Ad hoc publicity: SWX Initiates A Formal Investigation Against The Banque Cantonale Vaudoise

SWX Swiss Exchange has initiated a formal investigation against the Banque Cantonale Vaudoise (BCV) regarding a potential violation of Art. 72 of the Listing Rules (ad hoc publicity). On 15 September 2002, "Le Matin Dimanche" published confidential details regarding the reorganisation of BCV. The in-depth preliminary investigation conducted by the SWX Swiss Exchange has since revealed a possible violation by the BCV of its obligations with respect to ad hoc publicity, in particular behaviour that may be incompatible with its disclosure obligations following a leak of confidential price sensitive information. The duration of these investigative proceedings has not been determined. The SWX will provide information on the outcome of its investigation. However, no information will be made public with regard to the ongoing investigation.