17.07.2003 – 09:06

BSI SA

First issue of Bull and Bear Certificates on the implicit volatility on the Swiss Market Index

2 Documents

• VSMI_en.pdf
  PDF - 114 kB
• gottardo_englisch.pdf
  PDF - 114 kB

Lugano (ots)

Remark: you find the complete press release (inkluding the graphics) 
        and the term sheet as pdf-file on  
     www.newsaktuell.ch/f/story.htx?nr=100465110

As from 17 July 2003, for the first time investors
will have the opportunity to participate in the evolution of the
VSMI® Volatility Index on the Swiss Market Index with "Open End"
Certificates. With the issue of Bull and Bear Certificates on the
VSMI, investors can benefit from a rise (Bull) as well as a fall
(Bear) of the implicit volatility of SMI® options. The VSMI is
calculated on the basis of SMI® option contracts traded on Eurex.

Such innovative financial tools lend themselves to investors
wishing to cover the implicit volatility risks in existing options
positions. They also offer the opportunity to aim directly at the
future volatility evolution of the Swiss market without having to
resort to complicated strategies with derivative products.

To make these certificates accessible to a wide circle of
investors and in order to assure negotiable prices at any time, a
listing on the SWX Swiss Exchange has been applied for. The first
trading day is 18 July 2003. Market Making is ensured by Banca del
Gottardo. Rates of Bull and Bear Certificates can be found by
consulting any current financial information source or the
www.gottardo-fs.ch website.

The calculation of the VSMI®, as the underlying value of the
certificate, is transparent. All parameters for the computation of
the index can be viewed on www.vsmi.ch. A guide to the index as well
as historical data can be downloaded from the same website.

Certificates       Ticker Symbol    Security No.            ISIN
Bull Certificate           VSMIC        1641379     CH0016413798
Bear Certificate           VSMIP        1641380     CH0016413806

The VSMI® real-time prices are available on the following
electronic information platforms:

Reuters:           .VSMI
   Bloomberg:    VSMI Index
   Telekurs:         VSMI,1
   Internet: www.vsmi.ch

Evolution of the VSMI® from 1st January 1999 (see pdf)

The VSMI® index is a registered trademark of the SWX Swiss
Exchange. The Banca del Gottardo calculates the VSMI® on the basis
of the Swiss Market Index (SMI®). The SWX Swiss Exchange does not
therefore guarantee the services supplied under the VSMI®
trademark.

Banca del Gottardo, with head office in Lugano (Switzerland),
relies on a well expanded national and international network. Thanks
to its highly qualified teams of experts and its affiliates,
subsidiaries, branches and representative offices in Zurich, Geneva,
Lausanne, Bellinzona, Chiasso, Locarno, Bergamo, Milan, Turin
(opening in September 2003), Athens, Luxembourg, Monaco, Vienna, Hong
Kong, Nassau (Bahamas), as well as an important participation in
Paris, the bank offers top level financial services to its local and
international clientele.

Contact:

specific information on the VSMI® and on derivative products:
Banca del Gottardo
Gottardo Financial Solutions
Schützengasse 31
8023 Zürich
Tel. +41/1/229'59'99
Fax +41/1/215'73'32
E-Mail: vsmi@gottardo.com

general information on the Banca del Gottardo
Banca del Gottardo
Franco Rogantini
Medienabteilung
Viale S. Franscini 8
6901 Lugano
Tel. +41/91/808'33'60
Fax +41/91/923'94'33
E-Mail: franco.rogantini@gottardo.com