BCV welcomes the Vaud Cantonal Government's proposal to reduce the Canton's stake

Lausanne, Switzerland, 9 January 2008 - BCV has been informed that the Vaud Cantonal Government wishes to reduce the Canton’s holding in the Bank’s share capital to 50.12%. The proposed reduction will be submitted to the Cantonal Parliament for approval.

The Bank welcomes this proposal, which is in line with the policy adopted by the Government in 2002 and would bring the Canton’s stake back to its historical level of just over 50%. The final decision on this matter will be made via the Cantonal Parliament’s normal deliberative process, during which the Bank will provide any information or other assistance the Parliament might require. In addition, the Bank will work with the Canton on the operation should the proposal be accepted.

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.