Annual Report 2002

Annual Report 2002

The English version of the VP Bank annual report was
translated from the German version which shall be binding
in case of disparities.
Welcome

Contents
4 Where does the path lead us?
8 Key Figures
11 Introductory remarks by the Chairman of
the Board and the Chief Executive Officer
14 Report by the Board of Directors
18 Structure of the VP Bank Group
20 Board of Directors
21 Board of Management
22 Business Units and central staff functions
24 VP Bank Management
25 International Advisory Board
27 Corporate Governance
27 Group structure and shareholders
29 Capital structure
33 Board of Directors
39 Board of Management
42 Compensations, shareholdings and loans
44 Shareholders’ participation
45 Changes of control and defence measures
46 External Auditors
47 Information policy
49 Activities of Business Units
52 Activities of the subsidiaries and
representative offices

Where does the path lead us?
Our visions determine the way
we act tomorrow.
For us, stakeholders are not some anonymous entity:
we call them clients, employees and shareholders. They
are all part of our future and of our vision. As providers
of first-class wealth management services to a discerning
clientele, we are aware of the fact that we move in an
exciting environment that demands respect and a sense
of responsibility.
As regards our clients' assets, we develop individual solutions
that lead to real capital growth. We achieve this by
offering professional service and providing access to the
very best products available. In concrete terms, this means
that clients not only have a personal contact who is familiar
with their needs, but also the possibility of choosing from
a range of first class products.
We cultivate an atmosphere in which commitment and
entrepreneurial thinking are paramount. This is reflected in
our team as well as in the relationships between our staff
and clients.
We invest to consolidate our market position. In this way,
we secure our profitability and long-term growth. We offer
complete transparency to our shareholders, which creates
trust and, in turn, the foundation for sustainable growth
of their investment.
page 4 | vp bank | annual report 2002
We are keenly aware of our responsibility towards the
business world and society in general. When we act,
we do so with tomorrow in mind – yet without forgetting
the needs of today. For us, it is clear that a bank cannot act
in isolation.
Our three basic principles – VP Bank's mission
Everything we think or do is geared to achieving the
greatest possible benefit for our clients.
We provide them with comprehensive personal advice
as well as products and services in areas such as wealth
management, trust banking and investment management.
In this way, we earn the privilege of providing them
with comprehensive wealth management services and
increasing the value of their assets.
This is our mission.

Turning visions into reality is about
setting clear objectives.
Our actions are guided by our values
Enterprise, team spirit and a thirst for new successes.
These are the values that drive us in the course of our
daily work.
We act as entrepreneurs because we generate additional
value for our clients and for our company. This involves
taking responsibility for our actions and acting purposefully.
The standard by which we measure our quality is client
satisfaction.
We encourage team spirit because only as a team can we
be successful. We firmly believe that open communication
and the ability to deal with conflict strengthen team spirit.
We have a thirst for new experience because our view
of change is essentially positive. For us, it represents
opportunity.
Focus
We take steps to find out how satisfied our clients are.
Because this helps us to find out how and where we
can improve, or have already improved. Our overriding
concerns are product and service quality and the image
we enjoy with our clients.
We are no less precise when it comes to our employees.
Regular in-house surveys tell us exactly what our staff think
about us as an employer, about their working environment
in the team, and about their opportunities for personal
development.
The ongoing success of VP Bank is something from
which shareholders also benefit. Our aim is to generate
a competitive return on shareholders’ equity ratio,
pursued in compliance with specific risk-containment
principles. We build up VP Bank's capital assets with
a view to paying out an attractive dividend.
All our actions are viewed and judged impartially by neutral
observers. This is the reason why we strive to provide
complete transparency in all our strategies and policies to
our staff, our clients, our shareholders and the general
public. The reports about us in the media provide a clear
indication as to whether we are doing this correctly.
annual report 2002 | vp bank | page 5

The values important to
us also apply internally.
We work as a team. At the same time, we cultivate open
communications and seek consensus. This type of communication
is based on mutual trust. We have implicit trust in
each other and behave in a manner that enables people to
trust in us. The way we behave towards each other within
the company is what clients feel when they work with us.
Whenever we act, we do so with the overall picture in
mind. We are constantly in search of new ideas, to ensure
that we move forward together as a team. This creative
process is always forward-looking. The sign of true quality
is when ideas work in the long term. Ideas are only good if
they benefit our clients and ourselves.
We approach our jobs seriously and professionally.
And we enjoy our work. This way, we do not lose sight
of our human side. Precision and passion are not mutually
exclusive.
Quality, service and security: things we and our clients
value immensely. In every possible situation. Our clients
have the right to first-class service and to impeccable
quality and advice. This sort of quality runs through all
our products and the entire relationship.
page 6 | vp bank | annual report 2002
Our understanding of security has continued to develop in
the course of recent years. For our clients, we are reliable
partners who protect their privacy. When we act, we are
aware of the risks involved and our responsibilities;
needless to say, we comply fully with international compliance
standards. And sustainability is a consideration in
everything we do.
Only when our clients are completely satisfied in the
long-term have we achieved our goal. Getting there is part
of our everyday work. We leave no stone unturned in the
quest to provide our clients with friendly, professional,
personal and, above all, discreet service.

What sets VP Bank apart?
Professional services – today and tomorrow
Wealth management and private banking services for
international clients focusing on the personal relationship.
Trust banking services for trustees and asset managers
– a strong partnership.
Investment management – a center of excellence for
innovative new investment products.
Services for regional private and loan clients – reliability
is crucial.
You are perhaps already familiar with VP Bank's most
important asset: our 600 employees. Our bank comprises
many different types of individuals with widely differing
skills from all walks of life. They are the individuals who
provide all-round advisory services and help ensure the
long-term growth of your assets. They embody the head,
heart and guts described earlier. They think, feel and act.
They advise and decide. In the process, they help our
clients to make more out of their assets.
We can achieve our ambitious goals only if we have the
right kind of working environment, if our shareholders
are satisfied and if we enjoy an outstanding reputation
in the outside world. We are fully aware of this and act
accordingly.
VP-Bank – local roots, global presence
We have close ties with the Principality of Liechtenstein,
as demonstrated by our involvement in local cultural, social
and sporting activities and events. Despite its local roots,
Liechtenstein's international orientation is both a major
advantage and a challenge. Today and in the future.
Apart from our headquarters in Vaduz, we have subsidiaries
in Zurich, Luxembourg and the Virgin Islands,
as well as offices in Munich and Montevideo (Uruguay).
annual report 2002 | vp bank | page 7

Key Figures
Balance sheet total
CHF 10,440 million CHF 8,858 million
Shareholders' equity
(Including provisions for general banking risks)
CHF 1,069.9 million CHF 1,000.2 million
Cost-income ratio
53.8 % 77.8 %
page 8 | vp bank | annual report 2002
Group operating profit
CHF 50.1 million
Group profit
CHF -23.2 million
CHF 68.4 million CHF 38.7 million
Assets under management
CHF 29.6 billion CHF 25.2 billion
Personnel headcounts
561.5 548.9
(full-time equivalents, excluding on-the-job trainees)
2001 2002

Key figures of the consolidated balance sheet in CHF millions
2002 2001 Change in %
Balance sheet total 8,858.0 10,440.0 -15.2
Due from banks 5,201.4 6,661.4 -21.9
Customer loans 2,537.1 2,460.2 3.1
Customer deposits 7,494.9 8,900.3 -15.8
Shareholders’ equity (including provisions for general banking risks) 1,000.2 1,069.9 -6.5
Key figures of the profit and loss account in CHF millions
Net income 162.1 238.2 -31.9
Net interest income 90.8 105.1 -13.6
Net commission income 120.3 142.1 -15.3
Income from foreign exchange and precious metals trading 17.6 18.2 -3.5
Income from securities -74.7 -37.5 n.a.
Operating and office expenses 126.2 128.1 -1.5
Group operating profit -23.2 50.1 n.a.
Group profit 38.7 68.4 -43.4
Key figures
Assets under management in CHF billions 25.2 29.6 -14.9
Foreign assets as % of total assets 56.0 54.8
Return on equity in % -2.3 4.7
(ratio of Group operating profit to capital funds including
provisions for general banking risks)
Operating efficiency in % 77.8 53.8
(ratio of operating expenses to net income)
Personnel headcounts (full-time equivalents, excluding on-the-job trainees) 1 548.9 561.5
Net income per employee in CHF 1,000 295.3 424.2
Operating expenses per employee in CHF 1,000 229.9 228.1
Group operating profit per employee in CHF 1,000 -42.3 89.1
Group profit per employee in CHF 1,000 70.5 121.7
Key figures for VP Bank Securities
Group profit per bearer share in CHF 4.53 8.00
Group profit per registered share in CHF 0.45 0.80
Price/earnings ratio per bearer share 33.26 30.64
Price/earnings ratio per registered share 33.15 28.45
Dividend per bearer share in CHF 1.50 2 4.50
Dividend per registered share in CHF 0.15 2 0.45
Capital funds per bearer share in CHF 3 116.98 125.14
Capital funds per registered share in CHF 3 11.70 12.51
1 Under new Liechtenstein rules for stating personnel headcount, a trainee is considered 50 % of a regular employee. For comparison purposes,
the previous year's figures have been adjusted accordingly.
2 Subject to the approval by the General Meeting
3 Including provisions for general banking risks
annual report 2002 | vp bank | page 9

