A nnual R eport D ecember 31, 2009 D reyfus S ons & C o B ...

D reyfus S ons & C o
L I M I T E D
B anquiers B asel
E S TA B L I S H E D 1813
A nnual R eport
D ecember 31, 2009

Contents
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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, 2009
Profit and Loss Account for the Year ended
December 31, 2009
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
ch-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
2009 2008 2007 2006 2005
423.7 414.3 399.4 365.8 341.4
2 333.2 1 848.6 1 553.2 1 458.7 1 296.7
18.5 25.9 26.5 22.6 20.3
94.3 114.4 131.4 107.4 98.0
10.2 9.9 10.0 8.9 8.7
0.9 –4.9 3.4 5.8 6.9
123.9 145.3 171.3 144.7 133.9
–74.1 –78.8 –85.9 –78.3 –71.8
49.9 66.5 85.4 66.4 62.1
35.3 47.6 59.8 47.7 42.7
183 179 179 179 181
18.2 22.4 25.7 25.1 26.3
8.3 11.5 15.0 13.0 12.5
59.8 54.2 50.1 54.1 53.6
193 009 266 005 334 082 266 542 236 077

As of General Meeting of March 16, 2010
Prof. Dr. Hans Guth-Dreyfus, Honorary Chairman
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 Dr. Egon Meyer
Dr. Beat Lehmann René Stalder
Richard Mayr
Managers: Claude Levy Bernard Soguel-dit-Picard
Alfred Messerli Dr. Daniel Witschi
Deputy Managers: Pierre Buchs Thomas Rosch
Amos Gutermann Guido Schneider
Claude Kiener Jürg Stalder
Jean-Jacques Leisi Christine Wey
Mario Paini Jean-Pierre Wyss
Peter Ramseier
Assistant Managers: Andres Angst Clarisse Lyssy
Thierry Bloch René Michel
Pascal Brasey Dieter Minelli
Raymond Brunschwig Lukas Müller
Jacques Buchs Alfred Schmid
Philippe Burnier Dominik Schneider
Stéphane Fiechter Dr. Ursula Schneider-Fuchs
Michael Fringeli Christoph Spreyermann
Roger Glaus David Staehelin
Philipp Gygi Beat Staub
Daniel Lang
Internal Auditor
Nicole Gouëllo, Internal Auditor
External Auditors
KPMG Ltd
3

Report to the General Meeting
The fear of a worldwide depression, which had been
widespread the previous year and had manifested itself in
an actual collapse of prices on the world’s stock markets,
continued during the first quarter of 2009. At that point
the indices for most stock markets reached their lows in
this cycle.
At the end of the year under review it appears that
the stabilization of the global financial system by means
of the stimulus programmes implemented around the
world and of the bail-outs in favour of the banking
system has been successful. All available indicators
point to a normalization of the systemic risks. China
and the USA in particular appear to have bottomed out.
As a consequence the stock markets also recovered in
the course of the year from the lows and ended the
period significantly stronger than at the beginning of
the year. However, we are likely to see a slowdown in
the economic dynamic lasting for several years.
The year under review turned out to be exceptionally
eventful, also from the specific perspective of Switzerland.
In the wake of the UBS tax fraud case in the USA,
the Federal Council felt obliged to give in to the enormous
political pressure and announced key changes to our
tax and legal system. Those changes led to the launching
of a discussion of some important principles at the
political and judicial level, as well as in our Bank, and to
a review of the business models at many banks.
The developments and events described above have
strongly influenced the operating result of Dreyfus
Sons & Co ltd, Banquiers. It was difficult to achieve
results comparable with those of the previous year, in
which only the last quarter was marked by the crisis on
the financial markets. The liquidity held by our clients,
which increased again significantly, combined with
extremely cautious investment of these funds, caused
the balance sheet total to rise to CHF 2 333.2 mio. As a
result of the central banks’ expansive monetary and fiscal
4

