Annual report 2011

D r e y f u s S o n s & C o
L I M I T E D
B a n q u i e r s B a s e l
E S T A B L I S H E D 1 8 1 3
A n n u a l R e p o r t
D e c e m b e r 3 1 , 2 0 1 1

Contents
2
3
4
6
8
10
10
12
14
26
28
30
31
Telephone +41 61. 286 66 66
Fax +41 61. 272 24 38
contact@dreyfusbank.ch
www.dreyfusbank.ch
Five-year summary
Board of Directors and Management
Report to the General Meeting
Balance Sheet at December 31, 2011
Profit and Loss Account for the Year
ended December 31, 2011
Notes to Financial Statements
1. Business Activities
2. Principles of Accounting and Valuation
3. Information regarding the Balance Sheet
4. Information concerning Off-Balance Sheet
Transactions
5. Information concerning the Profit and Loss Account
6. Information regarding the Bank’s own resources
Report of the statutory auditors
Aeschenvorstadt 16
P.O. Box
4002 Basel
Switzerland

Total equity
(before appropriation of profit)
Balance sheet total
Net Interest Income
Net Income from Commission
Business and Services
Profit from Trading
Other Ordinary Profit
Subtotal Net Income
Administrative Expenses
Gross Profit
Profit of the year
Number of staff
(expressed as full-time employees)
Total equity/Balance sheet total
(in percent)
Profit of the year/Total equity
(in percent)
Administrative expenses/Net Income
(in percent)
Profit of the year/staff
(in chf)
Five-year summary
(in mio chf)
(in mio chf)
2
2011 2010 2009 2008 2007
457.7 442.1 423.7 414.3 399.4
3 186.1 2 822.0 2 333.2 1 848.6 1 553.2
17.6 16.6 18.5 25.9 26.5
93.0 97.4 94.3 114.4 131.4
10.6 12.4 10.2 9.9 10.0
–0.4 0.4 0.9 –4.9 3.4
120.8 126.8 123.9 145.3 171.3
–69.6 –72.7 –74.1 –78.8 –85.9
51.2 54.1 49.9 66.5 85.4
36.6 37.9 35.3 47.6 59.8
185 185 183 179 179
14.4 15.7 18.2 22.4 25.7
8.0 8.6 8.3 11.5 15.0
57.6 57.3 59.8 54.2 50.1
198 067 205 072 193 009 266 005 334 082

As of General Meeting of March 20, 2012
Board of Directors
Andreas Guth, Chairman
Alexis Blum, Deputy Chairman
Pierre Dreyfus, Deputy Chairman
Otto E. Bargezi Peter Krummenacher
Vladimir B. Dreyfus Dr. Rudolf Roth-Olum
Catherine Dreyfus Soguel François Voss
Paul Dubey
Dr. Sebastian Burckhardt,
Secretary of the Board of Directors
Management
Executive Management:
Otto E. Bargezi, Chairman
Stefan Knöpfel, Deputy Chairman
Peter Krummenacher
Bernard Blum Richard Mayr
Dr. Beat Lehmann René Stalder
Managers: Claude Levy Bernard Soguel-dit-Picard
Alfred Messerli Dr. Daniel Witschi
Dr. Egon Meyer
Deputy Managers: Thierry Bloch René Michel
Pascal Brasey Dieter Minelli
Pierre Buchs Thomas Rosch
Amos Gutermann Guido Schneider
Claude Kiener Jürg Stalder
Daniel Lang Christine Wey
Jean-Jacques Leisi Jean-Pierre Wyss
Assistant Managers: Andres Angst Roger Glaus
Beat Angst Philipp Gygi
Silvio Bächtiger Thomas Krüsi
Grégoire Baudin Clarisse Lyssy
Oliver Born Lukas Müller
Raymond Brunschwig Gilles Pochon
Jacques Buchs Dominik Schneider
Philippe Burnier Dr. Ursula Schneider-Fuchs
Francescantonio Candio Christoph Spreyermann
Roland Erne David Staehelin
Stéphane Fiechter Beat Staub
Markus Flückiger Philippe Tardy
Michael Fringeli Olivier Wohlhauser
Internal Auditor External Auditors
Nicole Gouëllo, KPMG Ltd
Internal Auditor
3