Hans Brunhart
Chairman of the Board of Directors

Introductory remarks by the Chairman of the
Board of Directors and the Chief Executive Officer
VP Bank Group – on the path to the future
Dear Shareholders,
Ladies and Gentlemen
As was the case in the previous year, the VP Bank Group
was unable once again in 2002 to replicate its past
successes. Ongoing turbulence in the global financial marketplace,
as well as the downbeat mood among investors
and correspondingly low level of trading volume, had a
significant influence on the VP Bank Group’s bottom line
for the 2002 financial year. However, the weaker outcome
was more attributable to the effect of value adjustments
taken on the Bank’s own securities holdings than it was to
results at the operating level. Due to the negative impact of
foreign exchange and share price trends, the total amount
of assets under management decreased. Measured against
the banking industry as a whole, however, the comparatively
modest decline in the Bank’s key source of revenue
(commission income), as well as its stable balance sheet
and continuing high level of shareholders’ equity, highlight
the fact that the VP Bank Group has a thoroughly sound
financial footing and is well positioned in the marketplace.
VP Bank Group – holistic wealth management
Reducing costs – continuing to pursue strategy
with unwavering determination
In early 2002, we introduced strategic and operational
measures aimed at lowering costs and increasing the
efficiency and profitability. Some of those measures have
already had a favorable impact on our income statement.
And we will continue our efforts within the framework of
this cost-reduction and efficiency-enhancement program.
Risk-minimisation measures for the Bank’s own securities
portfolio have already taken hold and serve to reduce both
the volatility of profits and the related risks – moves that
have also already crystallized at the bottom line. This unwavering
determination also applies to the Bank’s readiness
to outsource to qualified partners certain non-core portions
of its value chain or, alternatively, to enter into cooperative
ventures – always with the goal of increasing efficiency
and meeting clients’ needs.
The resolute implementation of the Bank’s realigned management
structure and focus on comprehensive wealth
management via its three business divisions – Private Clients,
Trust Banking and Investment Management – continue to
represent the foundation of the VP Bank Group’s business
strategy. In addition, we are strengthening our activities in
the areas of regional corporate banking as well as personal
banking. Ensuring the quality of the Bank’s services is and
will remain the guiding principle in this regard. That applies
in equal measure to our new products, concerted marketing
efforts, as well as the systematic training and continuing
education of our employees.
Flexible, trustworthy and future-oriented –
on the path to the future
These three values constitute the pillars of the new
VP Bank Group brand, which was officially launched in
annual report 2002 | vp bank | page 11

March 2003. They also represent the Bank’s three fields of
competency in wealth management: Private Clients, Trust
Banking and Investment Management. Our implementation
of an ongoing strategic process testifies to that flexibility.
With its subsidiary, VP Bank Switzerland, the VP Bank
Group underlines the importance of the Swiss financial
marketplace. In the spring of 2002, the branch’s new
offices on Bleicherweg 50 in Zurich were officially opened.
The VP Bank Group was also able to further strengthen
its position in Luxembourg and the British Virgin Islands.
Due to the changes underway in Liechtenstein’s banking
industry and increasing competitive pressures in other financial
marketplaces, the VP Bank Group deems enterprise-wide
risk management and marketing to be of fundamental significance.
Also, we are making targeted investments in the
development of new products and services in our effort
to open up new fields of business activity. Going forward,
success will hinge on the VP Bank Group’s ability to finance
these investments from internally generated cash flow
and keep its strategy continually in step with trends and
changing circumstances in the financial services industry.
Challenges
2002 was once again a year marked by change and
numerous challenges that will continue into the future.
Nevertheless, the inherent attributes of the Bank’s
page 12 | vp bank | annual report 2002
various locations work to our advantage: social partnership,
flexible labor markets and a high level of education. Those
advantages, combined with our staunch avowal of banking
secrecy, will continue to preserve our attractiveness.
On the strength of our business strategy, client focus,
keen sense of what quality really means and, not least of
all, the tireless commitment of our employees, we are
convinced of our ability to tackle future challenges from a
strong position, with the wisdom of experience gained
from unfavorable, ever-changing circumstances. With
resolute commitment, we will reinforce the trust our clients
have placed in us – through quality, flexibility, farsightedness,
innovation and a redoubled focus on their needs.
Sincere gratitude
We would like to take this occasion to express our sincere
thanks to all employees of the VP Bank Group for their
enormous efforts and determination, as well as to our
clients and shareholders for their abiding trust.
HANS BRUNHART
Chairman of the Board of Directors
ADOLF E. REAL
Chief Executive Officer

Adolf E. Real
Chief Executive Officer

Report by the Board of Directors
The VP Bank Group – setting a course for the future
Dear Shareholders,
Ladies and Gentlemen
The Board of Directors of Verwaltungs- und Privat-Bank
Aktiengesellschaft, Vaduz, is pleased to present you the
VP Bank Group’s annual report for the 2002 financial year.
The challenging securities market atmosphere and daunting
conditions in the banking industry as a whole were
once again the hallmarks of the past financial year. The
Bank’s net interest income amounted to CHF 91 million
(-13.6 %) and commission income totalled CHF 120 million
(-15.3 %). Net income declined by roughly 32 % to
CHF 162 million, whereas operating costs were contained
at levels below those of the prior year mainly as the result
of a reduction in personnel expense. Group net profit
amounted to CHF 39 million (-43.4 %) and the balance
sheet total was CHF 8.9 billion (-15.2 %). Customer loans
increased modestly, while shareholders’ equity amounted
to approximately CHF 1 billion, a slight decrease versus the
previous year (-6.5 %). Assets under management experienced
a 14.9 per cent decline to 25.2 billion from last
year’s reading of CHF 29.6 billion, mainly due to performance-related
factors (details on the consolidated Group
financial results can be found on pp. 8 of the financial
report, and those pertaining to the parent bank on pp. 31).
Owing to additional value adjustments on investments
page 14 | vp bank | annual report 2002
that were already accounted for in the previous year’s
Group financial statements as a result of the differing
accounting standards applied, the parent bank recorded
an annual net profit of CHF 1.479 million. Given the annual
results of the Group and parent bank, and in keeping
with the Group’s existing dividend policy, the Board of
Directors of VP Bank Group will propose at the annual
shareholders’ meeting on April 25, 2003, that a CHF 1.50
dividend be paid on each bearer share and a CHF 0.15
dividend on each registered share.
On the whole, the Board of Directors deems these annual
results to be unsatisfactory, even though the numbers
were significantly impacted by unfavorable non-recurring
factors. For that reason, measures have been initiated
to gain an even firmer grip on cost management and to
optimize the company’s profitability. The related effects
should show up already in our 2003 results.
Political and economic circumstances
The early weeks of 2002 continued to be marked by
Liechtenstein’s presence on the FATF blacklist of so-called
“non-cooperative states in matters of combating money
laundering”. The pressure being exerted on offshore financial
centres in general, as well as discussions pertaining to
the tax on interest income demanded by the EU, were also
among the extraneous factors affecting the Bank’s business
activities. Given those circumstances, we consider the
development of total assets under management as being

gratifying, and we would like to express our thanks to all
of the VP Bank Group’s clients for their loyalty and abiding
business partnership.
An important year
Although 2002 was a difficult year for VP Bank, it was also
an important year – significant progress was achieved within
our organisation in terms of realigning VP Bank Group’s
strategic orientation. VP Bank is present in the marketplace
with a clear-cut strategy and is capable of differentiating
itself through the services and products it offers. We have
already recorded successes from the exploitation of synergies
within the Group, achievements that have not only
been noticeable in our marketing efforts, but also on the
expense side.
A particular challenge for VP Bank Group over the past
financial year was posed by the situation involving BZ
Group Holding. The latter entity, which holds approximately
1/3 of the equity and roughly 16 per cent of the voting
rights of the Bank, found itself compelled in July 2002 to
enter into an agreement with a number of banks, among
them also the VP Bank Group owing to its business dealings
with BZ Group Holding. However, as can be clearly
ascertained from the figures included in the notes to our
annual report, VP Bank upheld its conservative lending
practices also in this particular relationship. Issues pertaining
to the ultimate placement of BZ Group Holding’s blocks
of shares have yet to be decisively resolved, mainly due
to the general conditions in the securities markets.
VP Bank has assumed an active role in this process and the
related efforts will be pursued with great determination.
Prepared for the future
The aforementioned situation, however, has not impaired
the creditworthiness or quality of our Bank, which remains
notable for its high level of capital resources and successful
business model.
The following factors and elements enable our Bank to
proceed into the future with confidence:
We take the fundamental principles of corporate governance
seriously – not merely because they are prescribed
by the regulatory authorities, but because they are integral
to our corporate and management culture of providing
frank and timely information to our shareholders, employees
and the general public.
Through targeted investments in the future, a foundation
has been laid that will foster the ongoing commercial success
of our Bank. This applies in particular to the impending
aggregation of our business offices into two buildings,
the further expansion of our IT infrastructure throughout
the entire Group, as well as our new visual appearance in
the marketplace.
The Bank’s risk policy, especially with regard to the structure
and management of our capital resources, has been
newly formulated and the success of those measures is
already evident.
annual report 2002 | vp bank | page 15

Aside from the internal risk policy, the Board of Directors focused during the past year on
the medium-term objectives of VP Bank and, in so doing, addressed the issues surrounding
the altered conditions in the financial services industry in Liechtenstein and throughout the
world. Strict cost management and improved profits remain the key to future success in
such highly competitive markets.
Sincere gratitude
Ultimately, it will not only be general business conditions, organisation and products that
are decisive in our success, but even more so our employees. Those individuals, and their
tremendous dedication, are the crucial factors that reinforce our confidence in VP Bank’s
continuing ability to be a preferred provider of banking and financial services. The trust that
our clients place in VP Bank has always been primarily attributable to our employees. It is
to them that we, on behalf of the Board of Directors, extend our heartfelt thanks for the outstanding
commitment they have demonstrated, often in the face of daunting circumstances.
A recently conducted client satisfaction survey clearly highlighted the fact that our employees
throughout the entire Group not only fulfil their tasks to the complete satisfaction
of our customers, but also with a palpable willingness and delight.
And to you, our shareholders, we would like to express our sincere thanks for the trust and
support that we have sensed so keenly in numerous discussions.
Lastly, our thanks also go to the members of the International Advisory Board for their
valuable assistance.
On behalf of the Board of Directors
HANS BRUNHART DR. GUIDO MEIER
Chairman of the Board of Directors Vice-Chairman of the Board of Directors
page 16 | vp bank | annual report 2002

Understanding
Welcome
Assessment
Dialogue
Development
Agreement
Implementation
annual report 2002 | vp bank | page 17

