noble. “With NOOK Color for $149 and NOOK Tablet starting at $179, customers can enjoy our best-in-class digital reading and entertainment experience with an expansive selection of digital content and apps at an unbeatable price.”

All NOOK customers can shop Barnes & Noble's expansive NOOK Store^™ of more than 2.5 million digital titles, and the ability to enjoy their NOOK content across a wide array of popular devices. Barnes & Noble offers always free in-store NOOK support for customers to set up and learn how to use their new device face-to-face with friendly neighborhood NOOKsellers.

About Barnes & Noble, Inc.

Barnes & Noble, Inc. (NYSE:BKS), the leading retailer of content, digital media and educational products, operates 691 bookstores in 50 states. Barnes & Noble College Booksellers, LLC, a wholly-owned subsidiary of Barnes & Noble, also operates 647 college bookstores serving over 4.6 million students and faculty members at colleges and universities across the United States. Barnes & Noble conducts its online business through BN.com (www.bn.com), one of the Web's largest e-commerce sites, which also features more than 2.5 million titles in its NOOK Bookstore™ (www.bn.com/ebooks). Through Barnes & Noble’s NOOK® eReading product offering, customers can buy and read digital books and content on the widest range of platforms, including NOOK devices, partner company products, and the most popular mobile and computing devices using free NOOK software. Barnes & Noble is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named. Barnes & Noble.com is ranked the number one online retailer in customer satisfaction in the book, music and video category and a Top 10 online retailer overall in customer satisfaction according to ForeSee E-Retail Satisfaction Index (Spring Top 100 Edition).

General information on Barnes & Noble, Inc. can be obtained via the Internet by visiting the company's corporate website: www.barnesandnobleinc.com.

NOOK®, NOOK Tablet™, NOOK Simple Touch™ with GlowLight™ , NOOK Simple Touch™, NOOK Color™, Reader’s Tablet™, Best-Text™ Technology, VividView™, PagePerfect™, NOOK Store™, NOOK Bookstore™, NOOK Book™, NOOK Newsstand™, NOOK Magazine™, NOOK Newspaper™, NOOK Apps™, FREE NOOK Reading Apps™, NOOK Kids™, NOOK Digital Shop™, NOOK Cloud™, NOOK® for Web, Read In Store™, More In Store™, LendMe®, NOOK Books en español™, NOOK Study™, NOOK Library™, Lifetime Library™ and Read What You Love. Anywhere You Like™ are trademarks of Barnes & Noble, Inc. Other trademarks referenced in this release are the property of their respective owners.

Follow Barnes & Noble on Twitter (www.bn.com/twitter), Facebook (http://www.facebook.com/barnesandnoble) and YouTube (http://www.youtube.com/user/bnstudio).

About NOOK® from Barnes & Noble

Barnes & Noble's NOOK brand of eReading products makes it easy to read what you love, anywhere you like™ with a fun, easy-to-use and immersive digital reading experience. With NOOK, customers gain access to Barnes & Noble's expansive NOOK Store™ of more than 2.5 million digital titles, and the ability to enjoy content across a wide array of popular devices. NOOK Tablet™ is Barnes & Noble’s fastest, lightest tablet with the best in entertainment from top services and everything you want in a tablet at a great value ($179 for NOOK Tablet – 8GB, and $199 for NOOK Tablet – 16GB). Both NOOK Tablet and the award-winning NOOK Color™ ($149) feature a stunning 7-inch VividView™ Color Touchscreen to read all of the content you love, shop popular apps, connect via e-mail, browse the Web and more. NOOK Simple Touch™ ($99) is the fastest, easiest to use reader with the world’s best reading screen and the longest battery life and NOOK Simple Touch with GlowLight™ ($139) features patent-pending lighting technology that makes it perfect for reading at bedtime and on the beach. Barnes & Noble offers NOOK owners Always Free NOOK Support in any of its nearly 700 bookstores, as well as free Wi-Fi connectivity to enjoy the Read In Store™ feature to read NOOK Books™ for free, and the More In Store™ program, which offers free, exclusive content and special promotions. Barnes & Noble was the first company to offer digital lending for a wide selection of books through its LendMe® technology, available through NOOK eReading products. Find NOOK devices in Barnes & Noble stores and online at www.nook.com, as well as at Best Buy, Walmart, Staples, Target, Radio Shack, Books-A-Million, OfficeMax, Fred Meyer, P.C. Richard & Son stores, Office Depot, Fry’s Electronics, Kmart, hhgregg, Sears and Systemax Inc. retailers.

