Julius Baer was able to manage successfully the enormous volatility and volumes following the Swiss National Bank's decision on 15 January 2015 to discontinue the minimum exchange rate of CHF 1.20 per euro. In particular, the Group overall did not suffer losses on the two trading days following the decision.

Based on current analyses, the direct translation impact of the increase in the valuation of the Swiss franc did not negatively impact the Group's capital ratios nor its significant excess capital position.

Julius Baer is continuing to analyse the developments and expects to be able to rapidly implement appropriate measures to defend the Group's profitability from the effects of the strengthened Swiss franc.

Further information will be provided at the presentation of the 2014 full year results on 2 February 2015.

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