Report to the General Meeting
In view of the satisfactory economic growth registered in the
industrialised countries and especially in Switzerland, the year
2011 had got off to quite an optimistic start. However, it very
soon became apparent, that the debt problem in the southern
European euro-zone countries had not by any means been
resolved. And then came the earthquake disaster in Japan and
the accident it caused in the Fukushima nuclear power plant.
Against this backdrop, the capital markets were again
highly volatile during the year under review. In particular, the
Swiss franc appreciated against the euro and the dollar in an
almost scary fashion. Although Switzerland’s economic activity
depends to a considerable extent on the surrounding European
countries, investors appeared to attach more importance to
the stable situation of its public finances.
Thanks to the brave intervention of the Swiss National
Bank, which on September 6, 2011, set a lower limit for the
franc/euro exchange rate at 1.20 and promised to defend it
with all means at its disposal, it was possible to counter the
flight into the Swiss franc. Until that time, the exchange rate of
the dollar to the euro had been quite stable. The depreciation of
the franc against the euro that followed the Swiss National
Bank’s statement also occurred to a similar extent against the
U.S. dollar, so that at the end of the year under review exchange
rates showed only minor changes compared with the beginning
of the year.
In view of this, DREYFUS SONS & CO LTD, BANQUIERS, can be
satisfied to report a profit of the year of CHF 36.6 mio., which
represents a reduction of only 3.4%. This year again the balance
sheet total increased because of a further rise in the liquidity
held by our clients. Other amounts due to customers rose by
CHF 609.1 mio. to CHF 2 173.1 mio. Profit from trading
decreased by CHF 1.8 mio. to CHF 10.6 mio., while net income
from commission business and services attained
CHF 93.0 mio., which corresponds to a decrease of 4.5%.
Other ordinary profit includes market-related write-downs
on financial assets amounting to CHF 0.8 mio. Thanks to a
4.3% reduction in administrative expenses, gross profit reached
CHF 51.2 mio., a decrease of 5.4%.
Following reduced provision requirements for default and
operational risks and a slightly lower tax burden, the profit of
the year after tax decreased to the above-mentioned figure of
CHF 36.6 mio. The provisions include an additional contribu-
4

tion for the Bank’s 200th anniversary in 2013. The staff and
the shareholding family are eagerly looking forward to the
event, which is being prepared by a Committee set up by the
Board of Directors.
Implementing the strategy we adopted a few years ago, we
have begun to build up a stronger local presence in different
regions of Switzerland. Thus an office has been opened in
Lausanne under experienced management and we are in the
process of organising a similar operation in Delémont. The
aim is to reach customers in western Switzerland and the Jura
region. Selected individual locations are to be established over
the next few years to supplement the existing offices.
The Bank continues to serve its demanding clientele according
to the principles of long-term capital preservation
and risk-controlled growth.
Regulatory changes have given rise to many demanding
tasks, which have already been addressed and will continue to
take up a great deal of our time in the future. An initiative
launched with retroactive effect to January 1, 2012, to introduce
a nationwide inheritance tax has prompted many of our clients
to include their descendants in their succession at an early
stage, which naturally involves some additional work on our
part, but according to our experience definitely makes sense.
These multi-faceted tasks are extremely demanding for all
the staff members and colleagues in our Bank. The large
volume of work is performed with a great deal of expertise
and unfailing commitment in the good working atmosphere
which is so important to us. We wish to express to them all
the gratitude of the shareholding family, the entire Board of
Directors and the Management.
5

Assets
Liquid assets
Off-Balance Sheet Transactions
Contingent liabilities
Irrevocable commitments
Liabilities for calls on shares and
similar obligations
Commitment credits
Derivative financial instruments
Positive replacement values
Negative replacement values
Contract volume
Fiduciary transactions
Balance Sheet at December 31, 2011
Money market paper
Due from banks
Due from customers
Securities and precious metals
held in trading positions
Financial assets
Participations
Fixed assets
Prepayments and accrued income
Other assets
Total assets
Total subordinated loans
Total amounts due from subsidiary
companies and certain associates
(chf)
(chf)
6
2011 2010
1 439 246 859 40 867 302
481 451 130 1 275 807 121
498 765 845 741 523 025
92 583 863 85 828 782
57 256 668 27 585 450
603 363 134 633 283 649
550 000 550 000
2 002 000 2 002 000
7 382 610 7 465 066
3 462 809 7 068 827
3 186 064 918 2 821 981 222
0 0
338 454 0
2011 2010
22 283 510 25 523 961
19 084 814 25 948 162
0 0
0 0
2 814 000 5 376 323
2 644 630 5 429 161
671 188 893 407 843 602
261 388 595 228 235 462

Liabilities
Due to banks
Due to customers in the form of
fixed and savings deposits
Other amounts due to customers
Prepayments and accrued income
Other liabilities
Value adjustments and provisions
Reserves for general banking risks
Share capital
General legal reserve
Other reserves
Profit brought forward
Profit of the year
Total liabilities
Total amounts due to subsidiary
companies and certain associates
(chf)
Statement of Cash Flow
Due to the limited importance of the balance sheet transactions,
no Statement of Cash Flow has been prepared.
7
2011 2010
163 513 882 396 636 094
336 175 361 369 868 796
2 173 126 791 1 564 048 726
11 755 725 5 203 637
7 334 830 9 944 118
36 480 000 34 200 000
10 000 000 10 000 000
30 000 000 30 000 000
55 310 000 53 350 000
324 000 000 309 000 000
1 726 014 1 791 484
36 642 315 37 938 367
3 186 064 918 2 821 981 222
68 235 983 76 675 095

