BCV retracts initial full-year profit guidance

Estimated Q1 gross profit below expectations

In difficult financial markets, certain components of BCV’s provisional Q1 results are sharply below expectations. In particular, trading activities in Swiss equities and equity derivatives performed poorly in March. Gross profit is now expected to be between CHF 55m and CHF 65m, a significant decline versus the record earnings posted in Q1 07. As a result, contrary to the guidance issued on 5 March, the Group no longer expects 2008 full-year gross profit to be similar to that of 2007.

The parent company's provisional figures show a loss on trading activities of CHF 37m in Q1 08 versus a profit of CHF 28m for the same period of 2007. The loss related to trading in Swiss equities and equity derivatives, which suffered from strong turbulence on the Swiss market in March. It is not related to the subprime crisis, which has had no impact on the Bank's business.

BCV's main revenue streams (net interest income and commission and fee income) have performed in line with expectations, so the Group will still post a profit in Q1. However, gross profit will be lower than initially expected, at between CHF 55m and CHF 65m. This represents a decrease compared with Q1 07, when the Group turned in its best-ever quarterly earnings performance.

In view of this, the Group no longer expects full-year gross profit to be similar to that of 2007.

BCV nevertheless remains in a strong financial position and committed to its recently announced strategy of optimizing shareholders' equity. The measures to implement this strategy will be submitted for the approval of the shareholders at their annual meeting on 24 April.

The release of the Group's final Q1 results, originally scheduled for 20 May 2008, has been brought forward to 8 May.

Lausanne, Switzerland, 18 April 2008

Contact(s)

Christian Jacot-Descombes, Press Officer
Phone + 41 21 212 28 61
E-mail

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

This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.

The above text is a translation of the original French document; only the French version is authoritative.