<SEC-DOCUMENT>0001193125-20-209318.txt : 20200804
<SEC-HEADER>0001193125-20-209318.hdr.sgml : 20200804
<ACCEPTANCE-DATETIME>20200804161827
ACCESSION NUMBER:		0001193125-20-209318
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20200803
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200804
DATE AS OF CHANGE:		20200804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		201073550

	BUSINESS ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41 0 43 456 7600

	MAIL ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHUBB Ltd
		DATE OF NAME CHANGE:	20160115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE Ltd
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE LTD
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
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<td style="text-align:right;vertical-align:top">Date of Report (Date of earliest event reported):</td>
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<td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">Name of each exchange on which</span></p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">registered</span></p></td></tr>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#160;5.03 &#160;&#160;&#160;&#160;Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As previously disclosed, at the Chubb Limited (&#8220;Company&#8221;) 2020 Annual General Meeting of Shareholders, held on May&#160;20, 2020, shareholders approved the cancellation of 2,178,600 shares repurchased by the Company during 2019 and an amendment to Article 3(a) of the Company&#8217;s Articles of Association to effect the resulting share capital reduction, all as further described in the Company&#8217;s 2020 Proxy Statement under the heading &#8220;Agenda Item 10: Reduction of Share Capital&#8221;. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The effectiveness of the capital reduction by cancellation of shares was subject to publication requirements and a <span style="white-space:nowrap">two-month</span> waiting period in accordance with Swiss law. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On August 3, 2020, the share capital reduction and amendment to Article 3(a) of the Company&#8217;s Articles of Association became effective. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A copy of the amended Articles of Association is attached hereto as Exhibit 3.1 and is incorporated herein by reference. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#160;9.01.&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:9%;vertical-align:top" align="left"><span style="font-style:italic">(d)</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="font-style:italic">Exhibits </span></p></td></tr></table> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:80%;border:0;margin:0 auto">


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<td></td>

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<td style="width:59%"></td>

<td style="vertical-align:bottom;width:3%"></td>
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<td style="vertical-align:bottom;white-space:nowrap" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:inline-block; font-size:10pt; font-family:Times New Roman;text-align:center">Exhibit<br />Number</p></td>
<td style="vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman">Description</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">3.1</p></td>
<td style="vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:top"> <p style="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><a href="d37374dex31.htm">Articles of Association of the Company as amended </a></p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.1</td>
<td style="vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:top"><a href="d37374dex31.htm">Articles of Association of the Company as amended (Incorporated by reference to Exhibit 3.1) </a></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
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<td style="vertical-align:top;white-space:nowrap">104</td>
<td style="vertical-align:bottom">&#160;&#160;&#160;&#160;</td>
<td style="vertical-align:top">Cover Page Interactive&#160;Data File (the cover page XBRL tags are embedded within the Inline XBRL document)</td>
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 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;text-align:center">2 </p>

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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p><div style="text-align:right">
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<td style="vertical-align:top" colspan="3"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CHUBB LIMITED</p></td></tr>
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<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">/s/ Joseph F. Wayland</span></p></td></tr>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Joseph F. Wayland</p></td></tr>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General Counsel</p></td></tr>
</table></div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DATE: August&#160;4, 2020 </p>
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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d37374dex31.htm
<DESCRIPTION>EX-3.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>STATUTEN</B></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B></B>der<B></B></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Chubb Limited</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb
AG)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb SA)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLES OF ASSOCIATION</B></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B></B>of<B></B></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Chubb Limited</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb
AG)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb SA)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>I. Firma, Sitz und Zweck der Gesellschaft</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Artikel&nbsp;1&#8195;&#8195;&#8202;Firma, Sitz und Dauer der Gesellschaft</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Unter der Firma</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Chubb Limited</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb AG)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb
SA)<BR></B></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">besteht eine Aktiengesellschaft