Structure of the VP Bank Group
Human Resources
& Services
Corporate
Communications
Group Marketing
& Business
Development
page 18 | vp bank | annual report 2002
board of
directors
ceo, cfo
board of
management
Internal Audit
Legal & Compliance
Group Finance

Private Clients
Trust Banking
Investment
Management
Personal
Banking
Private
Banking
Intermediaries
Corporate
Clients
IT
Client Investment
Management
Bank Capital
Management
Production
Liechtenstein Zurich Luxembourg BVI Others
annual report 2002 | vp bank | page 19

Board of Directors
1, 2
hans brunhart
Chairman, Balzers
guido meier 1
Dr. iur.
Vice Chairman, Vaduz
Attorney-at-Law, Member
of the Board of Trustees
of the Allgemeines Treuunternehmen,
Vaduz
walo frischknecht 2
Head of the Executive Board
of BZ Bank, Wilen (CH)
l. to r. Roland Feger, Guido Meier,
Beat Bernet, Hans Brunhart, Matthias
Donhauser, Walo Frischknecht,
Markus Thomas Hilti
page 20 | vp bank | annual report 2002
heinz batliner
Dr.
Honorary Chairman, Vaduz
beat bernet
Prof. Dr.
Director of the Institute
for Banking and Finance,
University of St.Gallen
markus thomas hilti 1
lic. oec.
General Manager of the
Martin Hilti Family Trust,
Schaan
Board of Directors
At the 2002 annual shareholders’ meeting, Chairman of
the Board Hans Brunhart paid tribute to the services of
Dr. Heinz Batliner, Emil Kuster and Dr. Rudolf Staub who,
after many years of activity on behalf of VP Bank, declared
their intention not to stand for re-election to the Board.
Shareholders at the annual shareholders’ meeting on April 26,
2002, extended the mandate of Dr. Matthias Donhauser
matthias donhauser
Dr. iur.
Attorney-at-Law, Vaduz
andrea häring
Secretariat
roland feger 2
Chairman of the Executive
Board of the Allgemeines Treuunternehmen,
Vaduz
1 Member of the Committee of the
Board of Directors
2 Member of the Audit Committee
for an additional term of office. Elected as new members of the
Board were Prof. Dr. Beat Bernet, Director of the University of
St. Gallen’s Institute for Banking and Finance, and Walo Frischknecht,
Head of the Executive Board of BZ Bank.
At the annual shareholders’ meeting on April 25, 2003, the statutory
term of office of Hans Brunhart as member of the Board of Directors
will expire. Hans Brunhart has offered himself for re-election.

Board of Management
adolf e. real
dipl. Ing. ETH, MBA,
Chief Executive Officer
georg wohlwend
lic. oec,
Head of Trust Banking
andré ruppli
M.A.
Head of Investment
Management
Board of Management
In the year under review, Dr. Adelgunde Sengthaler,
a member of the Board of Management, decided to leave
the VP Bank Group to pursue new career opportunities.
During her almost ten years of activity in various functions
within the Group and, in particular, those years in which
she was a member of the Board of Management, she contributed
significantly to the development of the VP Bank
Group. Her activities mainly centered on the fields of asset
management and private banking, where she was committed
to achieving the highest quality. She placed similar
l. to r. Fredy Vogt, Georg Wohlwend, Adolf E. Real, André Ruppli
fredy vogt
Certified Bookkeeper/Controller,
Certified Public Accountant,
CFO
ernst näf
Certified Banking Specialist
(starting September 1, 2003)
emphasis on nurturing client relationships. The Board of
Directors and Board of Management are extremely indebted
to Dr. Sengthaler for the valuable services she provided.
In early September 2003, Ernst Näf will succeed
Dr. Sengthaler as a member of the Board of Management
and head of the Private Clients Division. Mr. Näf brings
with him many years of experience gained in various
functions and segments within the banking industry which,
combined with his management skills and insight into
foreign financial markets, represent a solid base for the
future success of his activities on behalf of VP Bank.
annual report 2002 | vp bank | page 21

Business Units and central staff functions
(according to organisation chart: September 1, 2003)
Private Clients
business unit
Ernst Näf 1
Head of
Private Clients
Thomas Pixner
Private Banking
Werner Wessner
Personal Banking
page 22 | vp bank | annual report 2002
Trust Banking
business unit
Georg Wohlwend, lic. oec.
Head of
Trust Banking
Günther Kaufmann
Intermediaries
Herbert Risch
Corporate Clients
Gerhard Häring
IT
Investment
Management
business unit
André Ruppli, M.A.
Head of
Investment Management
Markus Stadlmann, MBA 2
Client Investment
Management
Günther Hotz, mag. oec.
Bank Capital Management
Andreas Zimmerli
Production

Adolf E. Real, dipl. Ing. ETH, MBA
Chief Executive Officer
Aitor Galdos, Dr.
Group Marketing and
Business Development
Kim-My Schefer
Corporate Communications
Karl Walch, Dr.
HRM & Services
Central Staff
Functions
Fredy Vogt
Certified Bookkeeper/Controller
Certified Public Accountant
CFO
Adrian Hasler, lic. oec. HSG
Group Finance
Thomas Ritter, lic. iur., M. B. L.-HSG
Legal & Compliance
1 Starting September 1, 2003
2 Starting mid-March 2003
annual report 2002 | vp bank | page 23

VP Bank Management
Management VP Bank (Switzerland) Ltd., Zurich
stefan gugger, Dr. urs müller
President Member of the Board
of Management
Management VP Bank (Luxembourg) S.A., Luxembourg
anton engler
President (until March 31, 2003)
hans gerner yves de vos
Member of the Board Member of the Board
of Management of Management
Management VP Bank and Trust
Company (BVI) Limited, British Virgin Islands
peter reichenstein, Dr.
Managing Director
Management VP Bank Fondsleitung AG, Vaduz
peter bargetze wolfgang mayer
President Member of the Board
of Management
Management IFOS Internationale Fonds Service AG,
Vaduz
wolfgang mayer peter bargetze
President Member of the Board
of Management
page 24 | vp bank | annual report 2002
Management IGT Intergestions Trust reg., Vaduz
viktor büchel
General Manager
Representative Office Munich
bernd siegel, Dr.
Representative
Representative Office Uruguay
rafael kirschstein
Representative
Internal Auditors
lorenz benz
Head of Internal Audit
nikolaus blöchlinger, lic. oec. HSG
Certified Public Accountant
Deputy Head of Internal Audit
External Auditor
ernst & young ag, bern

International Advisory Board
hans brunhart
Fürstlicher Rat
Chairman
rolf kormann, Dr. iur.
Vice Chairman
Former President of the Board of Management of VP Bank AG,
Vaduz (FL)
david beattie
Former Ambassador of the United Kingdom to Switzerland and
Liechtenstein, London (GB)
max e. katz
Chief Financial Officer and Member of the Board of Management,
Kuoni Reisen Holding AG, Adliswil (CH)
matthias kleinert
Member of the Board of Directors with General Power of Attorney
and head of politics and external relations, DaimlerChrysler AG,
Stuttgart (D)
michael kohn, Dr. h.c. sc. Techn
President, Arbeitskreis Kapital und Wirtschaft (akw), Zurich (CH)
daniel cardon de lichtbuer
Honorary Chairman of the Board of Directors of Banque Bruxelles
Lambert (BBL),
Overijse (B)
h.s.h. prinz nikolaus von und zu liechtenstein
Ambassador of the Principality of Liechtenstein, Brussels (B)
adolf e. real, dipl. Ing. ETH, MBA
Chief Executive Officer of Verwaltungs- und Privat-Bank Aktiengesellschaft,
Vaduz (FL)
daniel n. regolatti
Former Finance Director, Nestlé Group, Vevey (CH)
heinrich treichl, Dr.
Former General Manager and President of the Board of
Management, Creditanstalt-Bankverein, Vienna (A)
tjerk e. westerterp, Drs.
Former President of the European Options Exchange,
Amsterdam (NL)
annual report 2002 | vp bank | page 25

page 26 | vp bank | annual report 2002
Proximity

Corporate Governance
This report describes the principles that underlie management
and control at the uppermost echelon of Verwaltungs-
und Privat-Bank AG, Vaduz, in compliance with
Liechtenstein law as well as the Directive Governing
Information on Corporate Governance (DCG) of the SWX
Swiss Exchange that came into force on April 17, 2002.
Unless indicated otherwise, the information included
herein reflects the status as at December 31, 2002.
1. Group structure and shareholders
Verwaltungs- und Privat-Bank AG, Vaduz (hereinafter
‘VP Bank’ or, alternatively, ‘the company’), is constituted as
a joint-stock company under Liechtenstein law and is the
parent company of the VP Bank Group.
1.1 Group structure
The organisation diagram shown on pages 18 and 24
reflects the operative group structure of the VP Bank
Group.
The subsidiaries included in the scope of consolidation,
as well as the entities in which the VP Bank Group holds a
significant financial interest, are listed in the annual report
by name, head office, share capital and percentage ownership
(see page 25).
1.2 Significant shareholders
The following shareholders have reported owning shares
that represent 5 % or more of the voting rights of VP Bank
(qualified shareholders as per Art. 3a lit. h of the FL
Banking Act [BankL]):
Shareholders Total votes Voting rights % ownership of
as % of total total share capital
Stiftung Fürstlicher Kommerzienrat Guido Feger, Vaduz 9,005,000 48.4 15.4
BZ Group Holding AG, Wilen 2,968,706 16.0 34.7
Martin Hilti Familientreuhänderschaft, Schaan 2,118,430 11.4 6.5
annual report 2002 | vp bank | page 27

To the best knowledge of VP Bank, there exist among
the aforementioned significant shareholders no binding
shareholder agreements or any other arrangements with
regard to the shares they hold in VP Bank or the exercise
of any related share rights.
Pursuant to a resolution adopted at the annual general
meeting of shareholders on April 27, 2001, VP Bank was
entitled until October 27, 2002 to acquire up to 5 % of its
own outstanding share capital. As at December 31, 2002,
VP Bank held bearer shares representing 4.95 % of its
share capital.
In the year under review, no transactions requiring disclosure
under Art. 20 SESTA were made.
1.3 Cross-shareholdings
VP Bank has no cross-ownership of share capital or voting
rights with any other companies.
page 28 | vp bank | annual report 2002

