Vontobel : Consensus

1/2 Financial News / July 20, 2021

Vontobel half-year results 2021: Publication of consensus collection of sell side analysts

In order to provide transparency Vontobel publishes the results of the consensus collection conducted among sell side analysts covering Vontobel

The consensus published here is based on estimates received from analysts independent from Vontobel Holding AG and its subsidiaries ('Vontobel'). As far as Vontobel is aware, six sell side analysts regularly publish written reports about Vontobel at present (see https://www.vontobel.com/en-ch/about-vontobel/investor-relations/equity-analysts/). All of these analysts were asked to submit their estimates using a form that covers each of the estimated values listed here and should thus facilitate comparisons. Vontobel received estimates from all six analysts in the period from July 12 to July 19, 2021. The consensus published here is based on the arithmetic mean of the estimates received.

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Vontobel

At Vontobel, we actively shape the future. We create and pursue opportunities with determination. We master what we do - and we only do what we master. This is how we get our clients ahead. As a globally active investment manager with Swiss roots, we specialize in wealth management, active asset management and investment solutions. We harness the power of technology to deliver a high-quality, individual client experience and to deploy our investment expertise across multiple platforms and ecosystems. We empower our employees to take ownership of their work and bring opportunities to life. We do so based on the conviction that successful investing begins with the assumption of personal responsibility. We continuously scrutinize our achievements as we strive to exceed the expectations of our clients. The registered shares of the Vontobel Holding AG are listed on the SIX Swiss Exchange. The Vontobel families' close ties to the company guarantee our entrepreneurial independence. We consider the resulting freedom as an obligation to also assume our social responsibility. As of March 31, 2021, Vontobel held CHF 290.6 billion of total client assets. Around the world and in our home market, we serve our clients from 26 locations.

Legal information

This press release is provided purely for informational purposes and is expressly not directed at persons whose nationality or place of residence prohibits access to such information on account of existing legislation. The information and views contained in it do not constitute a request, offer, or recommendation to use a service, to buy or sell investment instruments, or to conduct other transactions. Forward-looking statements, by their nature, involve general and specific risks and uncertainties. It should be noted that there is a risk that forecasts, predictions, projections, and results described or implied in forward-looking statements may not prove to be correct.

Vontobel

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T [phone] vontobel.com

2/2	Financial News / July 20, 2021
		Estimates for Vontobel										High	Low
		Group		H1 2021 E		2021 E		2022 E		2023 E		H1 2021 E	H1 2021 E
		Operating income (CHF M)		700.3		1'400.6		1'467.8		1'537.8		750.7	666.0
		Operating expense (CHF M)		500.4		1'001.4		1'038.2		1'075.8		519.7	482.0
		o/w provisions & losses (CHF M)		2.4		4.5		4.3		4.4		4.5	1.4
		Profit before taxes (CHF M)		199.9		399.2		429.6		462.0		231.1	171.8
		Non recurring items (CHF M net, before tax)		-0.2		-0.3		-0.6		-0.6		0.0	-0.9
		Profit before taxes on an adjusted basis (CHF M)		200.1		399.5		430.2		462.5		231.1	171.8
		Group net profit including minority interests (CHF M)		166.1		325.6		351.9		378.6		191.8	139.2
		Group net profit excluding minority interests (CHF M)		157.5		315.6		348.8		375.5		184.1	131.2
		CET1 capital ratio		12.6%		13.1%		14.8%		16.4%		13.8%	11.9%
		Cost/Income		71.1%		71.2%		70.4%		69.7%		74.9%	68.6%
		Advised client assets (CHF B)		265.8		273.0		288.6		303.1		272.0	258.1
		AuM (CHF B)		235.0		242.6		256.8		271.3		243.0	228.0
		NNM (CHF B)		3.1		8.8		10.8		11.3		4.7	1.5
		EPS (CHF; basic)		2.81		5.64		6.23		6.71		3.30	2.29
		Dividend (CHF)				2.73		3.00		3.25
		Operating income by Client Unit (CHF M)		H1 2021 E		2021 E		2022 E		2023 E		H1 2021 E	H1 2021 E
		Asset Management		289.4		590.9		621.9		652.7		295.2	280.1
		Platforms & Services		82.2		161.0		164.7		170.7		85.8	74.2
		Wealth Management		228.9		464.5		492.3		513.0		240.1	210.0
		Digital Investing		105.4		199.8		198.9		205.5		135.5	90.0
		Advised client assets (CHF B)		H1 2021 E		2021 E		2022 E		2023 E		H1 2021 E	H1 2021 E
		uM
		Asset Management		164.0		169.0		178.8		188.5		169.2	158.4
		of which Assets under Management		143.5		148.1		157.8		167.7		148.9	138.6
		Platforms & Services		19.0		19.6		20.6		21.6		19.8	18.0
		of which Assets under Management		18.8		19.3		20.3		21.3		19.8	18.0
		Wealth Management		70.6		73.2		77.8		81.4		71.9	68.4
		of which Assets under Management		69.9		72.1		75.7		79.3		71.2	67.7
		Return on Assets (bps)		H1 2021 E		2021 E		2022 E		2023 E		H1 2021 E	H1 2021 E
		Asset Management		42		42		42		41		42	41
		Platforms & Services - EAM		50		47		45		45		58	47
		Wealth Management		70		69		68		68		73	64
		Net new money (CHF B)		H1 2021 E		2021 E		2022 E		2023 E		H1 2021 E	H1 2021 E
		Asset Management		1.5		5.4		7.3		7.6		3.0	0.0
		Platforms & Services - EAM		0.4		0.7		0.7		0.8		0.6	0.2
		Wealth Management		1.2		2.5		2.6		2.7		1.6	0.4