gem&auml;ss Artikel 620 ff. OR mit Sitz in Z&uuml;rich. Die Dauer der Gesellschaft ist unbeschr&auml;nkt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>I. Name, Domicile and Purpose of the Company</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Article&nbsp;1&#8195;&#8195;&#8201;&#8202;Corporate Name, Registered Office and Duration</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Under the corporate name</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Chubb Limited</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb AG)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>(Chubb
SA)<BR></B></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a Company exists pursuant to art. 620 et
seq. of the Swiss Code of Obligations (hereinafter &#147;CO&#148;) having its registered office in Zurich. The duration of the Company is unlimited.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Artikel&nbsp;2&#8195;&#8195;&#8202;Zweck</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Hauptzweck der Gesellschaft ist der Erwerb, das Halten und der Verkauf von
Beteiligungen an Unternehmen, insbesondere, jedoch nicht ausschliesslich, solcher der Direkt- und R&uuml;ckversicherungsbranche.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Article&nbsp;2&#8195;&#8195;&#8201;&#8202;Purpose</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The
main purpose of the Company is to acquire, hold, manage and to sell equity participations, including in insurance and reinsurance companies as well as in other companies.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Die Gesellschaft kann Finanz- und Management-Transaktionen ausf&uuml;hren. Sie kann
Zweigniederlassungen und Tochtergesellschaften im <FONT STYLE="white-space:nowrap">In-</FONT> und Ausland errichten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Company may carry out finance and management transactions and set up branches and subsidiaries in
Switzerland and abroad.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Die Gesellschaft kann im <FONT STYLE="white-space:nowrap">In-</FONT> und Ausland Grundst&uuml;cke
erwerben, halten und ver&auml;ussern.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Company may acquire, hold and sell real estate in Switzerland and abroad.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Gesellschaft kann alle Gesch&auml;fte t&auml;tigen, die
geeignet sind, den Zweck der Gesellschaft zu f&ouml;rdern und mit dem Zweck im Zusammenhang stehen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The Company may engage in all types of transactions and may take
all measures that appear appropriate to promote the purpose of the Company or that are related to the same.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
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<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aktienkapital und Aktien</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Capital and Shares</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;3&#8195;&#8195;&#8202;Aktienkapital</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Das
Aktienkapital der Gesellschaft betr&auml;gt CHF 11&#146;534&#146;167&#146;125.60 und ist eingeteilt in 477&#146;605&#146;264 auf den Namen lautende Aktien im Nennwert von CHF 24.15 je Aktie. Das Aktienkapital ist vollst&auml;ndig liberiert.</P></TD>

<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;3&#8195;&#8195;&#8201;&#8202;Share Capital</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The share
capital of the Company amounts to CHF 11,534,167,125.60 and is divided into 477,605,264 registered shares with a nominal value of CHF 24.15 per share. The share capital is <FONT STYLE="white-space:nowrap">fully&nbsp;paid-in.</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Auf Beschluss der Generalversammlung k&ouml;nnen jederzeit
Namenaktien in Inhaberaktien und Inhaberaktien in Namenaktien umgewandelt werden.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Upon resolution of the General Meeting of Shareholders, registered
shares may be converted into bearer shares and bearer shares may be converted into registered shares, at any time.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;4&#8195;&#8195;&#8202;Bedingtes Aktienkapital f&uuml;r Anleihensobligationen und
&auml;hnliche Instrumente der Fremdfinanzierung</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Das Aktienkapital der Gesellschaft wird im Maximalbetrag von
CHF&nbsp;796&#146;950&#146;000.00 durch Ausgabe von h&ouml;chstens 33&#146;000&#146;000 vollst&auml;ndig zu liberierenden Namenaktien mit einem Nennwert von CHF&nbsp;24.15 je Aktie erh&ouml;ht, bei und im Umfang der Aus&uuml;bung von Wandel-
und/oder Optionsrechten, welche im Zusammenhang mit von der Gesellschaft oder ihren Tochtergesellschaften emittierten oder noch zu emittierenden Anleihensobligationen, Notes oder &auml;hnlichen Obligationen oder Schuldverpflichtungen einger&auml;umt
wurden/werden, einschliesslich Wandelanleihen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;4&#8195;&#8195;&#8201;&#8202;Conditional Share Capital for Bonds and Similar Debt
Instruments</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The share capital of the Company shall be increased by an amount not exceeding
CHF&nbsp;796,950,000.00 through the issue of a maximum of 33,000,000 registered shares, payable in full, each with a nominal value of CHF&nbsp;24.15 through the exercise of conversion and/or option or warrant rights granted in connection with bonds,
notes or similar instruments, issued or to be issued by the Company or by subsidiaries of the Company, including convertible debt instruments.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">2 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD WIDTH="2%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Das Bezugsrecht der Aktion&auml;re ist f&uuml;r diese Aktien
ausgeschlossen. Das Vorwegzeichnungsrecht der Aktion&auml;re in Bezug auf neue Anleihensobligationen, Notes oder &auml;hnlichen Obligationen oder Schuldverpflichtungen kann durch Beschluss des Verwaltungsrates zu folgenden Zwecken eingeschr&auml;nkt
oder ausgeschlossen werden: Finanzierung und Refinanzierung des Erwerbs von Unternehmen, Unternehmensteilen oder Beteiligungen, von durch die Gesellschaft geplanten neuen Investitionen oder bei der Emission von Options- und Wandelanleihen &uuml;ber
internationale Kapitalm&auml;rkte sowie im Rahmen von Privatplatzierungen. Der Ausschluss des Vorwegszeichnungsrechts ist ausschliesslich unter folgenden kumulativen Bedingungen zul&auml;ssig: (1)&nbsp;Die Instrumente m&uuml;ssen zu Marktkonditionen