In addition to NOOK devices, Barnes & Noble makes it easy for customers to enjoy any book, anytime, anywhere with its Free NOOK Reading Apps™, available at www.nook.com/freenookapps. Customers can use Barnes & Noble's free eReading software to access and read books from their personal Barnes & Noble digital library on devices including iPad™, iPhone®, iPod touch®, Android™ smartphones and tablets, PC and Mac®. Lifetime Library™ helps ensure that Barnes & Noble customers will always be able to access their digital libraries on NOOK products and software-enabled devices and BN.com. Barnes & Noble also offers NOOK Study™ (www.nookstudy.com), an innovative study platform and software solution for higher education, NOOK Kids™ (www.nookkids.com), a collection of digital picture and chapter books for children, and NOOK Books en español™ (http://www.barnesandnoble.com/ebooksenespanol), the first-ever Spanish language digital bookstore in the United States.

For more information on NOOK devices and eReading software, updates, new NOOK Book releases, Free Friday™ NOOK Books and more, follow us on www.twitter.com/nookBN and www.facebook.com/nook.

The corrected release reads:

RUBICON TECHNOLOGY WILL PRESENT AT INVESTOR CONFERENCES

Rubicon Technology, Inc. (NASDAQ:RBCN), a leading provider of sapphire substrates and products to the LED, semiconductor, and optical industries, today announced that Bill Weissman, Vice President Finance and Chief Financial Officer, will present at the following investor conferences, and that these presentations will be webcast:

• Canaccord Genuity Growth Conference , Tuesday, August 14, 2012, 4:00 p.m. Eastern Time.
• Oppenheimer & Co. Technology, Internet & Communications Conference, Wednesday, August 15, 2012, 3:05 p.m. Eastern Time.

The audio-only webcasts will be broadcast live at http://rubicon-es2.com/index.php?page_id=5 under “Events” and will be archived for a limited time.

The Company also plans to participate in the J.P. Morgan LED General Lighting Symposium on August 30, 2012, which will not be webcast.

About Rubicon Technology

Rubicon Technology, Inc. is an advanced electronic materials provider that is engaged in developing, manufacturing and selling monocrystalline sapphire and other crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics and other optical applications. The Company applies its proprietary crystal growth technology to produce very high-quality sapphire in a form that allows for volume production of various sizes and orientations of substrates and windows. Rubicon is a vertically-integrated manufacturer with capabilities in crystal growth, high precision core drilling, wafer slicing, surface lapping, large-diameter polishing and wafer cleaning processes, which the Company employs to convert the bulk crystal into products with the quality and precision specified by its customers. The Company is the world leader in larger diameter products to support next-generation LED, RFIC and optical window applications.

Further information is available at www.rubicon-es2.com.

“We welcome our new investors and are gratified they share our vision for Mazor’s future success in the robotics market”

Under the structure of the transaction, the aggregate investment amount will be up to $15 million invested in two tranches of $7.5 million each and divided among a group of institutional and accredited investors in varying percentages. The investment group is led by Oracle Investment Management, which was founded by Larry Feinberg.

Under the first tranche, Mazor will issue 7,053,529 ordinary shares at a per share price of ₪4.25, based on the U.S. Dollar/NIS rate of exchange of 3.997 as of August 8, 2012 for a total of $7.5 million. Closing of the investment remains subject to customary closing conditions, including the approval of the Tel Aviv Stock Exchange.

Under the terms of the agreement, Mazor will begin an effort to implement a Level 2

ADR listing on the NASDAQ or New York Stock Exchange and release the shares and warrants issued to the investors.