2. Capital structure
2.1 Capital
The share capital of VP Bank totals CHF 85.5 million,
represented by 11,171,500 fully paid-in registered shares
each with a par value of CHF 1.00, as well as 7,432,850
bearer shares each with a par value of CHF 10.00 (see
table under point 2.3 herein and page 44 of the financial
report). VP Bank has no outstanding participation certificates
or dividend-right certificates.
2.2 Authorised and conditional capital
No resolutions or regulations currently exist under which
VP Bank could increase its conditional or authorised capital
within the context of DCG.
2.3 Changes in capital
Based on a resolution adopted at the annual general meeting
of shareholders on April 28, 2000, share capital was
reduced from CHF 90 million to CHF 85.5 million (see arts.
4 and 5 of the articles of incorporation). The following
table illustrates this change:
Status up to April 28, 2000 Status following implementation
of resolution
Number Capital in CHF Number Capital in CHF
Registered shares 307,200 15,360,000.— 11,171,500 11,171,500.—
Bearer shares 223,200 44,640,000.— 7,432,850 74,328,500.—
Participation certs. 600,000 30,000,000.— 0 —.—
Total 90,000,000.— 18,604,350 85,500,000.—
annual report 2002 | vp bank | page 29

During the past three years, the capital of VP Bank underwent changes as follows:
in CHF 1,000 2 12/31/2000 2 12/31/2001 12/31/2002
*
Share capital 85,500 85,500 85,500
Legal reserves 239,800 239,800 239,800
Other reserves 208,000 339,090 408,090
Provisions for general banking risks 1 177,150 177,150 137,150
Balance sheet profit 165,855 108,023 2,027
Total 876,305 949,563 872,567
1 As reflected in the 2000 and 2001 financial reports, provisions
for general banking risks are included in the item
“Other liabilities“.
2 In keeping with the implementation of Liechtenstein
accounting rules applicable to 2002 annual financial
statements, prior-year figures must, as a means of
enhancing comparability, also be adjusted to reflect the
use of the new accounting principles. The differences
between current figures and those published in the 2001
balance sheet are attributable to the differing valuation
principles that have been applied. For reasons of practicality,
the figures pertaining to the 2000 financial year
have not been adjusted in reflection of the new rules.
page 30 | vp bank | annual report 2002
* The Verwaltungs und Privat-Bank Aktiengesellschaft is listed at the SWX
Swiss Exchange.

2.4 Shares
The bearer shares of VP Bank are freely tradable on the
SWX Swiss Exchange, whereas the registered shares are
not listed. Both share categories carry membership rights
as stipulated by the Liechtenstein Civil and Company
Code (‘CCC’) as well as VP Bank’s articles of incorporation.
Holders of registered shares (each with a par value of
CHF 1.00) as well as holders of CHF 10.00 par value bearer
shares are entitled to vote at the annual general meeting
of shareholders, regardless of the respective par value of
such shares.
2.5 Dividend-right certificates
Since the conversion of its dividend-right certificates in
accordance with a resolution adopted at the annual general
meeting of shareholders on April 28, 2000 (see 2000 annual
report), no dividend-right certificates, participation certificates
or similar securities of VP Bank have been issued.
2.6 Limitations on transferability, and nominee
registrations
Pursuant to the provisions of Art. 7 of the company’s articles
of incorporation, the transfer of registered shares and
their entry into the share register is limited to Liechtenstein
citizens or associations domiciled in Liechtenstein whose
membership rights are exercised by a majority of Liechtenstein
citizens and whose beneficial owners comprise a
majority of Liechtenstein citizens.
In the period under review, no exceptions were made
with regard to these restrictions. Any change to the aforementioned
limitations requires a two-thirds majority vote
of all shares that have been issued by the company.
2.7 Convertible bonds and warrants/options
VP Bank has issued no convertible bonds or warrants/
options.
annual report 2002 | vp bank | page 31

page 32 | vp bank | annual report 2002
Appraisal

3. Board of Directors
The Board of Directors bears responsibility for determining
the medium- and long-term strategic orientation of the VP
Bank Group. It is responsible for the overall management,
supervision and control of the company. Liechtenstein law
prescribes a clear separation between the functions performed
by a company’s board of directors (i.e. overall
management, supervision and control) and the operational
functions performed by management. Accordingly, the
Board of Directors of VP Bank consists solely of nonexecutive
members (i.e. individuals are not actively
involved in managing the day-to-day business dealings
of the company).
3.1 Members of the Board of Directors
The Board of Directors of VP Bank comprises seven
members, none of which during the past three financial
years was a member of the management of VP Bank or
any Group subsidiary company. No significant business
connections exist that could impair the decision-making
independence of the individual Board members or that
of the company or its governing bodies.
The following summary provides details on the name,
age, function, date of appointment and remaining term
of office of each member of the Board of Directors:
Name Born Function Appointed to Board in Term of office until AGM in
Hans Brunhart 1945 Chairman 1, 2 1994 2003
Dr. iur. Guido Meier 1948 Vice-Chairman 1 1989 2004
lic. oec. Markus Thomas Hilti 1951 Member 1 1992 2004
Dr. iur. Matthias Donhauser 1958 Member 1996 2005
Roland Feger 1956 Member 2 2001 2004
Walo Frischknecht 1946 Member 2 2002 2005
Prof. Dr. Beat Bernet 1954 Member 2002 2005
1 Member of the Committee of the Board of Directors
2 Member of the Audit Committee
annual report 2002 | vp bank | page 33

Hans Brunhart (born March 28, 1945; citizen of Liechtenstein)
has been Chairman of the Board of Directors since
1996, as well as Chairman of the Committee of the Board of
Directors and Chairman of the Audit Committee of VP Bank
(the latter position since March 2002). He is also a board
member of SFS Holding AG, Heerbrugg, Hilcona AG,
Schaan, and the following Group subsidiaries: VPB Finanz
Holding AG, Zurich; IGT, Vaduz; and S.T.A. Salmann Trust
AG, Vaduz. Hans Brunhart is the proprietor of ECAG
Euroconsult AG, Schaan, a company founded in 1993.
Mr. Brunhart studied German philology at the universities
of Freiburg/CH and Basle. In 1972, he was appointed head
of Liechtenstein’s National Library and National Archives.
On March 27, 1974, he was named by His Serene Highness
Prince Franz Josef II of Liechtenstein to the position of
Deputy Head of the Government Council and, on April 26,
1978, Head of the Government Council of the Principality
of Liechtenstein. Mr. Brunhart held the latter post during
four terms of office until 1993.
Dr. iur. Guido Meier (born January 8, 1948; citizen of
Liechtenstein) is Vice-Chairman of the Board of Directors
as well as a member of the Committee of the Board of
Directors of VP Bank. Dr. Meier is President of the Council
of Fiduciaries at ATU Allgemeines Treuunternehmen,
Vaduz, as well as a partner in the legal practice of Meier &
Holzhacker, Vaduz. He is also a trustee of the Stiftung
Fürstlicher Kommerzienrat Guido Feger, Vaduz (see point
1.2, ‘Significant shareholders’).
Dr. Meier studied law at the University of Basle and spent
a year of additional studies at the University of Tampa,
Florida. At the Institute for International Law in Basle, he
wrote his dissertation on intellectual property rights within
the context of Liechtenstein corporate law. He received his
doctoral degree in 1977, and passed the attorney exam in
1979 successfully.
From 1985 through 1993, Dr. Meier was a Liechtenstein
Federal Court judge on a part-time basis, as well as a Federal
Parliament representative from 1993 to 1997. Since 1986,
he has held the office of President of the Liechtenstein
Institute.
Markus Thomas Hilti (born January 3,1951; citizen of
Liechtenstein) is a Board member as well as a member of
the Committee of the Board of Directors of VP Bank.
page 34 | vp bank | annual report 2002
Since 1990, he has also held the position of Managing
Director of the Martin Hilti Familientreuhänderschaft,
Schaan (see point 1.2, ‘Significant shareholders’).
Following studies in business management at the
University of St. Gallen, where he majored in finance and
accounting (lic. oec. HSG), Mr. Hilti began his professional
career in 1977 as an auditor with Coopers & Lybrand in
White Plains N.Y. (USA). Since 1980, he has held various
posts at Hilti Western Hemisphere, Tulsa (USA), among
others in corporate finance, product management and
sales. Ultimately, he was a member of the Management
Board of Hilti Western Hemisphere until 1989 and bore
responsibility for product management, procurement,
development and quality assurance, as well as headed that
company’s facility in Tulsa.
Dr. iur. Matthias Donhauser (born June 20, 1958; citizen of
Liechtenstein) is a member of VP Bank’s Board of Directors.
He is an independent attorney and Vice-Chairman of the
Board of Ivoclar Vivadent AG, Schaan, as well as a board
member of Neutrik AG, Schaan.
Dr. Donhauser studied law at the University of Vienna and
received his iuris utruisque doctorate in 1983. After several
legal internships, one at the Liechtenstein Federal Court,
he continued his studies at the London School of Economics,
where he received a “Master of Laws” degree in 1987.
Since September 1989, Dr. Donhauser has been legal
counsel and head of the legal department at Ivoclar Vivadent
AG, Schaan, as well as acted as an independent attorney in
Vaduz.
Roland Feger (born December 26, 1956; citizen of
Liechtenstein) is a Board member as well as a member of
the Audit Committee of VP Bank. He also chairs the
Executive Board of ATU Allgemeines Treuunternehmen,
Vaduz, a subsidiary entity of the Stiftung Fürstlicher
Kommerzienrat Guido Feger (see point 1.2, ‘Significant
shareholders’).
Mr. Feger successfully completed the federal examination
in accountancy at AKAD in Zurich and then earned his
Certified Fiduciary Expert degree at Zurich’s Chamber of
Auditors. He subsequently worked in the field of finance
and accounting at a number of companies in Switzerland
and Liechtenstein. Since 1983, Mr. Feger has held various
management positions in accounting, administration and
organisation at Allgemeine Treuunternehmen, Vaduz.