emittiert werden, (2)&nbsp;die Frist, innerhalb welcher die Options- und Wandelrechte ausge&uuml;bt werden k&ouml;nnen, darf ab Zeitpunkt der Emission des betreffenden Instruments bei Optionsrechten 10 Jahre und bei Wandelrechten 20 Jahre nicht
&uuml;berschreiten und (3)&nbsp;der Umwandlungs- oder Aus&uuml;bungspreis f&uuml;r die neuen Aktien hat mindestens dem Marktpreis zum Zeitpunkt der Emission des betreffenden Instruments zu entsprechen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Shareholders&#146;
<FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights are excluded. Shareholders&#146; advance subscription rights with regard to the new bonds, notes or similar instruments may be restricted or excluded by decision of the Board of Directors in
order to finance or <FONT STYLE="white-space:nowrap">re-finance</FONT> the acquisition of companies, parts of companies or holdings, or new investments planned by the Company, or in order to issue convertible bonds and warrants on the international
capital markets or through private placement. If advance subscription rights are excluded, then (1)&nbsp;the instruments are to be placed at market conditions, (2)&nbsp;the exercise period is not to exceed ten years from the date of issue for
warrants and twenty years for conversion rights and (3)&nbsp;the conversion or exercise price for the new shares is to be set at least in line with the market conditions prevailing at the date on which the instruments are issued.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Erwerb von Namenaktien durch Aus&uuml;bung von Wandel- und
Optionsrechten sowie s&auml;mtliche weiteren &Uuml;bertragungen von Namenaktien unterliegen den &Uuml;bertragungsbeschr&auml;nkungen gem&auml;ss Art. 8 der Statuten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The acquisition of registered shares through the exercise of
conversion rights or warrants and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;5&#8195;&#8195;&#8202;Bedingtes Aktienkapital f&uuml;r
Mitarbeiterbeteiligungen</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Das Aktienkapital der Gesellschaft wird im Maximalbetrag von
CHF&nbsp;613&#146;673&#146;935.35 durch Ausgabe von h&ouml;chstens 25&#146;410&#146;929 vollst&auml;ndig zu liberierenden Namenaktien mit einem Nennwert von CHF&nbsp;24.15 je Aktie erh&ouml;ht bei und im Umfang der Aus&uuml;bung von Optionen, welche
Mitarbeitern der Gesellschaft oder ihrer Tochtergesellschaften sowie Beratern, Direktoren oder anderen Personen, welche Dienstleistungen f&uuml;r die Gesellschaft oder ihre Tochtergesellschaften erbringen, einger&auml;umt wurden/werden.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;5&#8195;&#8195;&#8201;&#8202;Conditional Share Capital for Employee Benefit
Plans</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The share capital of the Company shall be increased by an amount not exceeding
CHF&nbsp;613,673,935.35 through the issue from time to time of a maximum of 25,410,929 registered shares, payable in full, each with a nominal value of CHF&nbsp;24.15, in connection with the exercise of option rights granted to any employee of the
Company or a subsidiary, and any consultant, director, or other person providing services to the Company or a subsidiary.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">3 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Bez&uuml;glich dieser Aktien ist das Bezugsrecht der
Aktion&auml;re ausgeschlossen. Neue Aktien dieser Art k&ouml;nnen unter dem aktuellen Marktpreis ausgegeben werden. Der Verwaltungsrat bestimmt bei einer solchen Emission die spezifischen Konditionen, inkl. den Preis der Aktien.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Shareholders&#146;
<FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights shall be excluded with regard to these shares. These new registered shares may be issued at a price below the current market price. The Board of Directors shall specify the precise
conditions of issue including the issue price of the shares.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Erwerb von Namenaktien im Zusammenhang mit
Mitarbeiterbeteiligungen sowie s&auml;mtliche weiteren &Uuml;bertragungen von Namenaktien unterliegen den &Uuml;bertragungsbeschr&auml;nkungen gem&auml;ss Art. 8 der Statuten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The acquisition of registered shares in connection with employee
participation and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;6&#8195;&#8195;&#8202;Genehmigtes Kapital zu allgemeinen Zwecken</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Der
Verwaltungsrat ist erm&auml;chtigt, das Aktienkapital jederzeit bis zum 20. Mai 2022 im Maximalbetrag von CHF 4&#146;830&#146;000&#146;000 durch Ausgabe von h&ouml;chstens 200&#146;000&#146;000 vollst&auml;ndig zu liberierenden Namenaktien mit einem
Nennwert von CHF 24.15 je Aktie zu erh&ouml;hen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;6&#8195;&#8195;&#8201;&#8202;Authorized Share Capital for General Purposes</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Board of
Directors is authorized to increase the share capital from time to time until May&nbsp;20, 2022 by an amount not exceeding CHF 4,830,000,000 through the issue of up to 200,000,000 fully paid up registered shares with a nominal value of CHF 24.15
each.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Erh&ouml;hungen auf dem Weg der Fest&uuml;bernahme sowie
Erh&ouml;hungen in Teilbetr&auml;gen sind gestattet. Der Ausgabebetrag, die Art der Einlage, der Zeitpunkt der Dividendenberechtigung sowie die Zuweisung nicht ausge&uuml;bter Bezugsrechte werden durch den Verwaltungsrat bestimmt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Increases through firm underwriting or in partial amounts are
permitted. The issue price, the date of dividend entitlement, the type of consideration (including the contribution or underwriting in kind) as well as the allocation of non exercised <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights shall
be determined by the Board of Directors.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Verwaltungsrat ist erm&auml;chtigt, Bezugsrechte der
Aktion&auml;re auszuschliessen und diese Dritten zuzuweisen, wenn die neu auszugebenden Aktien zu folgenden Zwecken verwendet werden: (1)&nbsp;Fusionen, &Uuml;bernahmen von Unternehmen oder Beteiligungen, Finanzierungen und Refinanzierungen solcher