Income and Expenses of Ordinary
Banking Business
Net Interest Income
Interest and Discount Income
Interest and Dividend Income
from Financial Assets
Interest expense
Subtotal Net Interest Income
Net Income from Commission Business
and Services
Commission Income from
Securities Trading and Investments
(chf)
Commission Income from other Services
Commission paid
Subtotal Net Income from
Commission Business and Services
Profit from Trading
Other Ordinary Profit
Profit on sales of Financial Assets
Income from participations
Other ordinary profits
Other ordinary expenses
Subtotal Other Ordinary Profit
Administrative expenses
Personnel expenses
Operating expenses
Subtotal Administrative Expenses
Gross Profit
Profit and Loss Account for the Year
ended December 31, 2011
8
2011 2010
7 083 078 5 480 647
17 301 808 17 851 250
–6 732 960 –6 698 835
17 651 926 16 633 062
94 677 052 99 164 030
258 311 204 286
–1 951 099 –1 976 568
92 984 264 97 391 748
10 571 751 12 436 692
102 006 82 736
300 000 300 000
0 0
–790 969 0
–388 963 382 736
–56 389 928 –57 105 322
–13 216 594 –15 602 842
–69 606 522 –72 708 164
51 212 456 54 136 074

Profit of the year
Gross Profit
Depreciation of Capital Assets
Value adjustments, provisions and losses
Provisional Result
Extraordinary income
Extraordinary expenses
Taxes
Profit of the year
Appropriation of Profit 2011 2010
Profit of the year
Profit brought forward
(chf)
Profit carried to the Balance Sheet
The Board of Directors proposes to the General
Meeting the appropriation of the profit
as follows:
Transfer to general legal reserve
Transfer to other reserves
Distributions relating
to share capital
Other appropriations
Profit brought forward
(chf)
9
2011 2010
51 212 456 54 136 074
0 0
–2 404 863 –3 508 063
48 807 593 50 628 011
38 295 86 452
0 –343 967
–12 203 573 –12 432 129
36 642 315 37 938 367
36 642 315 37 938 367
1 726 014 1 791 484
38 368 329 39 729 851
–1 890 000 –1 960 000
–14 000 000 –15 000 000
–16 800 000 –17 400 000
–3 514 232 –3 643 837
2 164 097 1 726 014

Notes to Financial Statements
1. Business Activities
DREYFUS SONS & CO LTD, BANQUIERS, was founded in
Basel by Isaac Dreyfus-Bernheim in the year 1813.
Since then the Bank has been located in Basel and has
no branches elsewhere. In the year under review we
have opened for the first time an office in Lausanne.
Although the Bank became a company limited by
shares in the year 1942, its principal business activities
are carried on in the traditional private banking style,
that is, the individual and comprehensive management
of assets entrusted to it. This includes the administration
of family organisations, corporations, foundations
and trusts. The Bank’s own resources are a multiple of
the legal requirements and are mainly invested in the
money and capital markets.
In order to enable the Bank to advise its clients by
closely following financial markets it also trades – within
appropriate limits – in securities, foreign exchange
and precious metals as principal and as agent. As a rule,
advances are granted only within the scope of assets
under administration, i.e. to customers holding adequate
securities. Mortgage lending and similar business
do not form part of the Bank’s activities.
DREYFUS SONS & CO LTD, BANQUIERS, are representatives
and distributors of MONITOR FUND LTD, NIPPON
PORTFOLIO and DSC EUR BOND FUND. These funds are
authorised foreign collective investment funds in
Switzerland.
The identification, management, limitation and
control of risks are extensively regulated by the Board
of Directors, whereas the implementation of the Bank’s
risk policy and risk control is the responsibility of the
Executive Management. All quantifiable risks are
backed by an adequate underlying capital. Measures
related to risks with respect to organisation, personnel
and infrastructure are implemented. A comprehensive
management information system (MIS) informs the
10

Board of Directors and the Executive Management on
a daily and monthly basis, respectively. The organisational
structure of DREYFUS SONS & CO LTD, BANQUIERS,
is comparable to the one of a typical private bank. The
regulations concerning the independence of the Board
of Directors are applied in a summarised manner i.e.
some members of the Board of Directors are also
members of the Executive Management. Also there is
no Audit Committee and its functions are exercised by
the president of the Board of Directors, Mr. Andreas
Guth.
Since the Bank grants credits only within its acti -
vities of asset management, the risk of interest rate
changes in the clients business is insignificant.
Counter parties are defined by an internal rating
system with corresponding limits.
The identification, management and limitation of
market risks in the trading portfolio are made on a
daily basis. In general, only tradable instruments with
a high degree of liquidity should be used and attention
is paid to a balanced diversification.
The Bank has outsourced some of its interbank
services.
Number of Personnel (expressed as full-time
employees): At the end of 2011, the Bank employed 185
staff (prior year 185), among them are also members
of the fifth and sixth generation of the founder’s family.
At present nine of the employees are apprentices.
11