Walo Frischknecht (born October 7, 1946; Swiss citizen)
is a Board member as well as a member of the Audit
Committee of VP Bank. He is Head of the Executive Board
of BZ Bank Aktiengesellschaft, Wilen, a subsidiary of BZ
Group Holding AG, Wilen (see point 1.2, ‘Significant
shareholders’); Chairman of the Board of both Fundus
Holding AG, Wilen, and Fundus Treuhand AG, Zürich;
a board member of Allhost Holding, Wilen; as well as a
trustee of the Frauenwinkel Foundation, Freienbach.
Mr. Frischknecht is also a member and vice president
of the Education Council of the Canton of Schwyz.
Parallel to his career activities, Mr. Frischknecht completed
various study programs and received the following
degrees: Certified Business Economist KSZ, Certified
Public Accountant, Certified Bookkeeper/Controller, as
well as certification as a controller from the Controller-
Akademie, Gauting (D).
Mr. Frischknecht’s career has included positions at Price
Waterhouse, Zurich, Revision AG, Zurich, as well as Bank
Leu AG in Zurich where he was active as an auditor, controller
and head of the accounting department. In addition,
he was Group Controller of Leu Holding AG, Zug, and BZ
Trust AG, Wilen.
Outside of his professional activities, Mr. Walo Frischknecht
from 1990 through 1996 was purser of the Municipal
Council of Freienbach SZ, as well as mayor of that town.
Prof. Dr. Beat Bernet (born December 7, 1954; Swiss
citizen) is a member of the Board of Directors of VP Bank.
He is a director of the Swiss Institute of Banking and Finance
at the University of St. Gallen, as well as co-proprietor and
Chairman of the Board of RUF Datensysteme AG, Schlieren.
Dr. Bernet built up an international consulting organisation
focused on banking and finance that today caters to more
than 120 banks in ten countries. He also heads a number
of major international projects in the areas of banking strategy
and banking technology.
Upon completing his studies in economics at the University
of Zurich, where he majored in management, banking and
accounting, he received his Dr. oec. publ. degree in 1981.
In 1995, Dr. Bernet promoted to professor at the University
of St.Gallen (HSG) and, in 1996, he was appointed Professor
of Economics at HSG with special focus on banking.
3.2 Other activities and vested interests
The outside activities of Board members and any vested
interests they may have can be ascertained from the
biographies shown under point 3.1, above.
As is customary for a universal bank, VP Bank maintains
business relationships with numerous domestic and international
companies. That also applies with regard to the
natural persons and legal entities with whom the Board
members are closely related. These business relationships
in no way impair the independence or objectivity of the
members of the Board of Directors.
3.3 Cross-involvement
No interlocking directorates exist among the Board members
of VP Bank AG and any other listed companies.
3.4 Elections and term of office
Details on the election and terms of office for current
members of the Board of Directors can be found in the
table included in point 3.1, above. Pursuant to Art. 16 of
the company’s articles of incorporation, the Board of
Directors comprises a minimum of five members, each of
whom is elected to a three-year term of office. Re-election
is permissible.
The Board elects the Chairman and Vice-Chairman from
among its members for a term of office of three years.
Re-election is permissible. The majority of Board members
must be citizens of Liechtenstein.
3.5 Internal organisational structure
The internal organisation of the Board of Directors is
governed by Arts. 16-19 of the articles of incorporation,
as well as by the company’s Organisation and Business
Rules (hereinafter, ‘OBR’).
Pursuant to the provision of the articles of incorporation
and OBR, the Board of Directors decides on the overall
strategy, the medium- and long-term objectives, as well
as the management guidelines of the VP Bank Group.
At the proposal of the Board of Management, the Board
decides on the annual budget (consolidated and at Group
level), significant projects, individual company balancing
and group financial statements, as well as important personnel-related
issues.
annual report 2002 | vp bank | page 35

3.5.1 Allocation of tasks within the Board of Directors
The Chairman of the Board, or in his absence the Vice-
Chairman, conducts on behalf of the Board the direct
supervision and control of the Board of Management. To
assist the Board in fulfilling its tasks in an optimal manner,
it receives support from two committees: the Committee
of the Board of Directors and the Audit Committee
(as from March 2002).
3.5.2 Members list, tasks and area of responsibility
for each committee of the Board of Directors
The tasks, authorities, rights and obligations of the Committee
of the Board of Directors and the Audit Committee
are laid out in the OBR, and additionally for the Audit
Committee in a separate set of regulations. As a rule,
the respective committees meet five to ten times each year
for half-day sessions. Minutes are taken of the matters
addressed at each meeting and provided to the Board of
Directors, Board of Management, the statutory auditors
as well as the internal auditors. In addition, the Chairman
of the Board provides information on important matters
to the Board and senior management at the immediately
following Board meeting.
Committee of the Board of Directors (‘CBD’)
The Committee of the Board of Directors currently comprises
three members: Hans Brunhart (chair), Dr. Guido
Meier and Markus Thomas Hilti. The tasks and authorities
page 36 | vp bank | annual report 2002
Global Understanding
of the Committee of the Board of Directors encompass
primarily the following:
• making preparations for Board meetings;
• determining the terms of employment and compensation
of members of the Board of Management;
• establishing the company’s personnel policy (including
the salary system, qualifications system, appointments,
promotions and employee benefits plans) as well as
adopting the rules governing employees’ service to the
company.
Audit Committee (‘ACBD’)
The functions of the Audit Committee of VP Bank are in
keeping with the Swiss Code of Best Practice as promulgated
by economiesuisse. The Audit Committee performs
only preparatory and advisory tasks on behalf of the
Board of Directors. It currently comprises three members:
Hans Brunhart (chair), Walo Frischknecht and Roland
Feger. Their term of office is three years, and re-election
is possible.
The Audit Committee meets at the invitation of its Chairman
as often as business matters require. Participating at these
meetings are normally the Chief Financial Officer, Head
of Internal Audit and, if necessary, the Chief Executive
Officer, lead auditor of the statutory auditors, as well as the
Head of Controlling, Head of Risk Controlling and/or other
individuals.

3.5.3 Working methods of the Board of Directors and
its committees
In the 2002 financial year, the Board of Directors met for
eleven half-day sessions. In addition, the committees held
a total of thirteen half-day meetings. The agendas for
BOD, CBD and ACBD meetings are set by their respective
chairs. The Board of Directors and its committees encourage
a regular exchange of ideas and opinions with the
operative management personnel of the company, in particular
during the meetings of those governing bodies.
3.6 Definition of areas of responsibility
The Board of Directors bears ultimate responsibility for
determining the strategic orientation of the VP Bank Group.
In keeping with the applicable legal provisions, the Board
of Directors (except in the case of IGT, Vaduz, as per OBR)
has delegated to the parent branch’s Board of Management
responsibility for the operative business management
of VP Bank, as well as the overall management, supervision
and control of the VP Bank Group’s subsidiaries.
The functional separation in this regard can be ascertained
from the organisational diagram presented on page 18 to
23 of this annual report.
3.7 Information and control instruments vis-à-vis
senior management
The Board of Directors of VP Bank and its committees have
at their disposal the following information and control
instruments:
• regular verbal and written reports from the Board of
Management pertaining to the company’s current
course of business;
• monthly reports on the individual company balancing of
the parent company and subsidiaries, with comparisons
to budgeted and prior-year amounts, as well as information
on the consolidated figures of the VP Bank Group;
• monthly reports on asset and liability management,
risk management and risk controlling, as well as securities
held in the company’s proprietary trading account;
• the Internal Audit team, which works in accordance
with internationally recognised standards of the Swiss
Association for Internal Auditing (SVIR/SAIA); and the
Audit Committee, which assesses and approves the
audit planning, audit activities and related reporting,
as well as monitors the implementation of agreed-upon
improvements.
All such reports are handled by the appropriate governing
bodies pursuant to the competency regulations defined in
the OBR.
annual report 2002 | vp bank | page 37

page 38 | vp bank | annual report 2002
Implementation

4. Board of Management
The Board of Management is responsible for the operative
management of the parent company, and simultaneously
manages the business activities of the VP Bank Group. Its
authorities and tasks are defined in the organisation and
business regulations (“Organisations- und Geschäftsreglement“
OGR) and functional descriptions that have been
drawn up for each member of the Board of Management.
The Chief Executive Officer bears responsibility for the
overall management and interdivisional coordination of the
company.
4.1 Members of senior management
As of April 1, 2003, the Board of Management comprised
the following individuals:
Name/given name Born Function Joined VP Bank in BOM member since
Adolf E. Real 1954 Chief Executive Officer 1983 since 1989 (CEO since 1998)
Fredy Vogt 1958 Chief Financial Officer 1987 1996
Georg Wohlwend 1963 Head of Trust Banking Division 1994 1998
André Ruppli 1960 Head of Investment Management Division 2001 2001
Ernst Näf 1 1958 Head of Private Clients Division 2003 2003
1 as of September 1, 2003
annual report 2002 | vp bank | page 39