Fusionen und &Uuml;bernahmen sowie anderweitige Investitionsvorhaben (unter Einschluss von Privatplatzierungen), (2) St&auml;rkung der regulatorischen Kapitalbasis der Gesellschaft oder ihrer Tochtergesellschaften (unter Einschluss von
Privatplatzierungen), (3) zur Erweiterung des Aktionariats oder (4)&nbsp;zum Zwecke der Mitarbeiterbeteiligung.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The Board of Directors is authorized to exclude the <FONT
STYLE="white-space:nowrap">pre-emptive</FONT> rights of the shareholders and to allocate them to third parties in the event of the use of shares for the purpose of (1)&nbsp;mergers, acquisitions of enterprises or participations, financing and/or
refinancing of such mergers and acquisitions and of other investment projects (including by way of private placements), (2) to improve the regulatory capital position of the company or its subsidiaries (including by way of private placements), (3)
broadening the shareholder constituency or (4)&nbsp;for the purpose of the participation of </P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">4 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD WIDTH="1%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Die Zeichnung sowie der Erwerb von Namenaktien aus genehmigtem Kapital zu allgemeinen
Zwecken sowie s&auml;mtliche weiteren &Uuml;bertragungen von Namenaktien unterliegen den &Uuml;bertragungsbeschr&auml;nkungen gem&auml;ss Art. 8 der Statuten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">employees.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The subscription and acquisition of registered shares out of authorized share capital
for general purposes and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;7&#8195;&#8195;&#8202;Aktienzertifikate</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die Gesellschaft
kann auf Druck und Auslieferung der Aktienzertifikate verzichten sowie bereits gedruckte Zertifikate annullieren. Letzteres setzt die Einlieferung der Zertifikate bei der Gesellschaft sowie das Einverst&auml;ndnis der Aktion&auml;re voraus. Der
Aktion&auml;r kann jedoch von der Gesellschaft jederzeit kostenlos Druck und Auslieferung der Aktienzertifikate verlangen. Die Gesellschaft kann die Namenaktien ihrerseits jederzeit drucken.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;7&#8195;&#8195;&#8201;&#8202;Share Certificates</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Company may
forego the printing and delivery of registered shares and may cancel without replacement already printed shares. Registered shares already issued can only be cancelled when they are returned to the Company and the shareholder agrees. The shareholder
may request at any time, without cost, the printing and delivery of his registered shares. The Company may for its part print out the registered shares at any time.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Nicht verurkundete Namenaktien einschliesslich der daraus
entspringenden Rechte k&ouml;nnen nur durch Zession &uuml;bertragen werden. Die Zession bedarf zur G&uuml;ltigkeit der Anzeige an die Gesellschaft. Die Berechtigung an den Zertifikaten der &uuml;bertragenen Aktien wird durch rechtsg&uuml;ltige
Zession &uuml;bertragen und bedarf keiner Zustimmung seitens der Gesellschaft. Die Bank, welche abgetretene Namenaktien f&uuml;r die Aktion&auml;re verwaltet, kann von der Gesellschaft &uuml;ber die erfolgte Zession benachrichtigt werden.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Registered shares not physically represented by certificates and
the rights arising therefrom can only be transferred by assignment. Such assignment shall not be valid unless notice is given to the Company. Title to the certificate of the transferred share is passed on to the transferee through legal and valid
assignment and does not need the explicit consent of the Company. The bank which handles the book entries of the assigned registered shares on behalf of the shareholders may be notified by the Company of the assignment.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Nicht verurkundete Namenaktien sowie die daraus entspringenden
Verm&ouml;gensrechte k&ouml;nnen ausschliesslich zugunsten der Bank, welche die Aktien im Auftrag des betreffenden Aktion&auml;rs verwaltet, verpf&auml;ndet werden. Die Verpf&auml;ndung bedarf eines schriftlichen Pfandvertrags. Eine Benachrichtigung
der Gesellschaft ist nicht erforderlich.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Registered shares not physically represented by certificates and
the financial rights arising from these shares may only be pledged to the bank handling the book entries of such shares for the shareholder. The pledge must be made by means of a written pledge agreement. Notice to the Company is not
required.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">5 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;8&#8195;&#8195;&#8202;Aktienregister; Beschr&auml;nkungen der
&Uuml;bertragbarkeit</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;8&#8195;&#8195;&#8201;&#8202;Shareholder&#146;s Register, Transfer
Restrictions</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;F&uuml;r die Namenaktien wird ein Aktienbuch gef&uuml;hrt. Darin
werden die Eigent&uuml;mer und Nutzniesser mit Namen und Vornamen, Wohnort, Adresse und Staatsangeh&ouml;rigkeit (bei juristischen Personen mit Sitz) eingetragen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Registered shares are issued in the name of the owner or the
usufructuary. This person shall be entered in the share register with his name, address, domicile and citizenship (domicile in case of legal entities).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Zur Eintragung ins Aktienbuch als Aktion&auml;r mit Stimmrecht ist
die Zustimmung des Verwaltungsrats notwendig. Die Eintragung als Aktion&auml;r mit Stimmrecht kann in den in Art. 8 lit. c), d), e) und f) der Statuten festgehaltenen F&auml;llen abgelehnt werden. Lehnt der Verwaltungsrat die Eintragung des
Erwerbers als Aktion&auml;r mit Stimmrecht ab, benachrichtig er diesen innerhalb von 20 Tagen seit dem Eingang des Eintragungsgesuchs. Nicht anerkannte Erwerber werden als Aktion&auml;re ohne Stimmrecht ins Aktienbuch eingetragen. Die entsprechenden
Aktien gelten in der Generalversammlung als nicht vertreten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Entry in the share register of registered shares with voting
rights is subject to the approval of the Board of Directors. Entry of registered shares with voting rights may be refused based on the grounds set out in Article 8(c), (d), (e) and (f). If the Board of Directors refuses to register the acquirer as