2. Principles of Accounting and Valuation
The principles of accounting, presentation and valuation
are governed by the provisions of the Swiss Code
of Obligations Governing Corporations, the Federal
Law on Banks and Savings Banks, its Ordinances and
the guidelines of the Swiss Financial Market Super -
visory Authority FINMA. The most significant principles
of valuation are the following:
• Transactions are shown in the balance sheet as at their
date of completion.
• Assets and liabilities denominated in foreign currencies
are converted into Swiss francs at rates of exchange
prevailing at the balance sheet date. Exchange gains and
losses arising from the conversion of currencies are
booked as Profit from Trading.
• Liquid assets, due to and due from banks and customers
are presented as the actual amounts. At the
moment there is no need for individual provisions.
General value adjustments are being made for the
latent risks in the dues from customers and banks. The
reckoning thereof is based on the calculated default
risk according to a recognised rating agency.
• Repurchase and reverse-repurchase agreement trans -
actions are being booked as dues from banks and dues
to banks, respectively.
• Money market paper is shown at market value prevailing
at the balance sheet date.
• Securities and precious metals held in trading positions
are valued at fair value at the balance sheet date and the
resultant profits and losses are included in the heading
Profit from Trading, including interest and dividends.
• Securities shown as financial assets are held as long
term investments. Debt instruments are shown in the
balance sheet at nominal value and are valued according
to the accrual method of valuation: premiums,
respectively discounts on purchases, on premature sales
or redemptions before maturity are entered in the
books as Prepayments and accrued income and apportioned
to accounting periods as Interest and Dividend
12

Income from Financial Assets. Equity securities are
valued at the lower of cost or market. The cost is determined
by weighted averages of the purchase prices.
• Majority owned participations are presented at acquisition
cost net of any operational write-downs as per
aggregate valuation.
• As a rule, fixed assets are written off in the year of
acquisition. Most of the Bank buildings were purchased
generations ago and therefore the value shown in the
balance sheet is significantly below the fire insurance
value. Maintenance and renovation costs are debited to
the profit and loss account when incurred. Major capital
expenditures are mostly financed by provisions
accumulated in advance. The fixed assets are being
regularly reviewed and their valuations are adjusted
when needed.
• Taxes owed on income and capital as part of current
earnings are booked under liabilities as prepayments
and accrued income.
• Forward positions are valued at prices based on residual
time to expiration. Derivative financial instruments
held for trading purposes are valued at market prices.
Transactions entered into for hedging purposes are
valued by the same method as applied to the underlying
instruments. Replacement values of derivative financial
instruments include positions of both the Bank and of
its customers.
• For all risks known at balance sheet date, provisions
and individual value adjustments are made. Contingent
risks are covered by overall adjustments and provisions.
The reckoning thereof is made according to internal
rules following various methods and objectives. In the
position Value adjustments and provisions the market
risks are calculated according to the value at risk and
operational risks according to the Basic Indicator
approach of Basel II.
• The accounting and valuation principles remain
unchanged.
13

Loans and Advances
Amounts due from customers
Total Loans and Advances
Reporting year
Prior year
Off-Balance Sheet Transactions
Contingent liabilities
Irrevocable commitments
Liabilities for calls on shares and
similar obligations
Total Off-Balance Sheet
Reporting year
Prior year
There are no impaired claims.
Debt instruments
quoted
not quoted
Equity securities
Precious metals
Total trading positions of securities and
precious metals
(in 1000 chf)
(in 1000 chf)
thereof securities which are
rediscountable with the Central Bank
3. Information regarding the Balance Sheet
3.1
Summary of Collateral
3.2
Trading positions of securities and precious
metals, Financial assets and Participations
3.2.1
Trading positions of securities and precious
metals
14
Secured Unsecured Total
86 963 5 621 92 584
86 963 5 621 92 584
84 568 1 261 85 829
22 284 0 22 284
19 085 0 19 085
0 0 0
41 369 0 41 369
51 472 0 51 472
Reporting year Prior year
0 0
7 0
130 0
57 120 27 585
57 257 27 585
0 0

valued at the lower of cost or market
Equity securities
Precious metals
Real estate
Total financial assets
3.2.2
Financial assets
thereof securities which are
rediscountable with the Central Bank
3.2.3
Participations
(in 1000 chf)
Book value
Reporting year
Reporting year Prior year
No market value 550 550
3.3
Indication of name, domicile,
commercial activity, capital stock and of the
share of ownership (percentage of voting
and of capitals as well as possible contractual
commitments) of significant participations
The participations are not significant for the financial condition and
the profit of the Bank, and therefore have not been consolidated.
15
Book value Fair value
Prior year Reporting year
Fair value
Prior year
(in 1000 chf)
Debt instruments
valued according to the accrual method 588 720 620 520 602 565 644 256
0 0
14 181 12 302 14 181 12 848
462 462 595 534
0 0
603 363 633 284 617 341 657 638
454 171 463 005