policy, interest rates for good debtors such as the Swiss
National Bank fell to virtually zero. Thus the income
earned on these funds fell by 28.5% to CHF 18.5 mio.,
in spite of the large increase in volume. Moreover, the
investment of the high liquidity led to an additional
lump-sum provision amounting to CHF 1.5 mio.
As the value of our clients’ assets, on average were
valued significantly lower than the previous year, the
income from commission business fell by 17.5% to
CHF 94.3 mio. Furthermore the change in the tax-law
situation in many countries led to a net outflow of
assets, despite substantial new inflows – a trend that
has, however, been observable for a number of years.
Work has been in progress for some time on strategic
options in this regard.
Operating expenditure was reduced by 6.0% to
CHF 74.1 mio. But the cost-income ratio – the ratio of
administrative expenses to net income – of barely 60%
compares well with that of our competitors. Thus even
after such a difficult year, we are able to report a profit
of the year of CHF 35.3 mio.
The Board of Directors has appointed Mr. Richard
Mayr a member of the Executive Management effective
January 1, 2010 and also expresses the hope that the
management will continue its traditional cooperative
and successful work. It is convinced that this will enable
the Bank to rise to the numerous challenges of the next
few years. It wishes to thank the employees at all levels
for the services they have performed extremely conscientiously,
competently and loyally and in such a pleasant
atmosphere.
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, 2009
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
2009 2008
78 876 508 113 642 578
1 227 688 062 878 449 402
258 854 892 213 769 138
59 086 843 56 605 334
14 078 017 4 292 567
678 603 369 558 148 293
1 216 489 1 216 489
2 002 000 2 002 000
10 128 173 9 026 321
2 627 977 11 486 527
2 333 162 330 1 848 638 649
0 0
5 827 0
2009 2008
29 345 816 30 873 123
35 317 596 29 250 424
0 0
0 0
929 091 9 789 480
952 217 9 665 483
123 422 651 332 549 655
287 767 719 444 426 703

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
2009 2008
178 935 899 129 064 347
356 225 482 338 854 499
1 331 836 697 909 009 518
5 823 702 13 018 177
5 887 001 16 627 732
30 730 000 27 750 000
10 000 000 10 000 000
30 000 000 30 000 000
51 540 000 49 090 000
295 000 000 276 000 000
1 862 893 1 609 550
35 320 656 47 614 826
2 333 162 330 1 848 638 649
84 312 427 80 772 063

Income & 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, 2009
8
2009 2008
6 887 540 21 540 266
19 006 522 20 850 051
–7 385 765 –16 506 161
18 508 297 25 884 156
95 980 442 116 083 559
173 547 382 964
–1 816 140 –2 066 105
94 337 849 114 400 418
10 206 964 9 884 750
662 142 –4 539 964
240 000 800 000
0 0
0 –1 187 600
902 142 –4 927 564
–56 692 365 –62 682 511
–17 401 107 –16 096 648
–74 093 472 –78 779 159
49 861 780 66 462 601

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 2009 2008
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
2009 2008
49 861 780 66 462 601
0 0
–3 091 312 –2 724 498
46 770 468 63 738 103
0 0
0 0
–11 449 812 –16 123 277
35 320 656 47 614 826
35 320 656 47 614 826
1 862 893 1 609 550
37 183 549 49 224 376
–1 810 000 –2 450 000
–14 000 000 –19 000 000
–16 200 000 –21 300 000
–3 382 065 –4 611 483
1 791 484 1 862 893

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. Although the Bank became a company
limited by shares in the year 1942, its principal
busi ness 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 organizations,
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 and
N ippon Portfolio. Both 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 Board of
Directors and the Executive Management on a daily
respectively monthly basis. The organisational structure
of Dreyfus Sons & Co ltd, Banquiers, is compa-
10

able to the one of a typical private bank. The regulations
concerning the independence of the Board of
Directors are applied in a summarized manner i.e. some
members of the Board of Directors are also members of
the Executive Management. Also there is no Audit
Committee and it’s functions are exercised by the president
of the Board of Directors, Mr. Andreas Guth.
Since the bank grants credits only within its activities
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 is 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 ser -
vices.
Number of Personnel (expressed as full-time em -
ployees): At the end of 2009 the Bank employed 183
staff (prior year 179), 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 Supervisory 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 recognized rating agency.
• Repurchase and reverse-repurchase agreement transactions
are being booked as dues from banks respec -
tively dues to banks.
• Money market paper is shown at market value pre -
vailing 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 appor-
12

tioned to accounting periods as Interest and Dividend
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 resi dual
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
52 850 6 237 59 087
52 850 6 237 59 087
55 228 1 377 56 605
29 346 0 29 346
35 318 0 35 318
0 0 0
64 664 0 64 664
60 123 0 60 123
Reporting year Prior year
107 0
0 0
544 663
13 427 3 630
14 078 4 293
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 1 216 1 216
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 670 286 557 870 690 887 561 770
0 0
8 317 278 9 232 459
0 0
0 0
678 603 558 148 700 119 562 229
495 446 383 500

