It was a turbulent year for SIX Group and for the financial sector at large. The 
financial crisis led to massive price adjustments on the stock markets, trading volumes 
plummeted and interest rates were frozen at a record low. These factors in tandem with 
substantial price reductions in securities trading and post trading resulted in markedly 
lower turnover volumes through the year. In contrast, the payment transaction business 
remained largely immune to a fluctuating economy as it continued to grow 
internationally. In similar vein, the Financial Information business field was not 
directly affected by the slow financial markets.

Urs Rüegsegger, CEO of SIX Group: "Given the difficult market conditions, we achieved a 
good operating result in 2009. At the same time, we continued to grow our cards and post-
trading business internationally. All in all, the diversification of income due to the 
diversified business portfolio worked to our benefit."

A good operating result in a challenging market

The net interest income position decreased from CHF 41.4 million to CHF 8.3 million in 
2009 due to low interest rates. Trading volumes at SIX Swiss Exchange and Scoach fell by 
41.5% and the number of contracts traded on Eurex was 22,1% lower. What is more, price 
reductions amounting to CHF 44.1 million in securities trading and securities services 
had a negative effect on revenue. Thanks to the gratifying growth of the payment 
business, the positive impact of the transaction investment in Cetrel and the 
acquisition of First Data's Austrian card processing business, net income from 
commission and other services business was merely 7.3% lower at CHF 1,099.7 million.

Intensified competition in the stagnating US derivatives market led to a reassessment of 
the perspectives for ISE, the US exchange acquired by Eurex in 2007. As a result, 
Deutsche Börse, which is entitled to 85% Eurex’s proceeds, posted of value adjustment 
expenditures on ISE assets in the amount of EUR 415.6 million. SIX Group consolidated 
its 15% share in Eurex’s proceeds according to the equity method. The value adjustment 
thus decreases the share of equity and with it the net participation result by CHF 45.4 
million. At CHF -20.4 million, the latter is CHF 26.2 million lower year-on-year. The 
operating income for 2009 amounted to CHF 1,252.9 million, 7.0% less than in the 
previous year.

On the cost side, business expenditure increased by 5.4% or CHF 44.6 million to CHF 
875.2 million as compared to 2008. CHF 56.1 million thereof is attributable to the first-
ever consolidation of Cetrel and SIX Card Solutions Austria. Personnel costs rose by CHF 
27.3 million or 5.2% due to acquisitions. SIX Group's workforce increased by 347 to 
3,707 full-time equivalents. Depreciations and value adjustments increased by 
approximately CHF 20 million largely due to acquisitions, whereas the net expenditure on 
provisions decreased by CHF 12 million. The extraordinary income of CHF 6.2 million 
almost entirely reflects the sale of the French company La Cote Bleue. Taxes fell 
disproportionately as compared to group net income by 56.6% to CHF 43.8 million due to 
extraordinary effects.

The Group’s net income in 2009 amounted to 220.3 million, which is CHF 85.8 million or 
28% less than in the strong previous year. Factoring out the value adjustments on ISE 
assets as well as price reductions and acquisition-related profit contribution, the 
decline amounts to a mere CHF 2.3 million year-on-year, which can be deemed a good 
operating result achieved under very trying conditions.

The Board of Directors shall propose to the General Assembly the payment of a dividend 
of CHF 4.35 (CHF 5.30 in the previous year) per share.

International growth
The stake in IT provider Cetrel in Luxembourg, the founding of SIX Pay in Luxembourg, 
and the takeover of the Austrian card processing business of First Data are important 
milestones in the internationalization of the card business. All in all, the number of 
processed card transactions will double in the next two years. SIX Group also generated 
international growth in securities services: SIX x-clear's volume on the London Stock 
Exchange (LSE) increased substantially following the operational start of a new client 
in London. What is more, Moody's confirmed the top ratings awarded to SIX SIS and SIX x-
clear, namely Prime 1 for short-term deposits and Aa1 for long-term deposits. Both 
companies thus rank among the most highly rated post-trading organizations in Europe. In 
December 2009, Deutsche Börse and SIX Group became the sole owners of the index provider 
STOXX, thus paving the way for global expansion of the index business.

Enhancing operational capabilities
Strengthening the operating business was one of the main areas of emphasis in 2009. In 
spring, SIX Swiss Exchange introduced a distinctly more powerful trading system. At the 
same time, the concentration of Swiss blue-chip trading in Zurich simplified 
organizational issues and generated cost savings of CHF 20 million.

The fourth quarter of 2009 saw the launch of a Group-wide project aimed at enhancing the 
quality and efficiency of processes. The Group Executive Board is convinced that this 
project will further increase cost awareness and improve the cost structure in the long 
term. In total, productivity is expected to increase by around CHF 30 million each year 
as a result of this initiative.

The consolidation of the different platforms as part of the integration process has made 
decisive progress and the productivity of the technical infrastructure was considerably 
enhanced in the year under review. Economies of scale and efficiency gains enabled SIX 
Group to reduce IT and logistics costs by a further 8% (volume-adjusted) in 2009.