Participations
majority-owned
minority-owned
Land and buildings
bank buildings
other real estate
Other fixed assets
Fire insurance value
of buildings
Fire insurance value
of other fixed assets
3.4
Analysis of Fixed Assets
(in 1000 chf)
(in 1000 chf)
3.5
Capitalised Formation Costs,
Capital Increase and Organisation Costs
Nil
Replacement values of derivatives
(in 1000 chf)
Compensation account for replacement values
Other assets and liabilities
Other Assets and Other Liabilities
Total other assets and other liabilities
16
Purchase
Cost
Other Assets
Reporting year
Accumulated
depreciation
Net Book
Value end of
prior year
Additions
Reporting year
Other Assets Other Liabilities Other Liabilities
Prior year Reporting year Prior year
Disposals
Reporting year
Depreciation
Reporting year
Net Book
Value end of
reporting year
550 550 550
0 0 0
2 814 5 376 2 645 5 429
0 0 0 0
649 1 693 4 690 4 515
3 463 7 069 7 335 9 944
2 000 2 000
2 2
0 0
29 227
12 000

3.6
Pledged or assigned assets as well
as assets subject to reservation of title
Book value of assets pledged and
assigned by way of collateral
(in 1000 chf)
Lending business and repurchase
agreements with securities
Amount due
Amount due
resp. book value utilised resp. book value
Reporting year Reporting year Prior year
Reporting year Prior year
(in 1000 chf)
Receivables from cash deposits in connection
with securities borrowing and reverserepurchase
business 292 291* 617 362*
Obligations from cash deposits in connection
with securities lending and repurchase
business 39 000 0
Securities at own disposal lent in connection
with securities lending or delivered as collateral
in connection with securities borrowing as
well as securities at own disposal transferred in
connection with repurchase transactions 46 500 0
thereof unrestricted right to resell
or pledge granted 0 0
Borrowed as collateral in connection with
securities lending or securities borrowing as
well as received securities in connection with
reverse-repurchase transactions with
unrestricted resell or repledge rights 229 423 504 085
thereof repledged or resold securities 0 0
* thereof with value date after the period 63 611 112 883
17
utilised
Prior year
428 329 65 931 300 398 12 460

Reserve for employer contributions
Employer-financed foundation
Welfare Fund
Total
3.7
Commitments to own Pension and
Welfare Funds
A legally separate pension fund as well as an employer-financed
foundation have been established for the employees. The employer
contributions are charged to personnel expenses. On the balance sheet
date, the commitments to the pension funds totalled CHF 54.7 mio.
(prior year CHF 12.1 mio.). There are no further obligations or claims
regarding the transfer of economic benefits.
The financial statements of the pension fund are recorded in accordance
with Swiss GAAP FER 26 and show a coverage ratio of 102.9% (prior
year 103.8%). As per the not yet audited statement 2011 the pension
fund shows a coverage ratio of 101.8%. The employer-financed
foundation has no statutory commitments.
(in 1000 chf)
Nominal value
Reporting year*
18
1 637 3 135
0 0
1 637 3 135
* Basis of the financial statement 2010 employer-financed foundation and Welfare Fund
The Bank renounces to use the reserves for the employer contributions.
This has neither consequences on the Balance Sheet nor on the Profit and Loss Account.
Economic benefits/economic
obligations and welfare expenses
(in 1000 chf)
Nominal value
Prior year
Economic part
of the Bank
Welfare expenses on
personnel expenses
Surplus/Deficit
Contributions
Reporting Year* Reporting year Prior year Reporting year Reporting year Prior year
Employer-financed foundation 25 875 0 0 0 0 0
Welfare Fund with coverage ratio 10 0 0 0 2 877 3 117
Total 25 885 0 0 0 2 877 3 117
* Basis of the financial statement 2010 employer-financed foundation and Welfare Fund

