Safra today announced its intention to launch an offer to purchase the 
publicly held registered 'B' shares of Bank Sarasin & Co. Ltd, Basel, 
Switzerland (Sarasin) at CHF 27.00 per share. The offer is expected to be made 
on 20 August 2012 by JSH S.A.Luxembourg, a Safra entity. Subject to potential 
postponements or extensions, the offer is expected to be opened for acceptances 
from 4 September 2012 to 17 September 2012.

    The offer follows the closing on 31 July 2012 of the previously announced 
acquisition of Rabobank's stake in Sarasin by Safra. As a result of the 
closing, Safra now holds 50.15% of the share capital and 71.01% of the voting 
rights of Bank Sarasin.

    Considering the general trend toward increased capital requirements for 
banks and other financial institutions, Safra expects that Bank Sarasin will, 
in the future, strengthen its equity base by increasing its share capital in an 
amount of approximately CHF 250 million. In addition, the dividend policy of 
Bank Sarasin will be adjusted to reflect the policy applied to the companies 
within Safra's European Group, which at present focuses on the full 
re-investment of earnings in the development and strengthening of the business, 
and will, as a result, involve eliminating distributions to shareholders,
including in 2012.

    Credit Suisse is acting as financial advisor to Safra and transaction 
coordinator in connection with the offer.

    For further information:

    Kekst and Company

    Robert Siegfried 
    (+1) 212-521-4832 / (+1) 917-842-1126 
    e-mail:robert-siegfried@kekst.com 

    Jeremy Fielding
    (+1) 212-521-4858 / (+1) 646-644-4825 
     e-mail: jeremy-fielding@kekst.com 
    
    Mark Semer
    (+1) 212-521-4802 / (+1) 917-439-3507  
    e-mail: mark-semer@kekst.com

    Safra Group

    The Safra Group is a highly regarded name in global private banking with a 
successful long standing history. Safra banks include Banco Safra, Banque J. 
Safra (Suisse), Banque J. Safra (Monaco), Banque Safra Luxembourg, Bank J. 
Safra (Gibraltar), Safra National Bank of New York and Safra International Bank 
and Trust, all built on strong financial foundations. As of December 2011, the 
Safra Group had aggregate stockholder equity of approximately USD 12 billion 
and total assets under management of USD 101 billion. The Safra banks are in 
125 locations worldwide, and have over 6,300 employees.

    NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

    SOURCE: Safra Group