Adolf E. Real (born July 31, 1954; citizen of Liechtenstein)
has been a member of the Board of Management since
January 1, 1989, and has held the position of Chief
Executive Officer of VP Bank, Vaduz, since May 1, 1998.
Mr. Real is Chairman of the Board of VP Bank (Luxembourg)
S.A., Luxembourg, as well as a board member of
VP Bank and Trust Company (BVI) Limited, British Virgin
Islands. He studied agronomy at Zurich’s Federal Polytechnic
Institute (Dipl. Ing. ETH), business management at
the University of St. Gallen, and received his Master of
Business Administration (MBA) degree from the University
of San Diego, USA.
Mr. Real joined VP Bank in 1983. As head of the Production
Division, he was appointed to the Board of Management
in 1989. The Board of Directors in 1996 appointed him
to become Chief Executive Officer as of the 1998 annual
general meeting of shareholders. Effective April 2003,
Mr. Real, in his capacity as CEO, is also to bear responsibility
for the following central staff offices: Group Marketing
and Business Development, Corporate Communications
and Human Resources Management.
Since January 25, 2002, Adolf E. Real has been President
of the Liechtenstein Bankers Association.
Fredy Vogt (born September 11, 1958; citizen of Liechtenstein)
has been a member of the Board of Management
of VP Bank, Vaduz, since April 20, 1996. Mr. Vogt is Chief
Financial Officer of VP Bank and the VP Bank Group;
Vice-Chairman of the Board of VP Bank (Switzerland) AG,
Zurich; as well as a board member of VP Bank (Luxembourg)
S.A., Luxembourg, Verwaltungs- und Privat-Bank
and Trust Company (BVI) Limited, Tortola (British Virgin
Islands), IFOS Internationale Fonds Service AG, Vaduz,
VP Bank Fondsleitung AG, Vaduz, Proventus Trust AG,
Vaduz, FIB Finanz- und Beteiligungs-AG, Vaduz, S.T.A.
Salmann Trust AG, Vaduz, and Finarbit AG, Küsnacht.
page 40 | vp bank | annual report 2002
Parallel to his business activities, Mr. Vogt has earned
“Certified Bookkeeper/Controller” and “Certified Public
Accountant” degrees.
Mr. Vogt began his business career in 1979 with the
Liechtensteinischen Landesbank, Vaduz. Subsequently,
he worked in the trust business and as an external auditor
in a senior position at AREVA AG, Vaduz. He joined
VP Bank in 1987 as deputy head of the Internal Audit
department. He has been a member of the Board of
Management since 1996 and is responsible for finance,
corporate clients and intermediaries. As of April 2003, he is
to assume the function of Chief Financial Officer and will
head the subsidiary banks as well as the Group Finance
and Law and Compliance central staff offices.
In addition, Fredy Vogt currently holds office as Chairman
of the Supervisory Board of Liechtenstein’s AHV-IV-FAK
foundations.
Georg Wohlwend (born May 26, 1963; citizen of Liechtenstein)
has been a member of the Board of Management
of VP Bank, Vaduz, since April 24, 1998. He is Head of the
Trust Banking business unit of VP Bank; Chairman of the
Board of VP Bank (Switzerland) AG, Zurich; as well as a
board member of VP Bank Fondsleitung Aktiengesellschaft,
Vaduz, and IFOS Internationale Fonds Service Aktiengesellschaft,
Vaduz.
Mr. Wohlwend studied information management (lic. oec.)
and successfully completed the Swiss Banking School.
His professional career began at the University of Zurich,
where he worked at the Institute for Information Management
on the implementation of a prototyping tool. In 1992,
Mr. Wohlwend joined Ancoma AG as a project manager
and, from 1992 through 1993, participated in a continuing
education programme of the Martin Hilti Foundation in
Tulsa (USA). In 1994, he joined VP Bank’s Organisation
department. From 1996 through 1998, he headed that
department and was Deputy Head of the Logistics Division.
Since his appointment to the Board of Management in

April 1998, Mr. Wohlwend has borne responsibility for the
Production and Information Technology divisions. As of
April 2003, he is to assume responsibility for the Trust
Banking business unit and its Trust Banking, Corporate
Clients and Information Technology divisions.
Georg Wohlwend is a Council member of the
Liechtenstein Technical College.
André Ruppli (born April 30, 1960; Swiss citizen) has
been a member of the Board of Management of VP Bank,
Vaduz, since December 1, 2001. Mr. Ruppli heads the
Investment Management business unit, is Chairman of the
Board of both IFOS Internationale Fonds Service AG,
Vaduz, and VP Bank Fondsleitung AG, Vaduz, and is a
board member of S.T.A. Salmann Trust AG, Vaduz.
Mr. Ruppli studied political science and history at Sophia
University in Tokyo (Japan), where he graduated with a
Bachelor of Arts degree. He subsequently earned a Master
of Arts degree in economics and political science from the
University of Chicago, USA.
He began his professional career in 1987 as an analyst with
Swiss Bank Corporation’s London subsidiary. From 1989
through 1992, he transferred to that company’s Zurich head
offices, where held the position of Senior Fund Manager
for institutional investors and fund management companies.
From 1993 through 1996, he was Chief Investment Officer
and Head of Asset Management at SBC’s offices in Singapore.
Afterwards, he held the position of Chief Investment
Officer and Head of Portfolio Management at Deutsche
Bank (Singapore) until 1998, and from 1998 through 2000
was Chief Investment Officer and Head of Dresdner Bank’s
Investment Centre in Singapore. In 2000, Mr. Ruppli
assumed the post of Global Chief Investment Officer at
Dresdner Private Banking International in Zurich. He joined
VP Bank in December of 2001 as Chief Investment Officer
and member of the Board of Management. As of April 2003,
he is to assume responsibility for the Investment Management
business unit.
Ernst Näf (born August 3, 1958; Swiss citizen) will join VP
Bank on September 1, 2003, as a member of the Board of
Management and head the Bank’s Private Clients Division.
Upon conclusion of his education in trade and commerce,
Mr. Näf received a federally certified banking specialist
diploma and subsequently completed studies at the Swiss
Banking School. From his participation in the
“Management Development Program” at UBS, he earned
“Senior Executive” certification and later attended a continuing
education course for senior executives at New York
University.
At UBS, Mr. Näf has gained many years of management
experience in various functions and segments within the
banking industry, as well as a solid understanding of
Private Banking and Corporate Clients Business.
4.2 Other activities and vested interests
The outside activities of Board of Management members
and any vested interests they may have can be ascertained
from the biographies shown under point 4.1.
4.3 Management contracts
VP Bank has concluded no management contracts with
third parties pertaining to the delegation of management
functions.
annual report 2002 | vp bank | page 41

Exchange
5. Compensations, shareholdings
and loans
5.1 Content and method of determining the
compensation and share-ownership programs
Members of the Board of Directors receive compensation
for assuming the obligations and responsibilities conferred
upon them by law and the company’s articles of incorporation.
The relevant amount is determined annually by the
full Board of Directors and distributed among its members
according to the demands placed on them and the scope of
their responsibility (Art. 20 of the articles of incorporation).
The Committee of the Board of Directors determines the
salaries, bonuses and other monetary compensation for
the members of the Board of Management. The Board
of Management of VP Bank is remunerated on the basis
of a multi-level compensation package, in which a portion
depends on the individual performance and an additional
portion upon the annual financial result of VP Bank. The
variable component of between 10 % and 30 % of the individual
total compensation is based on the achievement of
annually preestablished individual performance objectives
as well as of the consolidated net earnings of the company.
Any compensation for special functions, such as standing
as board membership of a subsidiary company or as
trustee of the pension fund, is included in the individual’s
base salary.
page 42 | vp bank | annual report 2002
5.2 Compensations for acting members of governing
bodies
In the 2002 financial year, compensations of a total amount
of TCHF 2.636 (including bonus payments as well as pension
fund and cadre insurance contributions) was paid to
the four members of the Board of Management and an
additional member who left the company during the year
under review.
Over the same period, a total of TCHF 770 (including business
expenses and employee contributions to AHV) was
paid to the seven members of the Board of Directors and
three members who resigned from the Board during the
year under review. In addition, the seven acting Board
members received 20 % of their total entitlement to compensation
in the form of VP Bank shares (see point 5.4,
below, ‘Share allotment in the year under review’).
No severance compensation was paid to those individuals
who during the 2002 financial year ceased their capacity as
a member of a governing body of the company.
5.3 Compensation for former members of governing
bodies
In the 2002 financial year, no compensation was paid to
former members of the Board of Directors or Board of
Management who departed in 2001 or any earlier year.

5.4 Share allotment in the year under review
In the 2002 financial year, members of the Board of
Directors and Board of Management were allotted a total
of 1,759 bearer shares of VP Bank (CHF 10 par value),
of which Board members received 964 shares and members
of the Board of Management received 795 shares.
No party closely related to these governing bodies
received any allotment of shares.
5.5 Share ownership
In toto, members of the Board of Management and parties
closely related to them held as at December 31, 2002,
a total of 8,946 shares of VP Bank AG, Vaduz.
In toto, members of the Board of Directors and parties
closely related to them (albeit excluding the qualified
shareholders indicated in point 1.2, above, ‘Significant
shareholders’) held as at December 31, 2002, a total
of 116,600 shares of VP Bank AG, Vaduz.
5.6 Options
VP Bank has issued no options on its equity securities or
any other derivative financial instruments.
5.7 Additional fees and remunerations
In connection with agency services provided within the
framework of normal banking activities, VP Bank also
remunerates legal entities who could be deemed to be
closely related to members of the company’s governing
bodies. Such payments correspond to customary conditions
within the financial services industry. Existing
Liechtenstein laws governing client secrecy do not permit
disclosure of the precise amounts of such payments.
5.8 Loans to members of governing bodies
As at December 31, 2002, the following loans were outstanding
to members of the Board of Directors, Board of
Management, as well as parties closely related to those
individuals:
in CHF 1000 Number of Total loans Interest rate Term to maturity Type of loan/
persons range collateral
Board of Management and Unlimited Lombard
related parties 2 2,620 2.5 % - 3.25 % 2-4 years or in cases unlimited Mortgages
Board of Directors and
related parties, as well as 1 /2 year or in cases unlimited Lombard -as well asqualified
shareholders 5 93,747 2.5 % - 3.5 % 3 years or in cases unlimited Mortgages
Total 7 96,367
annual report 2002 | vp bank | page 43

5.9 Highest total compensation
The highest total compensation (including employee contributions
to AHV), which was paid by VP Bank to a single
member of the Board of Directors in the 2002 financial
year, amounted to TCHF 338 in addition to an allotment of
533 bearer shares valued at a total of TCHF 80.
page 44 | vp bank | annual report 2002
6. Shareholders’ participation
6.1 Voting-rights and representation restrictions
Each registered and each bearer share of VP Bank AG,
regardless of the respective par value, is entitled to one
vote at the company’s annual general meeting of shareholders.
All shareholders may either attend in person or
have their shares represented by some other shareholder
by force of a written power of attorney (proxy). The company
has enacted no voting-rights restrictions or statutory
group clauses.
6.2 Statutory quorums
Amendments to the company’s articles of incorporation
with regard to a change in the relationships of bearer
shares to registered shares (Art. 4 para. 2 of the articles of
incorporation), as well as to the provisions governing the
limitation on entry of registered shares into the company’s
share register (Art.7 para. 2 of the articles of incorporation)
require the approval of at least two-thirds of all outstanding
VP Bank voting rights.
6.3 Convocation of the general meeting of
shareholders
The convocation of a general meeting of shareholders
occurs in accordance with valid legal provisions and the
conditions laid down in Art. 11 of the company’s articles
of incorporation.

