Principles

Risk management at BCV is based on the following ten principles:

1. BCV takes on strategic/business risk, credit risk and market risk with the aim of     generating added value.

2. BCV seeks to minimize its exposure to operational risk.

3. Every risk that BCV takes must fall clearly within the purview of the Group's     businesses.

4. BCV ensures transparency in all the risks that it takes and enters into a transaction     only when it knows how to manage the resulting risks.

5. BCV's risk management process looks at all sources of risk in a consistent way and     monitors their potential impact.

6. BCV applies uniform definitions, methodological approaches and organizational     principles in managing risk.

7. BCV continually improves its risk management organization, processes and methods.

8. The maximum level of risk taken by BCV is in line with its risk tolerance with respect to     net profit fluctuations and with its available capital.

9. BCV works constantly to foster a culture of risk management and to develop its skills in     this field. In particular, the Bank follows industry best practices and the     recommendations of the Basel Committee.

10. BCV is committed to having full in-house expertise in all the risk management      techniques that it uses.