shareholder with voting rights it shall notify the acquirer of such refusal within 20 days upon receipt of the application. <FONT STYLE="white-space:nowrap">Non-recognized</FONT> acquirers shall be entered in the share register as shareholders
without voting rights. The corresponding shares shall be considered as not represented in the General Meeting of Shareholders.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Eine nat&#252;rliche oder juristische Person wird in dem Umfang
nicht als Aktion&#228;rin mit Stimmrecht im Aktienbuch eingetragen, in welchem die von ihr direkt oder indirekt im Sinne von Art. 14 der Statuten gehaltene oder sonstwie kontrollierte Beteiligung 10% oder mehr des im Handelsregister eingetragenen
Aktienkapitals betr&#228;gt. Dabei gelten Personen, die durch Absprache, Kapital, Stimmkraft, Leitung, Syndikat oder auf andere Weise miteinander verbunden sind, als eine Person. Im Umfang, in welchem eine derartige Beteiligung 10% oder mehr des
Aktienkapitals betr&#228;gt, werden die entsprechenden Aktien ohne Stimmrecht ins Aktienbuch eingetragen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;No individual or legal entity may, directly or indirectly,
formally, constructively or beneficially own (as defined in Article 14 below) or otherwise control voting rights with respect to 10% or more of the registered share capital recorded in the Commercial Register. Those associated through capital,
voting power, joint management or in any other way, or joining for the acquisition of shares, shall be regarded as one person. The registered shares exceeding the limit of 10% shall be entered in the share register as shares without voting
rights.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Die oben erw&auml;hnte 10% Limite gilt auch bei der Zeichnung oder
Erwerb von Aktien, welche mittels Aus&uuml;bung von Options- oder Wandelrechten aus Namen- oder Inhaberpapieren oder sonstigen von der Gesellschaft oder Dritten ausgestellten Wertpapieren oder welche mittels Aus&uuml;bung von erworbenen
Bezugsrechten aus Namen- oder Inhaberaktien gezeichnet</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The limit of 10% of the registered share capital also applies to
the subscription for, or acquisition of, registered shares by exercising option or convertible rights arising from registered or bearer securities or any other securities issued by the Company or third parties, as well as by means of
exercising</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">6 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">oder erworben werden. Im Umfang, in welchem eine daraus resultierende Beteiligung 10% oder mehr des
Aktienkapitals betr&auml;gt, werden die entsprechenden Aktien ohne Stimmrecht ins Aktienbuch eingetragen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">purchased <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights arising from either registered or
bearer shares. The registered shares exceeding the limit of 10% shall be entered in the share register as shares without voting rights.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Der Verwaltungsrat verweigert die Eintragung ins Aktienbuch als
Aktion&auml;r mit Stimmrecht oder entscheidet &uuml;ber die L&ouml;schung eines bereits eingetragenen Aktion&auml;rs mit Stimmrecht aus dem Aktienbuch, wenn der Erwerber auf sein Verlangen hin nicht ausdr&uuml;cklich erkl&auml;rt, dass er die Aktien
im eigenen Namen und auf eigene Rechnung erworben hat.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;The Board of Directors shall reject entry of registered shares
with voting rights in the share register or shall decide on their cancellation when the acquirer or shareholder upon request does not expressly state that she/he has acquired or holds the shares in her/his own name and for her/his own
account.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;Der Verwaltungsrat verweigert die Eintragung
nat&uuml;rlicher und juristischer Personen, welche Namenaktien f&uuml;r Dritte halten und dies schriftlich gegen&uuml;ber der Gesellschaft erkl&auml;ren werden, als Treuh&auml;nder/Nominees mit unbeschr&auml;nktem Stimmrecht ins Aktienbuch oder
entscheidet &uuml;ber die L&ouml;schung aus dem Aktienbuch , wenn sie sich nicht dazu verpflichten, gegen&uuml;ber der Gesellschaft auf deren schriftliches Verlangen hin jederzeit die Namen, Adressen und Beteiligungsquote derjenigen Personen
offenzulegen, f&uuml;r welche sie die Namenaktien halten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;The Board of Directors shall reject entry of individuals
and legal entities, who hold registered shares for third parties and state this in writing to the Company, as nominees in the share register with voting rights without limitation or shall decide on their cancellation when the nominee does not
undertake the obligation to disclose at any time to the Company at its written request the names, addresses and share holdings of each person for whom such nominee is holding shares.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8202;Der Verwaltungsrat kann in besonderen F&auml;llen Ausnahmen von
den obgenannten Beschr&auml;nkungen (Art. 8 lit. c), d), e) and f) der Statuten) genehmigen. Sodann kann der Verwaltungsrat nach Anh&ouml;rung der betroffenen Personen deren Eintragungen im Aktienbuch als Aktion&auml;re r&uuml;ckwirkend streichen,
wenn diese durch falsche Angaben zustande gekommen sind oder wenn die betroffene Person die Auskunft gem&auml;ss Art. 8 lit. f) verweigert.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8202;The Board of Directors may in special cases approve exceptions to
the above regulations (Article 8(c), (d), (e) and (f)). The Board of Directors is in addition authorized, after due consultation with the person concerned, to delete with retroactive effect entries in the share register which were effected on the
basis of false information and/or to delete entries in case the respective person refuses to make the disclosers according to Article 8(f).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">h)&#8195;&#8202;Solange ein Erwerber nicht Aktion&auml;r mit Stimmrecht im Sinne
von Art. 8 der Statuten geworden ist, kann er weder die entsprechenden Stimmrechte noch die weiteren mit diesen in Zusammenhang stehenden Rechte wahrnehmen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">h)&#8195;&#8202;Until an acquirer becomes a shareholder with voting rights for the