Development of the business fields
In the Securities Trading business field, revenues dropped by 30.6% to CHF 221.5 million 
due to low trading volumes. With 34.8 million transactions, exchange trading activity 
decreased by 23% compared to last year's record volume, the stock exchange trading 
turnover at SIX Swiss Exchange and Scoach dropped by 41.5% to CHF 1,131.3 billion. A 
continued increase in demand was recorded for ETFs (Exchange Traded Funds) with a 
turnover of CHF 50.6 billion, corresponding to a rise of 28% year-on-year. At Eurex, the 
joint derivatives exchange of SIX Group and Deutsche Börse, the number of traded 
contracts amounts to 1,687.5 million, which is 22,1% below the record volume of the 
previous year.

In the Securities Services business field, the year under review saw a decrease in 
revenues of 12.3% to CHF 230 million due to low trading volumes and interest rates. 
Despite a gratifying increase in cross-border transactions of over 13%, the settlement 
volume of 28.8 million transactions fell slightly below the previous year's level. 
Thanks to increasing market prices and additional foreign business, deposit volumes rose 
by 16.8% to CHF 2,860 billion. The connectivity established between the London Stock 
Exchange and SIX x-clear enabled the number of clearing transactions to increase by 
around a third to 33.4 million.

The Financial Information business field was not directly affected by the slow financial 
markets despite the fact that these conditions hindered the acquisition of new business 
and led financial institutions to reduce the number of jobs. At CHF 415.8 million, 
revenues are only slightly below the previous year's level of CHF 418.8 million. The 
display and market data segments were chiefly responsible for the reduced turnover with 
shortfalls of -3.5% and -20.1% respectively. On a more positive note, revenues in the 
reference data and valuation price segments rose by 1.8%. Decisive progress was made in 
integrating Fininfo Group, which was acquired in 2007. Cost synergies and positive sales 
figures for SIX Telekurs products in the former Fininfo markets are becoming effective.

In the Payment Transactions business field, the lower average amounts involved in credit 
card transactions affected turnovers in the credit card business, which dropped from CHF 
12.3 billion to CHF 11.9 billion. The debit card business proved to be highly resistant 
to the economic conditions: The number of transactions rose to 237 million, which 
corresponds to an increase of 6.4% over the previous year. Similarly, rising demand was 
registered in the distance payment business (credit card payment via the Internet or by 
phone), where the turnover volume grew by 17.8%. Thanks to the expansion of foreign 
business and the initial consolidation of transactions at Luxembourg-based Cetrel as 
well as the new volumes contributed by SIX Card Solutions Austria, the total number of 
processed transactions rose by 29.8% to 1.907 million, as compared to 1,470 million in 
the previous year. Revenues increased by 16.4% from CHF 529.3 million to CHF 616.0 
million.

Outlook
SIX Group will continue to expand its international operations in 2010. The focus will 
be on expanding the international clearing and settlement business and further 
developing the European payment services platforms at the company's sites in Luxembourg 
and Vienna. Cautious optimism prevails with respect to the financial industry's 
prospects in 2010. The first few weeks of the year confirmed a slight upward trend in 
trading volumes. Taking into account the latest price reductions and the persistent low 
interest rates, SIX Group expects the turnover to decrease in 2010 and the consolidated 
profit to be slightly lower year-on-year.

Information
Media Relations SIX Group
phone +41 58 854 26 75
Email pressoffice@six-group.com

SIX Group erbringt Infrastrukturdienstleistungen für nationale und 
internationale Teilnehmer des Schweizer Finanzplatzes. Die Geschäftsfelder des 
Unternehmens decken den Wertschriftenhandel, die Wertschriftendienstleistungen, 
das Finanzinformationsgeschäft und den Zahlungsverkehr ab. 

SIX Group ist Anfang 2008 aus dem Zusammenschluss von SWX Group, SIS Group und 
Telekurs Group hervorgegangen und repräsentiert als Infrastrukturunternehmen mit 
internationaler Geschäftstätigkeit einen tragenden Pfeiler des Finanzplatzes 
Schweiz. 

SIX Group steht für hohe Effizienz und Innovationskraft über die gesamte 
Wertschöpfungskette. Das Unternehmen bietet nationalen und internationalen 
Finanzmarktteilnehmern in Qualität und Preis führende Leistungen an. Es verfügt 
über eine offene Architektur mit freiem Zugang zu Handel, Clearing und 
Settlement und pflegt eine enge Zusammenarbeit mit internationalen Partnern. 

Das Unternehmen befindet sich im Eigentum von rund 160 in- und ausländischen 
Aktionären, die auch Nutzer der Infrastruktur sind. Diese breit abgestützte 
Eigentümerschaft und die mittels eines Aktionärsbindungsvertrags auf 
langfristige Stabilität ausgerichtete Eigentümerstruktur stellen sicher, dass 
das Unternehmen den Interessen seiner Kunden und der Akteure des Finanzplatzes 
Schweiz verpflichtet ist.