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
1 216 1 216 1 216
0 0 0
929 9 789 952 9 665
0 0 0 0
1 699 1 698 4 934 6 963
2 628 11 487 5 886 16 628
2 000 2 000
2 2
0 0
28 775
12 800

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 107 350 15 000
Obligations from cash deposits in connection
with securities lending and repurchase
business 0 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 0 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 107 395 15 003
thereof repledged or resold securities 0 0
17
utilised
Prior year
307 752 15 886 282 215 13 183

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 has 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 11.9 mio.
(prior year CHF 9.6 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 99.8% (prior
year 106.9%). As per the not yet audited statement 2009 the pension
fund shows a coverage ratio of 103.0%. The employer-financed foundation
has no statutory commitments.
(in 1000 chf)
Nominal value
Reporting year*
18
4 610 6 127
0 0
4 610 6 127
* Basis of the financial statement 2008 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
Excess
Contributions
Reporting Year* Reporting year Prior year Reporting year Reporting year Prior year
Employer-financed foundation 4 610 0 0 0 0 0
Welfare Fund with coverage ratio –412 0 0 0 3 146 3 139
Total 4 198 0 0 0 3 146 3 139
* Basis of the financial statement 2008 employer-financed foundation and welfare fund
Economic part
of the bank
Welfare expenses on
Personnel expenses

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) 3 150 1 460 4 610
Value adjustments and provisions
for other business risks 19 100 –111 631 19 620
Other provisions 5 500 1 000 6 500
Total value adjustments and provisions 27 750 –111 0 0 3 091 0 30 730
less: value adjustments directly
compensated with assets 0 0
Total value adjustments and provisions
as per balance sheet 27 750 30 730
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
Percentage of
equity
Reporting year
Capital entitled
to dividend
in 1000 chf
Reporting year
Nominal value
in 1000 chf
Prior year
currency
exchange
differences
Total nominal
value
in 1000 chf
Prior year
Percentage of
equity
Prior year
Family ownership
(descendants of the company’s founder) 30 000 100 30 000 100
19
New provisions
charged to
income
Number of
Capital entitled
to dividend
shares in 1000 chf
Prior year Prior year
Transfer to
Balance at end
of reporting
income
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
49 090
276 000
10 000
49 224
414 314
–25 911
35 321
423 724
30 000
51 540
295 000
10 000
37 184

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
78 877 78 877
1 158 943 68 745 1 227 688
88 501 1 249 169 105 258 855
53 133 600 5 054 300 59 087
13 971 107 14 078
8 317 60 000 40 000 324 786 245 500 678 603
189 666 54382 1388755 113 799 325 086 245 500 2 317 188
200 049 50 851 990 130 130 378 265 000 188 500 1 824 908
177 750 1 186 178 936
356 225 356 225
1 284 694 4 153 36 150 6 840 1 331 837
1 462 444 361 564 36 150 6 840 1 866 998
922 432 343 797 97 544 13 155 1 376 928

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
77 408 1 469 112 183 1 460
638 900 588 788 380 982 497 468
103 885 154 970 48 839 164 930
25 369 33 718 16 297 40 308
13 427 651 3 630 663
327 847 350 756 273 701 284 447
1 216 1 216
2 002 2 002
6 815 3 313 5 306 3 720
2 039 589 10 591 896
1 198 908 1 134 254 854 747 993 892

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
11 225 167 711 1 473 127 591
349 639 6 586 333 114 5 740
473 140 858 697 446 403 462 607
5 824 13 018
5 824 62 10 110 6 518
30 730 27 750
10 000 10 000
30 000 30 000
51 540 49 090
295 000 276 000
1 863 1 610
35 321 47 615
1300106 1 033 056 1 246 183 602 456
% share
Prior year
1 198 908 51.4 854 747 46.2
1 036 185 44.4 868 611 47.0
98 069 4.2 125 281 6.8
2333162 100.0 1 848 639 100.0