shares in accordance with this Article 8, she/he may neither exercise the voting rights connected with the shares nor other rights associated with the voting rights.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">7 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" ALIGN="center"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organisation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Die Generalversammlung</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The General Meeting</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;9&#8195;&#8195;&#8202;Befugnisse</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Die Generalversammlung ist das oberste Organ der Gesellschaft. Sie hat
die folgenden un&uuml;bertragbaren Befugnisse:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;9&#8195;&#8195;&#8201;&#8202;Authorities</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The General Meeting is the supreme corporate body of the Company. It
has the following <FONT STYLE="white-space:nowrap">non-transferable</FONT> powers:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;die Festsetzung und &Auml;nderung der Statuten;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;to adopt and amend the Articles of Association;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;die Wahl und Abwahl der Mitglieder des Verwaltungsrats, des
Pr&auml;sidenten des Verwaltungsrats, der Mitglieder des Verg&uuml;tungsausschusses, der Revisionsstelle und des unabh&auml;ngigen Stimmrechtsvertreters;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;to elect and remove the members of the Board of Directors, the
Chairman of the Board of Directors, the members of the Compensation Committee, the Auditors and the independent proxy;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;die Genehmigung des Lageberichts, der Jahresrechnung und der
Konzernrechnung sowie die Beschlussfassung &uuml;ber die Verwendung des Bilanzgewinns, insbesondere die Festsetzung der Dividende;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;to approve the statutorily required management report, the annual
accounts and the consolidated financial statements as well as to pass resolutions regarding the allocation of profits as shown on the balance sheet, in particular to determine the dividends;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;die Entlastung der Mitglieder des Verwaltungsrats;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;to grant discharge to the members of the Board of
Directors;</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;die Genehmigung der Verg&uuml;tungen des Verwaltungsrats und der
Gesch&auml;ftsleitung gem&auml;ss Art. 25 der Statuten; und</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;to approve the compensation of the Board of Directors and the
Executive Management in accordance with Article 25; and</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;die Beschlussfassung &uuml;ber die Gegenst&auml;nde, die der
Generalversammlung durch das Gesetz oder die Statuten vorbehalten sind oder welche ihr vom Verwaltungsrat vorgelegt werden.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;to pass resolutions regarding items which are reserved to the
General Meeting by law or by the Articles of Association or which are presented to it by the Board of Directors.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;10&#8195;&#8194;&#8202;Generalversammlungen sowie deren Einberufung</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;10&#8195;&#8194;&#8201;&#8202;Meetings and Convening the Meeting</B></P></TD></TR>

<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die ordentliche Generalversammlung findet allj&auml;hrlich
innerhalb von</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The ordinary General Meeting shall be held annually
within</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">8 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">sechs Monaten nach Abschluss des Gesch&auml;ftsjahres statt. Zeitpunkt und Ort, welcher im <FONT
STYLE="white-space:nowrap">In-</FONT> oder Ausland sein kann, werden durch den Verwaltungsrat bestimmt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">six months after the close of the business year at such time and at such location, which may be within
or outside Switzerland, as determined by the Board of Directors.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Ausserordentliche Generalversammlungen finden satt, wenn es die
Generalversammlung, die Revisionsstelle oder der Verwaltungsrat f&uuml;r notwendig erachten. Ausserdem m&uuml;ssen ausserordentliche Generalversammlungen einberufen werden, wenn stimmberechtigte Aktion&auml;re, welche zusammen mindestens 10% des
Aktienkapitals vertreten, es verlangen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Extraordinary General Meetings may be called by resolution of the
General Meeting, the Auditors or the Board of Directors, or by shareholders with voting powers, provided they represent at least 10% of the share capital.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;11&#8195;&#8194;&#8202;Einberufung</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Die Generalversammlung wird durch den Verwaltungsrat, n&ouml;tigenfalls
durch die Revisionsstelle oder die Liquidatoren, einberufen. Die Einladung erfolgt mindestens 20 Tage vor der Versammlung durch Publikation im Schweizerischen Handelsamtsblatt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;11&#8195;&#8194;&#8201;&#8202;Notice</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The General Meeting is summoned by the Board of Directors or if
necessary by the Auditors or the liquidators. Notice of the General Meeting shall be given by publication in the &#147;Schweizerisches Handelsamtsblatt&#148; at least 20 days before the date of the meeting.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;12&#8195;&#8194;&#8202;Traktanden</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Der
Verwaltungsrat nimmt die Traktandierung der Verhandlungsgegenst&auml;nde vor.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;12&#8195;&#8194;&#8201;&#8202;Agenda</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Board of
Directors shall state the matters on the agenda.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Ein oder mehrere mit Stimmrecht eingetragene Aktion&auml;re
k&ouml;nnen, gem&auml;ss den gesetzlichen Bestimmungen, vom Verwaltungsrat die Traktandierung eines Verhandlungsgegenstandes verlangen. Das Begehren um Traktandierung ist schriftlich unter Angabe der Verhandlungsgegenst&auml;nde und der Antr&auml;ge
