From Ots.eurodhoc.com

Swissfirst AG, Zug, listed on the Swiss SWX exchange, and Bellevue Holding AG,
K�snacht, will merge.  Bellevue Holding AG, i.e. its current shareholders, will
acquire a stake of up to 50% in swissfirst AG, with swissfirst AG acquiring
Bellevue Holding�s operating business. The aim of the merger is to bundle the
know-how of the two groups and strengthen the new merged group�s position as an
innovative niche financial service provider in the Swiss capital market. The
combined earnings set a sound basis for profitable growth in the future. The new
group will manage client funds of CHF 10 billion.

Bellevue Holding AG and swissfirst AG will merge their business activities on
January 1, 2006 to create a financial institution with the business segments
Investment Banking, Asset Management and Private Banking. The aim of the merger
is to bundle core competencies and thus successfully address the issue of
consolidation in the banking industry.  Both companies have already established
themselves as niche players through professionalism, independence, discretion
and innovative strength. This recipe for success will form the basis for the new
group. An excellent fit in terms of culture and vision, and complementary in
terms of the services and products, the Boards of Directors of the two companies
have decided to face the future together.

Growth through common values, services and products
The focus of the transaction is to grow complimentary businesses with common
values. Swissfirst will merge their Investment Banking business, consisting of
Swiss brokerage, Derivative and Structured products as well as Corporate Finance
into Bank am Bellevue. The Bellevue Group adds a strong brokerage franchise with
both Swiss domestic and foreign institutional clients as well as specialized
financial research. The merger will create a powerhouse in Swiss brokerage.  The
two companies will also complement each other in the Asset Management segment.
While swissfirst offers both segregated mandates generating absolute returns as
well as  comprehensive solutions for pension funds in the small and medium-sized
company segment, Bellevue Asset Management products,  BB Biotech, BB Medtech and
BB Biotech Ventures II, are focused on the healthcare sector.

Given the highly complementary nature of the two company�s business segments no
reductions are planned in the combined workforce encompassing 166 employees. On
the contrary, the new Group will offer its employees a wide range of prospects
in a professional and attractive working environment.