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EFG International AG Bleicherweg 8 8001 Zurich Switzerland Media Release Phone +41 44 226 18 50 Fax +41 44 226 18 55 efginternational.com EFG EFG achieves continued strong profitability in the first quarter and reports AuM of CHF 170.0 billion . Zurich , 29 April 2021 In connection with EFG International's Annual General Meeting , which is being held today without shareholders being physically present , EFG is providing an update on its business performance in the first quarter of 2021 . In the first three months of the year , EFG's Assets under Management¹ grew by CHF 11.2 billion to reach an all - time high of CHF 170.0 billion at end - March 2021 , up from CHF 158.8 billion at end - 2020 . This increase was driven by solid net new asset inflows , positive foreign exchange effects and favourable markets . EFG recorded net new asset inflows of CHF 1.6 billion in the first quarter of 2021 , corresponding to an annualised net new asset growth rate of 4 % , at the lower end of its 4-6 % target range . The Switzerland & Italy Region was the main driver of growth , with the UK and the Continental Europe & Middle East regions also generating solid inflows . EFG's Asset Management business also continued to attract strong inflows from both private and institutional clients . Supported by strong levels of client activity , underlying operating income increased in the first quarter of 2021 compared to both the first and fourth quarters of 2020. As expected , revenue margins were slightly weaker than in the second half of 2020 , while the cost / income ratio remained stable compared to the second half of 2020. Overall , this solid performance resulted in continued strong profitability for the first quarter of 2021 . EFG further improved its already strong capital ratios in the first quarter of 2021. At end - March 2021 , the CET1 capital ratio was 16.2 % and the total capital ratio was 21.6 % , supported by the previously announced placement of USD 400 million of Additional Tier 1 Notes in January 2021 . In the first few months of the year , EFG continued to rationalise its footprint and optimise the operational set - up of its eight core offshore booking centres . As part of these efforts , EFG announced on 19 April 2021 that it has agreed to sell its minority stake in the Spanish private bank Asesores y Gestores Financieros S.A. ( A & G ) . This transaction , which is expected to close in the first quarter of 2022 , will reduce EFG's Assets under Management by approximately CHF 13 billion , have a slightly positive impact on the bank's revenue and cost metrics , and add a further 90 basis points to EFG's CET1 ratio . Giorgio Pradelli , CEO of EFG International : " EFG's good growth momentum and continued strong profitability in the first quarter are evidence that the revenue management and cost reduction measures we introduced are taking effect and creating operating leverage . As a result , we remain on track with the execution of our 2022 strategic plan . At the same time , we are becoming increasingly successful in leveraging our high - quality investment products and services . Given the acceleration of net new asset inflows in April and the sustained high levels of client activity that we have seen , I am confident that we can continue on this positive trajectory going forward . " 1/3