6.4 Agenda
The determination of the agenda at such meetings is made
in accordance with valid legal provisions and the conditions
laid down in Arts. 11 - 14 of the company’s articles of
incorporation.
6.5 Inscriptions into the share register/Invitation to
the general meeting of shareholders
Holders of registered shares whose names have been
recorded in the company’s share register on the relevant
deadline date (i.e. 21 days prior to the general meeting of
shareholders as per Art. 11 para. 1 of the company’s articles
of incorporation), as well as holders of bearer shares
whose securities are on deposit with VP Bank on said
deadline, receive an invitation to the general meeting of
shareholders and the related agenda posted to the address
known to VP Bank at the time of shipment. By returning
the enclosed response form, shareholders are issued entry
passes along with the relevant voting material.
An invitation to the general meeting of shareholders is also
published in Liechtenstein newspapers and the Swiss
financial press.
Commitment
7. Changes of control and defence
measures
The provisions of SESTA governing public takeover offers
are applicable to companies domiciled in Switzerland.
Accordingly, the articles of incorporation of VP Bank
contain no clauses pertaining to changes of control or to
the obligation to make a full tender offer.
annual report 2002 | vp bank | page 45

8. External Auditors
8.1 Duration of the mandate and term of office of
the lead auditor
Ernst & Young AG, Bern (formerly, ATAG Ernst & Young
AG) have been the auditors of Verwaltungs- und Privat-
Bank AG as per CCC since 1956, as well as group auditors
of the VP Bank Group since 1994. Ernst & Young AG also
executes the mandate as statutory auditors within the
context of Art. 37 ff. BankL.
The lead auditor has borne responsibility for the mandate
since 2000.
8.2 Auditing fees
In the 2002 financial year, Ernst & Young charged the
VP Bank Group fees in the amount of approximately TCHF
1,296 for services rendered in connection with the statutory
audit of VP Bank’s annual financial statements and
those of a majority of the Group’s subsidiary companies
(banks and non-banks), as well as the audit of the VP Bank
Group’s consolidated financial statements. Included in
the latter are mandates to act as statutory auditors for the
following companies:
•Verwaltungs- und Privat-Bank Aktiengesellschaft, Vaduz
• VP Bank (Switzerland) AG, Zurich
• VP Bank (Luxembourg) S.A., Luxembourg
• VP Bank and Trust Company (BVI) Limited, Tortola
page 46 | vp bank | annual report 2002
8.3 Additional fees
Ernst & Young provided further audit-related services to
the VP Bank Group, as well as legal and tax advisory
services, for a total charge of approximately TCHF 980.
These audit-related services and investigations were
provided, among other things, in connection with the
implementation of various new regulatory provisions and
for accompanying a project focused on the introduction
of IFRS accounting standards.
8.4 Supervisory and control instruments pertaining
to the audit
The Audit Committee assesses on an annual basis the
performance, remuneration and independence of the
statutory auditors and Group audit, as well as submits to
the Board of Directors a proposal as to which external
auditing firm should be recommended for election at the
annual general meeting of shareholders. The Audit
Committee also examines each year the planning and
procedures related to the audit, and discusses the results
of the audit with the external auditors.

9. Information policy
The legally prescribed disclosures made by VP Bank
acquire legal force by publication in Liechtenstein’s official
commercial notification media (Art. 25 para. 1 of the
company’s articles of incorporation).
VP Bank provides frank, transparent, comprehensive and
timely information to shareholders and the capital markets.
The information policy of VP Bank is focused on the principle
of equal treatment of all capital market participants.
Aside from its detailed annual report that is drawn up in
accordance with FER/ARR standards, as well as the 2003
semi-annual report that will be prepared in accordance
with International Financial Reporting Standards IFRS
(formerly IAS), VP Bank provides additional information to
its shareholders and the capital markets by means of media
releases that address current developments and changes
at the company. As a company listed on the SWX Swiss
Exchange, VP Bank is subject in particular to the obligation
to disclose without delay any price-sensitive facts (ad hoc
publicity obligation).
Agenda
2003 annual shareholders’ meeting April 25, 2003
2003 semi-annual report September 2, 2003
Investors and other interested parties may access additional
information on the company, as well as its articles of
incorporation, at the Website www.vpbank.com
Contact
Verwaltungs- und Privat-Bank Aktiengesellschaft
Kim-My Schefer
Head Corporate Communications
Aeulestrasse 6
FL 9490 Vaduz
Telephone +423 235 66 33
Fax +423 235 76 38
corporate.communications@vpbank.com
www.vpbank.com
annual report 2002 | vp bank | page 47

page 48 | vp bank | annual report 2002

Relationship
Wealth management à la VP Bank
a single source; a multitude of capabilities
Activities of the Private Clients Division
Private Banking, Personal Banking
The Private Clients Division of VP Bank provides personalized
services aimed at safeguarding and increasing
the financial assets of our clients.
Private Banking – based on a relationship of personal trust
VP Bank offers to a wealthy, international clientele comprehensive
advice and a full range of services that are adapted
to each class of asset. We are of the firm conviction that
we can only fulfil the needs of our clients by taking a holistic
approach to wealth management. Needless to say,
the direct interaction between client and advisor is central
to those efforts. Long-term success and wealth accumulation
can only come about when the client’s entire portfolio
of assets has been thoroughly analyzed and integrated into
an overall investment concept. And a prerequisite for that
is a long-term partnership built on intimacy and trust.
That, indeed, is our perception of what private banking is
all about.
Personal Banking – where reliability and the exploitation
of synergies count the most
VP Bank is locally anchored and internationally linked.
And that fact makes it particularly attractive for regional
private customers to enter into a banking relationship with
us. Regional proximity and local presence make VP Bank
an ideal partner for everyday banking business. And taking
centre stage in this regard is the emphasis we place on
the efficient and professional handling of all types of
transaction, providing support in investment matters, as
well as the financing of private transactions. A wide array
of beneficial synergies are at the disposal of high-networth
individuals.
In the 2002 financial year, we redoubled our efforts to
provide the utmost in personalized services. We resolutely
orient our in-house processes towards client needs so
that we can continually improve the quality as well as the
efficiency of our service and advice, even in the face of a
challenging business and securities-market environment.
Our innovative “more4u” e-banking solution has proved to
be a valuable instrument and offers clients an ideal means
of conducting their banking transactions electronically.
annual report 2002 | vp bank | page 49

Activities of the Trust Banking Division
Trust Banking, Corporate Clients and IT
Our Trust Banking Division provides services to external
trust administrators and asset managers, as well as to
commerce and industry. It also develops and enhances
customer-specific IT solutions.
Trust Banking – strong partnerships with trust administrators
and asset managers
Independence, professional competence and focused advice
– those are attributes sought by external trust officers and
asset managers. They work on behalf of their mandators,
and the sense of true partnership that they share with us is
a key element in our business relationship. That requires
efficiency in the way instructions and transactions are carried
out – something which, for us, is a matter of course. The
Principality of Liechtenstein affords ideal conditions and outstanding
infrastructure for the activities of fiduciaries and
money managers. We know our home market, yet our reach
is international - two prerequisites for a long-term partnership
built on trust. Clients value our tailor-made Internet banking
platform “VP Link” and make regular use of it.
Our firmly anchored regional presence earns the trust
of corporate customers
Many large and medium-sized companies in Liechtenstein and
the surrounding region know us as solid partners for the funding
of specific projects. Our client advisors visit them regularly
in order to gain a keen personal understanding of the business
circumstances and activities of those corporate customers.
page 50 | vp bank | annual report 2002
Partnership
Together, we design tailored solutions to meet their needs.
That is also the way we go about our mortgage-lending activities.
And thus the circle closes quickly: entrepreneurs know
us for our reliability in arranging short-term borrowing facilities;
private individuals know us as providers of financing for their
house. This demonstrates that we are indeed a personal partner
– not just for the present, but also for many years to come.
In the recent past, we have not let it suffice to focus our
activities solely on the Principality of Liechtenstein, but have
instead extended our reach into the surrounding region.
As a result, we have attracted an even broader client base.
Information Technology – in the service of our clients
By introducing a central data-warehouse solution, VP Bank
established a platform for the continuing development of the
Bank’s Zurich and British Virgin Islands subsidiaries. With this
system, each branch’s client-specific identification data remain
locally stored in its own discrete database. The “Titan” project
is implementing a modular, highly redundant network
throughout the VP Bank Group, a mechanism so flexible that
it enables the Bank to assess the IT and business needs that
will arise over the next decade. Thanks to an optimization project,
we have been able to realize a 25 % reduction in the costs
associated with providing financial information services. A new
cost-allocation scheme based on a service level agreement
enables detailed underlying and production costs to be tracked.
That, in turn, optimizes our IT cost structure and frees up
financial resources for targeted deployment wherever the
greatest client benefit is to be achieved.

