• Keep building on our achievements

• Improve processes• Consistently deliver

high-quality service• Enhance multi-

channel distribution• Focus on cost

control

• Flat market trend unlikely to drive business growth

EXCELLENCE

2002-2005Turnaround

• New governance and organizational changes

• Recapitalization• Strategic

realignment• Large-scale NPL

workout program• Creation of Risk

Management Dept.• Improved ALM

• Managing through the crisis

REBIRTH

2005-2008CroisSens

• Branch office network modernized

• New brand and communications platform

• Regional and client re-segmentation

• Enhanced management training

• Focus on cross-selling

• Very favorable market environment

GROWTH

2009-2013BCVPlus

• Clearly differentiated business-line strategies

• Sales-support efficiency and front-line execution

• Performance-based corporate culture

• Focus on core values

• Financial crisis followed by persistently low-interest-rate environment

PERFORMANCE

History of strategic plans

The strategy since 2008 in one chart

Growth

Getting BCV's growth of businesses on a sustainable track in order to strengthen its regional leadership

Simplify and improve operational efficiency

Stronger performance based-culture - High advisory quality

Transforming a good bank into an bank of reference, ready to fight back competition and take

up its potential future challenges in the Swiss banking landscape

Execution Skills

The 4 pillars of BCV's strategy

Initiatives to reach

operational excellence and

simplicity

Organizational culture oriented towards performance and continuous improvement of skills

Business strategy with clear priorities

Active capital management

• Significant growth in retail banking business (2008-2013: CAGR of +5.7% in mortgage lending and +5.3% in savings)

• NNM in onshore private banking (+CHF 3.0bn between 2008 and 2013)• More than 2,000 SMEs added to our portfolio since 2008• Centered on customer-driven transactions, withdrew from proprietary trading

(VaR divided by around 10) and still maintained revenue growth (+63% from 2008 to 2013)

• Increased profitability in Large Corporates and Trade Finance activities (2 to 4 percentage-point improvement in ROE)

A business strategy with clear priorities

Initiatives to achieve operational excellence and simplify processes

An organizational culture geared towards performance and ongoing skills development

Active capital management

• Customer-facing time increased since 2008, with 25,000 additional appoint-ments in retail banking (+30%) and 6,600 in onshore private banking (+25%)

• Lending process for individuals totally revamped and to be fully rolled out by 2015, with targeted cuts of 50% in back-office costs

• Gained control over IT systems and reduced IT costs by transferring 80 specialists to BCV from IBM

• Focus on management skills development: several days of training for all managers

• Bank-wide objectives and performance management framework focusing on profitability and shareholder value creation

• All employees completed a full day of training on how to concretely apply BCV’s values in their everyday work

• Quality of our risk models recognized, with approval to use F-IRB approach • Solid financial base, with CHF 700m in spare capital• Dividend policy: CHF 1.35bn, or CHF 156 per share, paid out to shareholders

since 2008

Selected achievements over the last 5 years

: Onwards and Upwards

ONWARDS

UPWARDS

+

• Don’t change a winning strategy: Fully execute on planned and ongoing projects and see them through to the payoffs

• Adjust business-line strategies as regulatory and market environments evolve

• Further simplify and streamline internal operations

• Make impeccable service our differentiating factor

: 5 guiding principles

Further streamline operations and processes3

1 Improve customer service

2 Develop multi-channel distribution

4 Optimize and sustain current IT environment

5 Adapt wealth management to regulatory environment

Portfolio of business activities

Relative size of gross profit contribution

Retail/Direct Bank

Retail/Direct Bank

PB Onshore

PB Onshore

ForexForex

Large

corp.Large

corp.

Indep. asset mgrs

Indep. asset mgrs

BCV business portfolio is made up of :

Three main core businesses focusing on Vaud region and with a long historical tradition, integral part of the Bank's corporate mandate:

– Retail banking– SME– PB Onshore

Other universal banking activities closely linked to other businesses (synergies through skills, products, functional or client driven processes)

Other activities with looser synergies to three main business but with a clear role in the portfolio

Struc.ProductsStruc.

Products

SMESME

Client.Equities

/ Fix. income

Client.Equities

/ Fix. income

11

22

33

11

22

33

FX swap, fixed income and equity derivatives (minimal level of activity – internal support for other activities e.g. structured products)

Real estate prof.

Real estate prof.

eBroker-age

eBroker-age

Depos.BankingDepos.Banking

TradefinanceTrade

finance

PBOffshore

PBOffshore

Inst. AMInst. AM

: Main strategic targets

• Grow at least at market pace in VaudRetail banking

SMEs

Onshore private banking

Piguet Galland & Cie SA

Asset management

Structured products

Trade finance

Large corporates

• Above-market growth in Vaud

• Gain market share in French-speaking Switzerland

• Pursue new niche growth drivers in Switzerland

• Continue to focus on profitability within the Bank’s overall risk profile

• Continue to diversify activities• Increase business activity as market

recovers

57%-59%57%-59%C/I ratioC/I ratio

12%-13%12%-13%ROEROE

13%113%1Capital ratioCapital ratio

Targets

• Target ROE once target equity ratio achieved

• Current ROE under pressure due to high equity level

1 CET1 target ratio (core equity tier 1) of 13% at Group level and 12.5% at Parent Company level

BCV target ratios

11.0%13.0%

17.8%

Intervention threshold

12.0%

Minimumobjective

Target ratioCET1

CET1 ratio31 Dec. 13

+4.8%

FINMA requirements for banks in supervisory category 3

BCV capital ratio

• 4.8 percentage points above target ratio

• CET1 ratio of 16.4% on a look-through basis as of 2019

BCV’s excess capital

Recap on the distribution policy

From 2008to 2012

From 2013for the next 5 years

Ordinary dividend

Special dividend

CHF 20 to CHF 25

per share

CHF 10 tax-exempt

per share

+

Ordinary dividend

Special dividend

CHF 22 to CHF 27

per share

CHF 10 tax-exempt1

per share

+

Barring any significant changes in the economic environment, the regulatory

framework or the Bank's situation

1 Distribution out of paid-in reserves

Optimising BCV’s value proposition for shareholders

• Aiming for long term sustainable growth• Aiming to reduce the stock’s volatility by significantly reducing the

company’s earning’s variability• Improved risk profile in line with the company's perception among clients

and shareholders• Solid over the cycle earnings base ensuring the long term payment of stable

dividends• High yielding dividend

BCVN: a defensive stock offering steady growth and an attractive risk/return profile