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 1.0300 1.4840
Prior year 1.0600 1.4920
Other
currencies Total
72 655 195 5 553 474 78 877
626 989 301 165 289 211 10 323 1 227 688
2 685 89 982 91 152 75 036 258 855
31 265 13 856 10 558 3 408 59 087
107 544 13 427 14 078
637 847 12 816 27 345 595 678 603
1 216 1 216
2 002 2 002
9 010 1 082 34 2 10 128
2 021 317 82 208 2 628
1 385 797 419 957 423 935 103 473 2 333 162
1 288 581 279 302 219 983 60 773 1 848 639
19 123 42 085 35 160 17 565 113 933
52 991 117 981 122 903 20 759 314 634
1 404 920 462 042 459 095 121 038 2 447 095
1 341 572 397 283 342 886 81 532 2 163 273

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
11 925 27 503 98 150 41 358 178 936
356 225 356 225
559 703 405 325 322 709 44 100 1 331 837
5 818 6 5 824
4 958 305 609 14 5 886
30 730 30 730
10 000 10 000
30 000 30 000
51 540 51 540
295 000 295 000
1 863 1 863
35 321 35 321
1 393 083 433 139 421 468 85 472 2 333 162
1 288 754 292 837 213 569 53 479 1 848 639
18 241 25 289 35 154 17 562 96 246
52 944 117 959 122 848 20 759 314 510
1 411 324 458 428 456 622 103 034 2 429 408
1 341 698 410 796 336 417 74 238 2 163 149
–6 404 3 614 2 473 18 004
–126 –13 513 6 469 7 294

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 29 147 28 310
Other contingent liabilities 199 2 563
Total contingent liabilities 29 346 30 873
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 881 862 96 265
Futures 17 668
Options (OTC) 48 48 8 028
Options (exchange traded)
Equity securities / Indices
Forward contracts
Futures
Options (OTC)
Options (exchange traded) 42 1 462
Others
Forward contracts
Futures
Options (OTC)
Options (exchange traded)
Total
Reporting year 929 952 123 423
Prior year 9 789 9 665 332 549
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
287 768 444 427
287 768 444 427
Reporting year Prior year
9 573 912 8 803 988
8 993 950 8 159 368
18 567 862 16 963 356
–579 800 –368 500

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 629 517
Fixed income securities 69 18
Foreign exchange 8 520 8 518
Banknotes 126 –201
Precious metals and coins 863 1 033
Profit from Trading 10 207 9 885
5.3
Breakdown of Personnel Expenses
(in 1000 chf)
Reporting year Prior year
Reporting year Prior year
Salaries 49 437 55 291
Social security, invalidity and unemployment
insurance and other legal allowances 3 831 3 961
Contributions to personnel and
welfare funds 3 146 3 139
Sundry personnel expenses 278 292
Total personnel expenses 56 692 62 683
28

5.4
Breakdown of Operating Expenses
(in 1000 chf)
Reporting year Prior year
Premises 2 311 958
IT, machinery, furniture, vehicles
and other equipment 7 585 7 364
Sundry administrative expenses 7 505 7 775
Total operating expenses 17 401 16 097
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 404 142 388 403
Deductions for not consolidated participations –1 216 –1 216
Eligible tier 1 capital 402 926 387 187
Tier 2 and tier 3 capital 0 0
Other deductions from tier 2, tier 3
and total capital 0 0
Eligible capital 402 926 387 187
6.2
Required capital
(in 1000 chf)
Credit risk Swiss standardized 67 367 73 590
approach
thereof price risk concerning
stocks in the banking book 916 180
Non-counterparty risks 401 401
Market risk Standardized approach 3 895 2 475
thereof on
interest instruments 0 0
stocks 0 0
foreign currencies and precious metals 3 895 2 475
commodities 0 0
Operational risk Basic indicator approach 22 109 22 907
Required capital 93 772 99 373
Eligible/required capital (in percent) 430 390
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 accompany -
ing financial statements of Dreyfus Sons & Co ltd,
Banquiers, Basel, which comprise the balance sheet,
income statement and notes for the year ended
31 December 2009.
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 appropriate 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 assurance 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 opinion on the effectiveness of the entity’s
internal control system. An audit also includes evaluating
31

Zurich, February 19, 2010
the appropriateness of the accounting policies used and
the reasonableness of accounting estimates made, as well
as evaluatingthe 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 2009 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
Hans Stamm Christoph Gröbli
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
ch-4002 Basel
Switzerland