an den Pr&auml;sidenten des Verwaltungsrates mindestens 45 Tage vor der Generalversammlung einzureichen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;One or more registered Shareholders may in compliance with the
legal requirements demand that matters be included in the agenda. Such demands shall be in writing and shall specify the items and the proposals and has to be submitted to the Chairman up to 45 days before the date of the meeting.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;&Uuml;ber Antr&auml;ge zu nicht geh&ouml;rig angek&uuml;ndigten
Verhandlungsgegenst&auml;nden, welche auch nicht im Zusammenhang mit einem geh&ouml;rig traktandierten Verhandlungsgegenstand stehen, k&ouml;nnen keine Beschl&uuml;sse gefasst werden, ausser in den gesetzlich vorgesehenen F&auml;llen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;No resolution shall be passed on matters proposed only at the
General Meeting and which have no bearing on any of the proposed items of the agenda, apart from those exceptions permitted by law.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;In der Einberufung der Versammlung werden die Traktanden und
die</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The notice of the meeting shall state the matters on
the</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Antr&auml;ge des Verwaltungsrates sowie derjenigen Aktion&auml;re bekanntgegeben, welche die
Traktandierung oder die Durchf&uuml;hrung einer Generalversammlung verlangt haben.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">agenda and the proposals of the Board of Directors and of those shareholders who have demanded that a
meeting be called or that matters be included in the agenda.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;13&#8195;&#8194;&#8202;Vorsitz und Protokoll</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Den Vorsitz in
der Generalversammlung f&uuml;hrt der Pr&auml;sident des Verwaltungsrates, bei dessen Verhinderung ein anderes vom Verwaltungsrat bezeichnetes Mitglied des Verwaltungsrates oder ein anderer von der Generalversammlung f&uuml;r den betreffenden Tag
bezeichneter Vorsitzender.</P></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;13&#8195;&#8194;&#8201;&#8202;Chair, Minutes</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The General
Meeting shall be chaired by the Chairman, or, in his absence, by another member of the Board of Directors, or by another Chairman elected for that day by the General Meeting.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Der Vorsitzende bezeichnet einen Protokollf&uuml;hrer sowie die
Stimmenz&auml;hler, welche keine Aktion&auml;re sein m&uuml;ssen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The Chairman designates a Secretary for the minutes as well as the
scrutinizers who need not be shareholders.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Verwaltungsrat ist verantwortlich f&uuml;r die
Protokollf&uuml;hrung. Das Protokoll wird vom Vorsitzenden und vom Protokollf&uuml;hrer unterzeichnet.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The Board of Directors is responsible for the keeping of the
minutes, which are to be signed by the Chairman and by the Secretary.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;14&#8195;&#8194;&#8202;Stimmrecht und Vertreter</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Jede Aktie
berechtigt, unter Vorbehalt der Einschr&auml;nkungen gem&auml;ss Art.&nbsp;8 und Art. 14 lit. b) der Statuten, zu einer Stimme. Jeder stimmberechtigte Aktion&auml;r kann seine Aktien durch eine andere von ihm schriftlich bevollm&auml;chtigte Person
vertreten lassen, welche kein Aktion&auml;r sein muss.</P></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;14&#8195;&#8194;&#8201;&#8202;Voting Rights and Shareholders Proxies</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Each share is
entitled to one vote subject to the provisions of Article 8 and Article 14(b) below. Each shareholder may be represented at the General Meeting by another person who is authorized by a written proxy and who does not need to be a
shareholder.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Ungeachtet lit. a) vorstehend, gilt Folgendes: Sobald und solange
eine nat&uuml;rliche oder juristische Person 10% oder mehr des im Handelsregister eingetragenen Aktienkapitals der Gesellschaft kontrolliert, ist diese bei ordentlichen oder ausserordentlichen Generalversammlungen maximal zu den gem&auml;ss
nachfolgender Formel zu eruierenden Stimmen (abgerundet auf die n&auml;chst tiefere, runde Zahl) berechtigt:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Notwithstanding para. a) above, if and so long as the Controlled
Shares of any individual or legal entity constitute ten percent (10%) or more of the registered share capital recorded in the Commercial Register, such individual or legal entity shall be entitled to cast votes at any General Meeting or
Extraordinary General Meeting in the aggregate equal to the number (rounded down to the nearest whole number) obtained from following formula:</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">10 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(T &divide; 10) - 1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(T &divide; 10) - 1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-5.00em; font-size:10pt; font-family:Times New Roman">Wobei&nbsp;gilt:&#8201;&#8201;&#147;T&#148; ist gleich der Gesamtanzahl der Stimmrechte, welche
auf dem im Handelsregister eingetragenen gesamten Aktienkapital der Gesellschaft verliehen werden.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-4.00em; font-size:10pt; font-family:Times New Roman">Where:&#8195;&#147;T&#148; is the aggregate number of votes conferred by all the registered share
capital recorded in the Commercial Register.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Als &#147;kontrolliert&#148; im Sinne dieses Artikels gelten
folgende Aktien:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;For purposes of this Article 14,&#147;Controlled Shares&#148; in
reference to any individual or entity means:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(aa)&#8201;&#8201;alle Aktien der Gesellschaft, welche direkt oder indirekt von
einer nat&uuml;rlichen oder juristischen Person gehalten werden, wobei:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(aa)&#8201;&#8201;all shares of the Company directly, indirectly or constructively