Client Investment Management, Bank Capital
Management and Production
Clients and their investment needs take center stage.
The portfolio management activities of VP Bank are
designed to meet the needs of both private and institutional
investors. Investment funds are just as integral to
our spectrum of services as are client order execution,
financial advice and tailored investment strategies.
Product development is yet another task handled by
our Investment Management team.
Our Backoffice and Settlement departments enhance
efficiency and ensure the quality and reliability of the
Bank’s securities trading activities.
Investment Management: Half of the gain is based on
information...
Without knowledge, no advice can be given. The key to
fostering a personal relationship and close partnership with
clients is information, combined with in-depth knowledge
of the financial markets and specific investment vehicles.
Our Investment Management group investigates, analyzes
and compiles the relevant market-related information.
It anticipates trends and developments, responds
accordingly and creates proprietary investment products.
VP Bank makes every effort to pass on information to
clients as quickly and appropriately as possible – so that
tomorrow as well as today they have tangible evidence
of their being at the bank that is right for them.
Intelligence
Activities of the Investment Management Division
Professional capital management: ...the other half
comes from know-how
For us, portfolio management means permanently safeguarding
and continually increasing the wealth of our
clients. And to achieve that goal, our investment specialists
work round-the-clock in the conscientious and professional
administration of our clients’ investments.
VP Bank Fondsleitung AG administers the investment
funds that have been created by the parent bank. It monitors
the product portfolio on an ongoing basis and adapts it
to the needs of clients and circumstances in the financial
markets. Moreover, our IFOS Internationale Fonds Service
AG subsidiary is a fund management company in accordance
with Liechtenstein law. Its range of services encompasses
the founding and administration of third-party
investment funds. Thus IFOS affords institutional investors
such as asset management, trust and insurance companies,
as well as occupational benefits plans, the opportunity to
establish their own investment funds.
Our Product Management unit is embedded in this
VP Bank division. It bears responsibility for the targeted
development of new products aimed at meeting our
clients’ needs both today and in the future.
Over the past years, our Backoffice and Settlement departments
have resolutely focused on enhancing the efficiency
and professionalism of the Bank’s internal processes. As a
result, we have been able to realize significant increases
both in the cost-effectiveness and quality of our activities
in the area of securities settlement and administration.
annual report 2002 | vp bank | page 51

Activities of Subsidiaries and
Representative Offices
VP Bank is among the three largest banks in Liechtenstein,
and a member of the Liechtenstein Bankers’ Association.
33,000 people live in the Principality of Liechtenstein,
a country with a land area of 160 square kilometers at the
heart of Europe. This central position, coupled with
political stability, has greatly benefited the Principality’s
development. The financial sector has exhibited strong
growth, particularly in the ‘90s when it grew by 100 percent.
The Principality maintains international ties at all levels.
63 percent of the workforce are foreigners, and 34.4 percent
of residents are from abroad. 17 banks operate
within the country.
VP Bank (Switzerland) AG, Zurich (CH)
VP Bank (Switzerland) AG was founded in 1998 and today
offers a comprehensive range of services for high-networth
individuals, independent asset managers, attorneys
and fiduciaries. Personalised client advice, combined with
the utmost in discretion, professionalism and financial
know-how, are the central elements of this subsidiary’s
business philosophy. By its presence in Zurich, the VP Bank
Group underlines the importance of the Swiss financial
marketplace and its 200-year tradition of private banking.
Board of Management: Dr. Stefan Gugger (President),
Urs Müller
2002 Assets under management: CHF 1,453.7 million
Balance sheet total: CHF 168.7 million
Net income: CHF 1.4 million
page 52 | vp bank | annual report 2002
VP Bank (Luxembourg) SA, Luxembourg
The core business activities of this subsidiary are devoted
to private banking, the investment fund business, as well
as money-market operations. Luxembourg is one of the
preferred financial centres for private clients from the four
corners of the globe. The Grand Duchy also commands
a leading world position in the investment fund area.
VP Bank (Luxembourg) S.A. was founded in 1988 and
is the only bank in the Grand Duchy with a Liechtenstein
parent organisation. As a legally independent financial
institution, it is subject to supervision by the regulatory
authorities of Luxembourg. Since 1998, the asset management
company, VPB Finance S.A., has been a part of
VP Bank Luxembourg S.A.
Board of Administration: Anton Engler (President until
March 31, 2003), Hans Gerner and Yves de Vos
2002 Assets under management: CHF 2,523.6 million
Balance sheet total: CHF 1,611.3 million
Net income: CHF 5.7 million
VP Bank and Trust Company (BVI) Limited, British
Virgin Islands
Formed in 1995 within the scope of a joint venture with
Allgemeine Treuhandunternehmen (ATU), Vaduz (FL),
VP Bank and Trust Company (BVI) Ltd. is a holding entity
that encompasses a bank, a trust company, a fund management
company and a firm involved in the insurance business.
In 2002, the continuing diversification of this subsidiary’s
commercial activities was pursued further. Clients particu-

Luxembourg
Vaduz
larly appreciate the specifically tailored packages of
services they receive from VP Bank and Trust Company.
General Manager: Dr. Peter Reichenstein
2002 Assets under management: USD 671.6 million
Balance sheet total: USD 359.3 million
Net income: USD 2.9 million
VP Bank Fondsleitung AG, Vaduz (FL)
VP Bank Fondsleitung AG was founded in 1996 and administers
VP Bank’s family of funds. With the simultaneous
coming into force of the Investment Companies Act, the
cornerstone was laid for Liechtenstein’s nascent investment
fund industry – a development in which VP Bank played
a formative role from the very start. The Bank’s range of
investment fund products is continually reviewed and
adapted to meet client needs and circumstances in the
financial markets.
Board of Management: Peter Bargetze (President),
Wolfgang Mayer
Fund assets under management as of 2002: CHF 1,825.5
million
IFOS Internationale Fonds Service AG, Vaduz (FL)
IFOS Internationale Fonds Service AG is also a fund
management company organized in accordance with
Liechtenstein’s Investment Companies Act. This subsidiary
provides the full range of services associated with the
founding and administration of third-party investment
funds. Thanks to IFOS, institutional investors such as asset
Zurich
Tortola
management companies, trust and insurance companies,
and occupational benefits plans have the opportunity to
establish their own investment funds. IFOS is responsible
for selecting funds and fund managers on behalf of
VP Bank, and in so doing utilises the Fund DecathlonTM analysis system that has been developed in-house for
precisely such purposes.
Board of Management: Wolfgang Mayer (President),
Peter Bargetze
Fund assets under management as of 2002: CHF 73,8
million.
IGT Intergestions Trust reg., Vaduz (FL)
This trust company is specialised in the founding and
administration of personal holding companies and foundations
both in Liechtenstein and abroad. Its array of services
is primarily oriented towards meeting the needs of international
clients throughout the entire VP Bank Group. Of
great significance in this regard are the asset structuring
and estate planning activities it performs.
General Manager: Viktor Büchel
Representative offices
Our representative offices in Munich, Germany (since
1991), and Montevideo, Uruguay (since 1997), are valuable
pillars of the VP Bank Group. They focus primarily on
strengthening existing client relationships and the acquisition
of new private banking customers.
annual report 2002 | vp bank | page 53

The VP Bank Group
Verwaltungs- und Privat-Bank Aktiengesellschaft
Aeulestrasse 6, FL-9490 Vaduz, Liechtenstein
Tel +800 066 055 00, Fax +423 235 65 00
info@vpbank.com, www.vpbank.com
VP Bank
(Switzerland) Ltd.
Bleicherweg 50
CH-8039 Zurich
Switzerland
Tel +41 1 226 24 24
Fax +41 1 226 25 24
info.ch@vpbank.com
VP Bank Fondsleitung
Aktiengesellschaft
Schmedgass 6
FL-9490 Vaduz
Liechtenstein
Tel +423 235 66 99
Fax +423 235 76 99
vpf@vpbank.com
Verwaltungs- und
Privat-Bank AG
Representative Office Munich
Widenmayerstrasse 5
DE-80538 Munich
Germany
Tel +49 89 21 21 67-0
Fax +49 89 21 21 67-21
VP Bank
(Luxembourg) S.A.
Avenue de la Liberté 26
B.P. 923
LU-2019 Luxembourg
Luxembourg
Tel +352 404 777-1
Fax +352 481 117
info.lu@vpbank.com
IFOS Internationale Fonds
Service Aktiengesellschaft
Schmedgass 6
FL-9490 Vaduz
Liechtenstein
Tel +423 235 67 67
Fax +423 235 67 77
ifos@vpbank.com
Verwaltungs- und
Privat-Bank AG
Representative Office Montevideo
Avda. Rivera 6329
Office 205 - Carrasco
UY-11500 Montevideo
Uruguay
Tel +598 2 606 19 62
Fax +598 2 606 19 72
VPB Finance S.A.
Avenue de la Liberté 26
B.P. 923
LU-2019 Luxembourg
Luxembourg
Tel +352 404 777 383
Fax +352 404 777 389
IGT Intergestions
Trust reg.
Aeulestrasse 6
Postfach 1242
FL-9490 Vaduz
Liechtenstein
Tel +423 233 11 51
Fax +423 233 22 24
VP Bank and
Trust Company (BVI) Ltd.
P.O.Box 3463
3076 Sir Francis Drake‘s Highway
Road Town, Tortola
British Virgin Islands
Tel +1 284 494 11 00
Fax +1 284 494 11 99
info.bvi@vpbank.com
Verwaltungs- und Privat-Bank Aktiengesellschaft

Media and Investor Relations:
Verwaltungs- and Privat-Bank Aktiengesellschaft
Kim-My Schefer
Head Corporate Communications
Aeulestrasse 6
FL-9490 Vaduz
Tel +423 235 66 33
Fax +423 235 76 38
E-mail: corporate.communications@vpbank.com
Design:
desgrippes gobé group, paris, www.dga.com
Layout and realisation:
TANGRAM Advertising Agency, Vaduz
Photos:
Jacques-Yves Gucia, Photographer
Pascal Dieu, Assistant
Printer:
Lampert Druckzentrum AG, Vaduz

FL-9490 Vaduz - Aeulestrasse 6 - Liechtenstein
info@vpbank.com - www.vpbank.com B00013en05.03