Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

(Art. 142 para. 2 and 143 para. 2 FMIA)

¹Art­icle 123 para­graphs 1 and 2 shall not ap­ply to the buy­back of own equity se­cur­it­ies if the buy­back pro­gramme is an­nounced or the buy­back of own equity se­cur­it­ies oc­curs:

a.

while the is­suer post­pones the an­nounce­ment of a price-rel­ev­ant fact in keep­ing with stock ex­change pro­vi­sions;

b.

dur­ing the ten trad­ing days pri­or to the pub­lic an­nounce­ment of fin­an­cial res­ults; or

c.

more than nine months after the ref­er­ence date of the last pub­lished con­sol­id­ated clos­ing ac­counts.

²The buy­back at mar­ket price re­mains re­served if this is un­der­taken by:

a.

a se­cur­it­ies firm that was com­mis­sioned pri­or to the start of the buy­back pro­gramme, and the se­cur­ity firm's de­cisions are made with­in the para­met­ers ori­gin­ally pre­scribed by the is­suer without the lat­ter hav­ing any fur­ther in­flu­ence;

b.

a trad­ing unit that is se­greg­ated with in­form­a­tion bar­ri­ers, in­so­far the is­suer it­self is a se­cur­it­ies firm.

³The para­met­ers un­der para­graph 2 let­ter a must have been set pri­or to pub­lic­a­tion of the buy­back of­fer and may be ad­jus­ted once a month for the dur­a­tion of the buy­back pro­gramme. If the para­met­ers are set or ad­jus­ted with­in one of the peri­ods set out in para­graph 1, the buy­back may be per­formed only after a wait­ing peri­od of 90 days.

⁴It is as­sumed that Art­icle 142 para­graph 1 let­ter a and Art­icle 143 para­graph 1 FMIA are not vi­ol­ated if the pur­chase price paid on a sep­ar­ate trad­ing line is a max­im­um of 2% high­er than:

a.

the last clos­ing price achieved on the reg­u­lar trad­ing line; or

b.

the best cur­rent bid price on the reg­u­lar trad­ing line, provided this is be­low the price re­ferred to un­der let­ter a;