3.8
Debenture Bonds and Mortgage Bonds
outstanding
Nil
3.9
Value adjustments and provisions
Reserves for General Banking Risks
Balance at end
of prior year
Uses and Modification of
releases for appropriation
specific
(new
purposes appropriations)
Recoveries,
overdue
interest,
(in 1000 chf)
Value adjustments and provisions
for default risks (security and country risks) 6 250 –1 170 5 080
Value adjustments and provisions
for other business risks 19 700 –125 25 19 600
Other provisions 8 250 1 170 2 380 11 800
Total value adjustments and provisions 34 200 –125 0 0 2 405 0 36 480
less: value adjustments directly
compensated with assets 0 0
Total value adjustments and provisions
as per balance sheet 34 200 36 480
Reserves for general banking risks (taxed) 10 000 10 000
3.10
Company Capital
Total company capital 30 000 30 000 30 000 30 000 30 000 30 000
Significant shareholders with voting rights
Total nominal
value
in 1000 chf
Reporting year
Nominal value
in 1000 chf
Reporting year
Number of
shares
Reporting year
Capital entitled
to dividend
in 1000 chf
Reporting year
currency
exchange
differences
Total nominal
value
in 1000 chf
Prior year
Family ownership
(descendants of the company’s founder) 30 000 100 30 000 100
19
Percentage of
equity
Reporting year
Nominal value
in 1000 chf
Prior year
Percentage of
equity
Prior year
New provisions
charged to
income
Transfer to
income
Number of
Capital entitled
to dividend
shares in 1000 chf
Prior year Prior year
Balance at end
of reporting
year

(in 1000 chf)
Equity at beginning of reporting year
Company capital paid in
General legal reserve
Other reserves
Reserves for general banking risks
Profit carried to the balance sheet
Total equity at beginning of reporting year
(before appropriation of profit)
– Dividends and other distributions
from prior year’s profit
+ Profit of the reporting year
Total equity at end of reporting year
(before appropriation of profit)
thereof
Company capital paid in
General legal reserve
Other reserves
3.11
Reconciliation of Equity
Reserves for general banking risks
Profit carried to the balance sheet
20
30 000
53 350
309 000
10 000
39 730
442 080
–21 044
36 642
457 678
30 000
55 310
324 000
10 000
38 368

Current assets
Liquid assets
Money market paper
Due from banks
Due from customers
Securities and precious
metals held in trading positions
Financial assets
Total current assets
Reporting year
Prior year
Borrowed funds
Due to banks
Due to customers in the form of
fixed and savings deposits
Other amounts due to customers
Total borrowed funds
Reporting year
Prior year
3.12
Maturity profile of Current Assets
and Borrowed Funds
(in 1000 chf)
3.13
Amounts due from and to
Affiliated Companies and Loans and
Advances granted to Executive Bodies
Nil
21
at sight at call
due within
due
3 months 3 to 12 months
due
12 months
to 5 years
due
after 5 years Total
1 439 247 1 439 247
415 409 66 042 481 451
148 873 14 591 335 302 498 766
43 701 22 578 9 202 9 551 7 552 92 584
57 257 57 257
14 643 5 000 92 290 366 135 125 295 603 363
1 660 020 58 292 778 289 167 534 375 686 132 8473 172 668
192 118 50 1791 919 486 102 292 320 320 220 500 2 804 895
163 514 163 514
336 175 336 175
2 098 925 3 435 50 737 20 030 2 173 127
2 262 439 339 610 50 737 20 030 2 672 816
1 915 341 377 637 27 407 10 169 2 330 554

Assets
Liquid assets
Money market paper
Due from banks
Due from customers
Securities and precious metals
held in trading positions
Financial assets
Participations
Fixed assets
Prepayments and accrued income
Other assets
Total assets
3.14
Analysis of Domestic and Foreign Assets
and Liabilities
(in 1000 chf)
22
Domestic
Reporting year
Foreign
Reporting year
Domestic
Prior year
Foreign
Prior year
1 437 906 1 341 39 549 1 318
3 500 477 951 854 780 421 027
228 042 270 724 620 503 121 020
31 895 60 689 63 298 22 531
57 159 98 27 585
195 841 407 522 305 022 328 262
550 550
2 002 2 002
3 844 3 538 4 408 3 057
2 050 1 413 4 973 2 096
1 962 789 1 223 276 1 922 670 899 311

Liabilities
Due to banks
(in 1000 chf)
Due to customers in the form of fixed
and savings deposits
Other amounts due to customers
Prepayments and accrued income
Other liabilities
Value adjustments and provisions
Reserves for general banking risks
Share capital
General legal reserve
Other reserves
Profit brought forward
Profit of the year
Total liabilities
Assets
Switzerland
Countries, members of B.I.S.
Other foreign countries
Total assets
3.15
Analysis of Assets by Country/
Groups of Countries
(in 1000 chf)
Domestic
Reporting year
actual
Reporting year
23
Foreign
Reporting year
% share
Reporting year
Domestic
Prior year
actual
Prior year
Foreign
Prior year
10 972 152 542 235 009 161 627
332 465 3 710 363 437 6 432
858 336 1 314 791 509 969 1 054 080
11 261 495 5 200 4
6 830 505 6 539 3 405
36 480 34 200
10 000 10 000
30 000 30 000
55 310 53 350
324 000 309 000
1 726 1 791
36 642 37 938
1 714 022 1 472 043 1 596 433 1 225 548
% share
Prior year
1 962 789 61.6 1 922 670 68.1
1 049 970 33.0 828 205 29.4
173 306 5.4 71 106 2.5
3 186 065 100.0 2 821 981 100.0