In the second tranche of the transaction, Mazor will issue non-registered warrants exercisable into the Company’s ordinary shares to the investors. The warrants are exercisable for 36 months at an exercise price equal to the lower of either ₪6.00 or the 10-day trailing daily volume-weighted average price (in NIS) prior to such exercise. Under the terms of the agreement, the investors must exercise the warrants following the implementation of the ADR program and the release of the investors’ shares from the lock-up restrictions imposed under the Israeli securities laws. In the case that the price is less than ₪4.25, the Company can elect to require that only 50% of the second tranche be exercised. The total exercise price of the warrants equals an amount up to $7.5 million depending on the actual conversion rate. Immediately following the implementation of the ADR Program, the U.S. exchange listing, and the exercise of the warrants, the issued shares and the warrant shares will be converted into ADRs.

“We welcome our new investors and are gratified they share our vision for Mazor’s future success in the robotics market,” stated Ori Hadomi, CEO of Mazor. “Our investment partners, led by Oracle Partners, are well respected in the global healthcare markets and have a great track record of success. We believe their insight and experience in working with innovative and emerging medical device companies will significantly support Mazor’s growth strategies, particularly in the untapped U.S. market and Europe and Asia as well. In addition, the first tranche of this transaction improves our balance sheet and provides us with the roadmap and resources to list on a major U.S. stock exchange, which we believe will significantly increase our visibility with investors and expand our investor base.”

Second Quarter 2012 Financial Results Release and Conference Call

Mazor will file its financial statements for the second quarter and six-months ended June 30, 2012 with the Tel Aviv Stock Exchange on August 14, 2012, before the open of the U.S. market. The Company will hold a conference call the same day at 11:00 AM ET with the U.S. investment community to discuss the financial results.

Date: August 14, 2012
Time: 11:00 AM ET

Audio Webcast: www.mazorrobotics.com, click Investors
Live Dial-In (U.S.): 1-877-941-6009
Live Dial-In (International): 1-480-629-9819
Conference ID: 4559557

Replay Dial-In: 1-800-406-7325
Replay Access Code: 4559557

About Mazor

Mazor Robotics (TASE:MZOR) is dedicated to the development and marketing of innovative surgical robots and complementary products that provide a safer surgical environment for patients, surgeons, and operating room staff. Mazor Robotics’ flagship product, Renaissance™, is a state-of-the-art surgical robotic system that enables surgeons to conduct spine surgeries in an accurate and secure manner. Mazor Robotics systems have been successfully used in the placement of over 20,000 implants in the United States and Europe. Numerous peer-reviewed publications and presentations at leading scientific conferences have validated the accuracy, usability, and clinical advantages of Mazor Robotics technology. For more information, please visit www.mazorrobotics.com.

About Oracle Investment Management

Oracle Investment Management, Inc. (OIM) is a fundamental research driven investment management company that is exclusively focused on both publicly traded and private investments within the global health care markets. OIM was founded in 1993 and is led by Larry Feinberg.

Photos/Galerie multimédia disponibles: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50374430&lang=fr

http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50374430&lang=en

Zynga provides social game services, accessed principally via the facebook.com website. It generates revenue primarily through advertising and the in-game sale of “virtual goods” to players. The Complaint alleges that throughout the Class Period the defendants issued false and/or misleading statements or failed to disclose material adverse facts about Zynga’s business and financial prospects. Specifically, the Complaint alleges that: (i) despite a sustained decline in users of the Company’s games and declines in average bookings per user, Zynga issued positive financial forecasts between February and April 2012 that were not justified in light of the Company’s financial performance and trends; and (ii) the positive forecasts enabled senior executives and selected investors to sell nearly $600 million of Zynga shares at inflated prices in early April 2012 – approximately two months before a lock-up period previously agreed to by Zynga executives was scheduled to expire.

No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Zynga securities between April 3, 2012 and July 25, 2012, you have certain rights, and have until October 1, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

The Complaint charges Suntech and certain of the Company’s executive officers with violations of federal securities laws. Suntech, a solar energy company, engages in the design, development, manufacture and marketing of photovoltaic products. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Suntech’s business, operations and prospects. Specifically, the Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) that Suntech had not been pledged EURO 560.0 million in German government bonds from GSF Capital Pte Ltd., in connection with its May 2010 financing arrangement with the China Development Bank; (2) that the Company lacked internal and financial controls; and (3) that, as a result, the Company's financial statements were materially false and misleading at all relevant times.

No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Suntech ADSs between August 18, 2010 and July 30, 2012, you have certain rights, and have until October 1, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.