Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

¹Any­one who dir­ectly or in­dir­ectly or act­ing in con­cert with third parties ac­quires or dis­poses of shares or ac­quis­i­tion or sale rights re­lat­ing to shares of a com­pany with its re­gistered of­fice in Switzer­land whose equity se­cur­it­ies are lis­ted in whole or in part in Switzer­land, or of a com­pany with its re­gistered of­fice abroad whose equity se­cur­it­ies are mainly lis­ted in whole or in part in Switzer­land, and thereby reaches, falls be­low or ex­ceeds the thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 33⅓%, 50% or 66⅔% of the vot­ing rights, wheth­er ex­er­cis­able or not, must no­ti­fy this to the com­pany and to the stock ex­changes on which the equity se­cur­it­ies are lis­ted.

²Fin­an­cial in­ter­me­di­ar­ies who ac­quire or dis­pose of shares or ac­quis­i­tion or sale rights on be­half of third parties are not sub­ject to this no­ti­fic­a­tion duty.

³Any­one who has the dis­cre­tion­ary power to ex­er­cise the vot­ing rights as­so­ci­ated with equity se­cur­it­ies in ac­cord­ance with para­graph 1 is also sub­ject to the no­ti­fic­a­tion duty.

⁴The fol­low­ing shall be deemed equi­val­ent to an ac­quis­i­tion or dis­pos­al:

a.

the ini­tial list­ing of equity se­cur­it­ies;

b.

the con­ver­sion of par­ti­cip­a­tion cer­ti­fic­ates or profit-shar­ing cer­ti­fic­ates in­to shares;

c.

the ex­er­cise of con­ver­sion or ac­quis­i­tion rights;

d.

changes in the share cap­it­al; and

e.

the ex­er­cise of sale rights.

⁵All pro­ced­ures that can ul­ti­mately con­fer the vot­ing right to equity se­cur­it­ies also con­sti­tute an in­dir­ect ac­quis­i­tion. This does not ap­ply in the case of powers of at­tor­ney gran­ted solely for the pur­poses of rep­res­ent­a­tion at a gen­er­al meet­ing.