BCV's Annual General Meeting of the Shareholders - All motions approved

BCV's Annual General Meeting of the Shareholders took place this afternoon at the Palais de Beaulieu in Lausanne, Switzerland. The shareholders approved all the motions submitted by the Board of Directors, including the proposed distribution of an ordinary dividend of CHF 2.00 per share after the CHF 3.33 preference-dividend payout on the participation certificates.

1244 shareholders, representing 80.94% of the Bank's share capital, attended this afternoon's AGM. The shareholders approved the various motions on the agenda, as detailed in this morning's press release.

The Consolidated Financial Statements, which showed a CHF 157 mn profit for 2003, were approved, and discharge was granted to the members of the Board for the 2003 financial year. The proposal to distribute a CHF 2.00 ordinary dividend on the shares after the CHF 3.33 preference-dividend payout on the certificates was also approved, and KPMG Fides Peat's term of office as auditor was extended.

Setting the Preference Dividend

The shareholders approved a revision of the Bank's Articles of Association concerning the method used to set the preference dividend on the participation certificates. The revision to the Articles calls for distribution of a preference dividend of CHF 2.69 per certificate, or 4.3% of face value (CHF 62.50), starting in 2004, provided the Bank's profits are sufficient. The change had already been approved by the Meeting of Participation-Certificate Holders which took place this morning.

Communication Policy

The AGM also approved a motion concerning the Bank's communication policy toward its shareholders, including majority shareholder Vaud Canton; this entails an amendment to the Articles of Association, which now contain a clause calling for an agreement between Vaud Canton and the Bank concerning BCV's communication policy as regards the Canton.

Lausanne, Switzerland, 28 April 2004

Contact(s)

Daniel Herrera, Head of Communications
Phone +41 844 228 228
E-mail

Wilhelm Blaeuer, Investor relations
Phone + 41 21 212 20 71
E-mail