Assets
Liquid assets
Money market paper
Due from banks
Due from customers
Securities and precious metals
held in trading positions
Financial assets
Participations
Fixed assets
Prepayments and accrued income
Other assets
Total balance sheet assets
Reporting year
Prior year
(in 1000 chf)
Delivery claims from forward exchange deals
and currency options transactions
Reporting year
Prior year
Total assets
Reporting year
Prior year
3.16
Balance Sheet by Currencies
24
CHF USD EUR
USD EUR
Conversion rates
Reporting year 0.9380 1.2170
Prior year 0.9370 1.2515
Other
currencies Total
1 431 922 2 108 4 888 329 1 439 247
10 500 182 783 273 605 14 563 481 451
6 494 193 974 147 434 150 864 498 766
40 774 36 760 14 147 903 92 584
46 91 57 120 57 257
548 663 24 094 29 484 1 122 603 363
550 550
2 002 2 002
7 123 116 138 5 7 382
1 547 1 618 189 109 3 463
2 049 621 441 544 469 885 225 015 3 186 065
1 893 752 441 682 348 313 138 234 2 821 981
145 353 144 347 90 612 7 190 387 502
151 321 116 225 120 788 13 840 402 174
2 194 974 585 891 560 497 232 205 3 573 567
2 045 073 557 907 469 101 152 074 3 224 155

Liabilities
Due to banks
Due to customers in the form
of fixed and savings deposits
Other amounts due to customers
Prepayments and accrued income
Other liabilities
Value adjustments and provisions
Reserves for general banking risks
Share capital
General legal reserve
Other reserves
Profit brought forward
Profit of the year
Total balance sheet liabilities
Reporting year
Prior year
(in 1000 chf)
Delivery obligations from forward exchange
deals and currency options transactions
Reporting year
Prior year
Total liabilities
Reporting year
Prior year
Net position per currency
Reporting year
Prior year
25
CHF USD EUR
Other
currencies Total
35 424 17 553 76 626 33 911 163 514
336 175 336 175
1 180 036 476 858 391 631 124 602 2 173 127
11 261 493 2 11 756
5 941 206 1 165 23 7 335
36 480 36 480
10 000 10 000
30 000 30 000
55 310 55 310
324 000 324 000
1 726 1 726
36 642 36 642
2 062 995 494 617 469 915 158 538 3 186 065
1 899 598 470 044 347 225 105 114 2 821 981
143 496 81 162 90 578 7 190 322 426
150 507 84 987 120 754 13 840 370 088
2 206 491 575 779 560 493 165 728 3 508 491
2 050 105 555 031 467 979 118 954 3 192 069
–11 517 10 112 4 66 477
–5 032 2 876 1 122 33 120

4. Information concerning Off-Balance Sheet Transactions
4.1
Breakdown of Contingent Liabilities
Reporting year Prior year
(in 1000 chf)
Credit commitments in the form of sureties,
endorsements and guarantees 20 413 23 222
Other contingent liabilities 1 871 2 302
Total contingent liabilities 22 284 25 524
4.2
Breakdown of Commitment Credits
Nil
4.3
Outstanding Derivative Financial Instruments Trading Instruments Hedging-Instruments
Interest-rate instruments
Forward contracts inc. FRAs
Swaps
Futures
Options (OTC)
Options (exchange-traded)
(in 1000 chf)
Foreign currencies / Precious metals
Forward contracts 2 688 2 565 324 758
Futures 64 953
Options (OTC) 80 80 5 372
Options (exchange-traded)
Equity securities / Indices
Forward contracts
Futures 264 654
Options (OTC)
Options (exchange-traded) 46 11 452
Others
Forward contracts
Futures
Options (OTC)
Options (exchange-traded)
Total
Reporting year 2 814 2 645 671 189
Prior year 5 376 5 429 407 844
There are no netting contracts.
26
Positive
replacement
values
Negative
replacement
values
Contract
volume
Positive
replacement
values
Negative
replacement
values
Contract
volume

4.4
Breakdown of Fiduciary Transactions
(in 1000 chf)
Fiduciary placements with foreign banks
Total Fiduciary transactions
4.5
Assets under management
(in 1000 chf)
Assets with management mandate
Other assets under management
Total assets under management 1
Net increase/decrease of client assets 2
1 cash balances, fiduciary placements and value of total assets
The assets only held for custody purposes are not taken into account.
2 in- and outflows of cash and securities
Interest credited and debited to clients is not taken into account.
27
Reporting year Prior year
261 389 228 235
261 389 228 235
Reporting year Prior year
8 297 702 8 710 349
9 547 790 9 852 597
17 845 492 18 562 946
– 217 400 315 500

