Exit package for ex-Chairman of the Board

BCV's Board of Directors has set the amount of Mr Gilbert Duchoud's exit package at CHF 2,020,000.-. The Board is of the opinion that the various parties involved (Vaud Cantonal Government, the Bank, and Mr Duchoud) have each succeeded in seeing beyond their own strongly held opinions on the matter in order to focus on the main issue at hand, which is to restore a calm working atmosphere in the bank and put an end to legal questions.

Mr Duchoud, ex-Chairman of BCV's Board of Directors, will receive an exit package totalling CHF 2,020,000. - His contract specified a sum of CHF 1,608,000.-, which the Board took as a minimum.

Mr Duchoud was hired in 1991 to create the Bank's International Division, and was named Chairman of the Executive Board when BCV merged with Crédit Foncier Vaudois, on 1 January 1996. He played a key role in the ultimate success of this merger, which was both extremely tricky and utterly necessary for the canton's economy. He was named Chairman of the Board of Directors on 1 July 2001.

Mr Duchoud worked tirelessly in the Bank's interests until and even beyond the end of his period of employment at BCV, and for this, in the name of the entire Bank, the Board would like to express its heartfelt thanks to him.

Lausanne, 6 May 2002