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SIMPLIFIED Tracker Certificate PROSPECTUS Underlying: Swiss cantonal banks Maturity: Open-ended This 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 therefore not protected by the Swiss Federal Investment Fund Act. PRODUCT DESCRIPTION Details Sec. No. / ISIN / Symbol 25 016 004 / CH0250160048 / No listing planned Issuer and Lead Manager Banque Cantonale Vaudoise, Lausanne, Switzerland (S&P AA/stable/A-1+) Paying and calculation Banque Cantonale Vaudoise, Lausanne agent Investment Manager Banque Cantonale de Genève Underlying asset Basket of shares in Swiss cantonal banks Certificates per basket 1 certificate = 1 basket of Swiss cantonal bank shares Issue size 100 000 certificates with reopening clause Issue price CHF 100.00 (includes an issue margin of CHF 1.00) Reference price CHF 99.00 Initial fixing period 16 - 18 September 2014 Payment date 25 September 2014 Effective termination Open-ended date/Maturity Redemption date The sixth working day following the termination date set by either the investor or the Issuer (barring extraordinary market situations and emergencies). How the Certificate works 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 maturity date is not fixed 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. Definition of the cash The cash component is made up of cash denominated in the main currency of the underlying basket. component The following currency may be represented: CHF. SSPA category Investment Product - Tracker Certificate (1300), according to the Swiss Derivative Map available at www.svsp-verband.ch. Management fees 1.00% per year beginning on 1 January 2015. 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. 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. The cash component may not exceed 50% of the total nominal amount invested. No interest is paid on the cash position. 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. 4. The investor will receive an annual payment for the dividends paid by the securities that is equal to the entirety of the cash component. 5. The full nominal amount will be invested continuously in the Certificate, but the dividends will not be reinvested. 6. The Investment Manager may rebalance the basket once every six months, at the end of April and the end of October. 7. 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 on ordinary banking operations before extraordinary items and taxes. On the income statement, it could be listed as an interim result. Shareholders' equity is sourced from 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. 8. No leveraged positions (i.e., other than 100% participation in the performance of the security) or short positions (i.e., short selling) are allowed in the basket. 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 yield The investor will receive an annual payment for the dividends paid by the securities in the basket. This compensatory 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 19 September 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 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 Issuer’s right of The Issuer has the right to terminate all Tracker Certificates in circulation at any time, but no earlier termination than 9 months after the issue date. The termination must be announced at least 1 month prior to the effective termination date. The final fixing period for calculating the redemption amount may be a period of up to 5 trading days following the effective termination date. 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 also have the right to terminate termination any 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 may be a period of up to 5 trading days following the effective termination date. 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 noted under "Contact information: product redemption.” The investor’s custodian bank must include the following information in its message to the calculation agent: . name, address and clearing number . the Certificate’s security number . the number of Certificates involved . the effective termination date (must be at least one month after the notice is received by the Issuer) The calculation agent will confirm the termination to the investor's custodian bank, specifying in particular the effective termination date. Secondary market, Listing and Clearing Listing, market segment No listing on the SIX Swiss Exchange is planned. Liquidity Banque Cantonale Vaudoise holds a daily secondary market between 9:15am and 5:15pm (Swiss time, CET). The market price of the Certificate may be influenced by the liquidity of the securities in the basket. Secondary market No secondary market on the SIX Swiss Exchange. Prices may be consulted on Reuters BCVINDEX <BCVDERIVATIVES>, SIX Telekurs 25016004, BCV. Clearing SIX SIS SA Certification The security takes the form of a book-entry security registered in the SIX SIS SA clearing system. It is not certificated and individual securities will not be printed or delivered. 3/7 Taxation Tax disclaimer This tax information provides only a general overview of possible tax consequences related to this product on its issue date. Laws and tax practices can change at any time with retroactive effect. Investors should always consult with their tax advisor for a specific evaluation of their profile before carrying out any transaction. Switzerland For individuals whose tax domicile is in Switzerland and who hold these investments as part of their private assets, any gains resulting from the sale of certificates are considered capital gains. Capital gains do not currently constitute taxable income. Annual distribution yields constitute taxable income. The product is not subject to Swiss withholding tax, Swiss federal stamp duty or stamp duty at issue. EU taxation of savings Outside the scope of the European Union savings tax directive. “Out of scope” (Telekurs code = 9) Legal information Applicable law and Lausanne, Swiss law jurisdiction Simplified prospectus This document is not an issue prospectus within the meaning of Articles 652a or 1156 of the Swiss Code of Obligations.
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