5. Information concerning the Profit and Loss Account
5.1
Details of Refinancing Income
in the Category Interest and
Discount Income
Nil
5.2
Breakdown of Trading Profits
(in 1000 chf)
Trading in
Equities –150 164
Fixed income securities 14 10
Foreign exchange 8 590 10 726
Banknotes 1 063 432
Precious metals and coins 1 055 1 105
Profit from Trading 10 572 12 437
5.3
Breakdown of Personnel Expenses
(in 1000 chf)
Reporting year Prior year
Reporting year Prior year
Salaries 49 801 50 272
Social security, invalidity and unemployment
insurance and other legal allowances 3 421 3 411
Contributions to personnel and
Welfare Funds 2 877 3 117
Sundry personnel expenses 291 305
Total personnel expenses 56 390 57 105
28

5.4
Breakdown of Operating Expenses
(in 1000 chf)
Reporting year Prior year
Premises 976 835
IT, machinery, furniture, vehicles
and other equipment 5 975 7 488
Sundry administrative expenses 6 266 7 280
Total operating expenses 13 217 15 603
5.5
Remarks on Significant Losses,
Extraordinary Income (particularly
Shareholders’ Contributions)
and Expenses, Material Releases of
Inner Reserves and of Reserves for
General Banking Risks and Releases of
Provisions and Value Adjustments
no longer required
No remarks
5.6
Information and Purpose
for Revaluations of Fixed Assets not
exceeding the Acquisition Cost
(Swiss Code of Obligations Art. 665
and 665a Governing Corporations)
No remarks
29

6. Information regarding the Bank’s own resources
6.1
Eligible capital
(in 1000 chf)
Tier 1 capital 437 364 421 036
Deductions for not consolidated participations –550 –550
Eligible tier 1 capital 436 814 420 486
Tier 2 and tier 3 capital 0 0
Other deductions from tier 2, tier 3
and total capital 0 0
Eligible capital 436 814 420 486
6.2
Required capital
(in 1000 chf)
Credit risk Swiss standardised 66 183 56 229
approach
thereof price risk concerning
stocks in the banking book 1 452 1 250
Non-counterparty risks 401 401
Market risk Standardised approach 13 762 6 748
thereof on
interest instruments 0 0
stocks 0 0
foreign currencies and precious metals 13 762 6 748
commodities 0 0
Operational risk Basic indicator approach 18 578 20 051
Required capital 98 924 83 429
Eligible/required capital (in percent) 442 504
30
Reporting year Prior year
Approach applied
Equity requirements
Reporting year
Equity requirements
Prior year

Report of the statutory auditors
To the General Meeting of
Dreyfus Sons & Co ltd, Banquiers,
Basel
As statutory auditor, we have audited the accompanying
financial statements of DREYFUS SONS & CO LTD,
BANQUIERS, Basel, which comprise the balance sheet,
income statement and notes for the year ended
31 December 2011.
Board of Directors’ Responsibility
The Board of Directors is responsible for the preparation
of the financial statements in accordance with the
requirements of Swiss law and the company’s articles of
incorporation. This responsibility includes designing,
implementing and maintaining an internal control
system relevant to the preparation of financial statements
that are free from material misstatement,
whether due to fraud or error. The Board of Directors is
further responsible for selecting and applying appro -
priate accounting policies and making accounting
estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
our audit in accordance with Swiss law and Swiss
Auditing Standards. Those standards require that we
plan and perform the audit to obtain reasonable as -
surance whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in
the financial statements. The procedures selected
depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the financial
statements, whether due to fraud or error. In
making those risk assessments, the auditor considers
the internal control system relevant to the entity’s
preparation of the financial statements in order to
design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an
31

Zurich, February 17, 2012
opinion on the effectiveness of the entity’s internal
control system. An audit also includes evaluating the
appropriateness of the accounting policies used and the
reasonableness of accounting estimates made, as well as
evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the financial statements for the year
ended 31 December 2011 comply with Swiss law and
the company’s articles of incorporation.
Report on Other Legal Requirements
We confirm that we meet the legal requirements on
licensing according to the Auditor Oversight Act (AOA)
and independence (article 728 CO and article 11 AOA)
and that there are no circumstances incompatible with
our independence.
In accordance with article 728a paragraph 1 item
3 CO and Swiss Auditing Standard 890, we confirm that
an internal control system exists, which has been
designed for the preparation of financial statements
according to the instructions of the Board of Directors.
We further confirm that the proposed appropriation
of available earnings complies with Swiss law and the
company’s articles of incorporation. We recommend
that the financial statements submitted to you be
approved.
KPMG Ltd
Christoph Gröbli Carl Hollenstein
Licensed Audit Expert Licensed Audit Expert
Auditor in Charge
32

Telephone +41 61. 286 66 66
Fax +41 61. 272 24 38
contact@dreyfusbank.ch
www.dreyfusbank.ch
Aeschenvorstadt 16
P.O. Box
4002 Basel
Switzerland