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Document Vide SIMPLIFIED PROSPECTUS Tracker Certificate Underlyings: Swiss cantonal banks’ shares Redemption: Open-ended This structured product is not a collective investment within the meaning of the Swiss Federal Investment Fund Act. It does not require approval from the Swiss Financial Market Supervisory Authority (FINMA) and is not subject to FINMA supervision. Investors are also exposed to the risk of insolvency of the Issuer. This Certificate is actively managed on a discretionary basis and has a dynamic structure. 1. PRODUCT DESCRIPTION Details Sec. No. / ISIN / Symbol 27 171 233 / CH0271712330 / No listing planned Issuer and Lead Manager Banque Cantonale Vaudoise, Lausanne, Switzerland (S&P AA/stable/A-1+) Prudential supervision BCV, Lausanne, Switzerland is subject to prudential supervision by the Swiss Financial Market Supervisory Authority (FINMA). Paying and calculation Banque Cantonale Vaudoise, Lausanne agent Investment Manager Banque Cantonale de Genève (BCGE), Geneva, Switzerland BCGE is subject to prudential supervision by FINMA. Underlying asset Basket of Swiss cantonal bank shares Management method Discretionary and dynamic Conversion ratio 1 Certificate = 1 basket Issue volume 150,000 Certificates with a reopening clause, up to a maximum of 150,000 Certificates Minimum investment 1 Certificate Base currency CHF Issue price CHF 200.00 (includes an issue margin of CHF 1.60) Reference price CHF 198.40 Distribution fees 0.40% of the issue price Initial fixing date 24 March 2015 Payment date 13 April 2015 Effective termination Open End date/redemption Redemption date The sixth working day following the termination date set by either the Investor or the Issuer (barring extraordinary market situations and emergencies). Product description This CHF-denominated Certificate comprises a selection of shares in Swiss cantonal banks and a cash component (see definition below). The selection reflects the Investment Manager’s investment strategy. The Certificate is open-ended, which means that the redemption date is not set at issue. The Certificate matures when either the Issuer or the Investor exercises his/her termination rights (“effective termination date”), subject to the notice periods set out herein. Description of the cash The cash component is made up of cash denominated in the main currency of the underlying basket. component The cash component is denominated in CHF. SSPA category Investment Product - Tracker Certificate (1300), according to the Swiss Derivative Map available at www.svsp-verband.ch. Management fees 0.70% p.a. (0.35% p.a. for the Investment Manager and 0.35% p.a. for the Issuer). These fees are included in the price of the Certificate on a pro rata basis. www.bcv.ch/invest 021 212 42 00 Roles and responsibilities The Investment Manager selects the securities in the basket, as well as the weighting of the securities and any cash component, in accordance with the investment universe and rules (see below). The Certificate’s performance therefore depends on the quality of the Investment Manager’s investment decisions. The Investment Manager takes full responsibility for the composition of the basket and its impact on the Certificate's performance. The Issuer shall execute the buy and/or sell orders necessary to issue or rebalance the Certificate on a best effort basis. Investment universe Eligible securities are exchange-traded securities of Swiss cantonal banks. Investors can obtain information about the investment strategy free of charge from the Investment Manager. Management rules 1. The Certificate is comprised of at least 7 Swiss cantonal bank securities and a cash component that is not interest bearing and serves only to collect the dividends paid. 2. Given the low liquidity of some of the underlying securities, each rebalancing make take up to 30 trading days from the rebalancing date to be fully implemented. As some of the underlyings are illiquid, no guarantee can be given as to the length of the rebalancing period. 3. All net income from the shares making up the Certificate (i.e., dividend payments) will be held as part of the cash component and will be paid out annually to the Investor. The cash component does not pay out interest but could generate negative interest. 4. Secondary-market trading of the Certificate will be suspended during rebalancing periods. 5. The Investor will receive an annual payment for the dividends on the securities that is equal to the entirety of the cash component. 6. The full nominal amount will be invested continuously in the Certificate, but the dividends will not be reinvested. 7. The Investment Manager may rebalance the basket once every six months, at the end of April and the end of October. 