Strong equity base

• Equity base remains strong despite special dividend payout in 2020 (CHF 37 mn) thanks to sustained earnings power
• Reduction in goodwill & intangibles (prev. period: CHF 64 mn), after extraordinary value adjustment and impairment at StarCapital
• Required level of regulatory minimum capital as a pure asset manager is lower, enabling a very attractive return on equity
• Reserves of CHF 73 mn create more even leeway for attractive payouts and expansion projects
• Simple and debt-free balance sheet