8. The weightings will be determined proportionally (out of 100%) based on the following formula and using the latest available data: where Profit is the profit before extraordinary items and taxes. On the income statement, it is the middle-line figure or the income from ordinary banking operations. Shareholders' equity is that recorded on the balance sheet. Each position will have an allocation of at least 5.00% and no more than 15%. However, if the resulting weightings create a problem in terms of the liquidity for trading the securities, the Investment Manager reserves the right to make a discretionary adjustment. 9. No techniques that would create a leveraged position in the basket are permitted. Investment restrictions If a security cannot be traded for liquidity reasons or if it is impossible to execute a transaction for technical reasons, no guarantee can be made as to whether investment decisions will be implemented in accordance with received instructions. If a selected security no longer complies with the investment restrictions set by the Issuer, the security must be replaced. Annual distribution The Investor will receive an annual payment for the dividends on the securities in the basket. The amount of this payment will be decided each year on the reference date. Payment will take place five trading days after the reference dates in question. Reference dates for 30 June of each year (modified business day convention) compensatory payments Basket composition The current composition of the basket is on the last page of this document 2/7 Terms and conditions Changes that are Information about any changes that are unplanned or not agreed contractually (e.g.,capital unplanned or not agreed transactions that affect the underlying assets such as splits, par-value reimbursements or conversions) shall be provided at www.bcv.ch/invest. To be informed of these changes directly, you can sign up on the website and add this product to your favorites. You will then receive alerts concerning the product by email. Redemption of Certificate The amount redeemed in CHF is calculated as follows: multiplying the average price of each security at the final fixing by the respective quantity of each security in the basket adding to the total the amount remaining in the cash component. The formula applied is as follows: N ni Pi C i1 where Pi is the average sale price of stock i during the final fixing period on the reference exchange ni is the quantity of stock i in the basket during the final fixing period N is the total number of securities in the basket C is the amount of the cash component per Certificate Liquidity risk If a lack of daily liquidity is likely to have a significant impact on the sale of underlying shares, the Issuer reserves the right to place sale orders over several days so as not to adversely affect the redemption price of the Certificate. Issuer’s right of termination The Issuer is entitled to terminate all outstanding Tracker Certificates at any time, but no earlier than 9 months after the issue date (please note that the Issuer will automatically redeem the Certificates in full if the number of outstanding Certificates is strictly below 2,000). The termination must be announced at least 1 month prior to the effective termination date. The final fixing period for calculating the redemption amount will be a period of up to 30 trading days following the effective termination date. As some of the underlying shares are illiquid, no guarantee can be given as to whether the final fixing period will be adhered to. If during the product’s lifetime the Certificate’s price drops to CHF 25.00 or below, the Issuer may also immediately terminate the Certificates without prior notice. The effective termination date shall be announced as soon as possible. Investor’s right of Investors may sell their Certificates on the secondary market. They are also entitled to terminate any termination or all of the Certificates they hold, provided that the Issuer has not already exercised its right of termination. The Investor may do so once per quarter, on the last Tuesday of the quarter, but no earlier than 9 months after the issue date. The notice of termination must be sent to the calculation agent at least one month before the effective termination date, in line with the termination procedure set out below. The final fixing period for calculating The redemption amount will be a period of up to 30 trading days following the effective termination date. As some of the underlying shares are illiquid, no guarantee can be given as to whether the final fixing period will be adhered to. Termination procedure for For the Investor's termination to be valid, the Issuer must not have already exercised its right of Investors termination, and the termination notice must be received by the calculation agent at least one month before the effective termination date. This notice may be made via mail or email to the addresses provided under "Contact information: product redemption.” The Investor’s custodian bank must include the following information in its message to the calculation agent: .
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