owned by such individual or entity; provided that</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;Aktien, welche direkt oder indirekt von einer Personengesellschaft
(<I>Partnership</I>), von einem Trust oder einer anderweitigen Verm&ouml;gensmasse (z.B. Nachlass) gehalten werden, anteilsm&auml;ssig auf die hinter diesen Strukturen stehenden Partner oder wirtschaftlich Berechtigten angerechnet werden;
und</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;shares owned, directly or indirectly, by or for a partnership, or trust
or estate will be considered as being owned proportionately by its partners, or beneficiaries; and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8194;&#8201;Aktien, welche direkt oder indirekt von einer
k&ouml;rperschaftlich organisierten Gesellschaft gehalten werden als anteilsm&auml;ssig von den Aktion&auml;ren solcher Gesellschaften, welche ihrerseits mehr als 50% der ausgegebenen stimmberechtigten Aktien ebensolcher halten, gehalten gelten;
und</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8194;&#8201;shares owned, directly or indirectly, by or for a corporation
will be considered as being owned proportionately by any shareholder owning 50% or more of the outstanding voting shares of such corporation; and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8194;Aktien, welche durch die Aus&uuml;bung von Wandel-, Options- oder
&auml;hnlichen Rechten entstehen k&ouml;nnen, als vom Inhaber des entsprechenden Rechts gehalten gelten; und</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8194;shares subject to options, warrants or other similar rights shall be
deemed to be owned; and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(bb)&#8201;&#8202;alle Aktien der Gesellschaft, welche direkt oder indirekt von
einer nat&uuml;rlichen oder juristischen Person als wirtschaftlich Berechtigte gehalten werden, wobei als solche jede Person gilt, die:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(bb)&#8201;&#8202;all Shares of the Company directly, indirectly beneficially
owned by such individual or entity; provided that</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;direkt oder indirekt, durch jede Art von Vertrag,</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;a beneficial owner of a security includes any</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">11 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:11pt; font-family:Times New Roman">Vereinbarung, anderweitige Rechtsbeziehung oder sonstwie alleine oder zusammen mit anderen derartigen Personen
&uuml;ber Folgendes verf&uuml;gt:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; font-size:11pt; font-family:Times New Roman">person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or
shares:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(1)&#8194;&#8201;&#8202;Einfluss auf das Stimmrecht der betreffenden Aktien, sei
dies direkt oder indirekt; und/oder</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(1)&#8194;&#8201;&#8202;voting power which includes the power to vote, or to
direct the voting of, such security; and/or</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(2)&#8194;&#8201;&#8202;Einfluss auf die Verf&uuml;gungsberechtigung an den
betreffenden Aktien, sei dies direkt oder indirekt;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(2)&#8194;&#8201;&#8202;investment power which includes the power to dispose, or
to direct the disposition of, such security.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8194;&#8201;direkt oder indirekt Trusts, Vollmachten, &uuml;brige
Vertretungsberechtigungen oder sonstige vertragliche Abreden errichtet oder benutzt in der Absicht, ihre wirtschaftliche Berechtigung an den Aktien zu &uuml;berdecken, um die einschl&auml;gigen Bestimmungen dieser Statuten &uuml;ber die als
kontrolliert geltenden Aktien zu umgehen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8194;&#8201;Any person who, directly or indirectly, creates or uses a trust,
proxy, power of attorney, pooling arrangement or any other contract, arrangement, or device with the purpose or effect of divesting such person of beneficial ownership of shares of the Company or preventing the vesting of such beneficial ownership
as part of a plan or scheme to evade the provisions of these articles of association shall be deemed to be the beneficial owner of such shares.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8194;die das Recht hat innerhalb von 60 Tagen die wirtschaftliche
Berechtigung an Aktien zu erwerben, insbesondere, jedoch nicht abschliessend, durch: (A)&nbsp;Aus&uuml;bung von Wandel-, Options- oder sonstigen Rechten; (B)&nbsp;durch die Umwandlung eines Wertpapiers; (C)&nbsp;durch die automatische Aufhebung
eines Trusts, eines Verm&ouml;gensverwaltungskontos oder einer &auml;hnlichen Vereinbarung; oder (D)&nbsp;durch Ablauf der Dauer eines Trusts, eines Verm&ouml;gensverwaltungskontos oder einer &auml;hnlichen Vereinbarung.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8194;A person shall be deemed to be the beneficial owner of shares if that
person has the right to acquire beneficial ownership of such shares within 60 days, including but not limited to any right to acquired: (A)&nbsp;through the exercise of any option, warrant or right; (B)&nbsp;through the conversion of a security;
(C)&nbsp;pursuant to the power to revoke a trust, discretionary account, or similar arrangement; or (D)&nbsp;pursuant to the automatic termination of a trust, discretionary account or similar arrangement.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">12 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

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<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Der Verwaltungsrat hat das Recht die Bestimmungen des Artikels 14
der Statuten auszulegen und die Berechtigung von nat&uuml;rlichen und juristischen Personen an Aktien der Gesellschaft zur Sicherstellung der Umsetzung dieser Bestimmungen festzulegen. Bei der Auslegung kann der Verwaltungsrat Gesetze, Reglemente
und &uuml;brige Bestimmungen sowie Rechtsprechung aus dem <FONT STYLE="white-space:nowrap">In-</FONT> und Ausland beiziehen, welche Art. 14 der Statuten &auml;hnlich sind.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The Board of Directors shall have the authority to interpret the
provisions of this Article 14 and to determine the ownership of shares by any individual or entity so as to fully implement the provisions of this Article 14. In so interpreting this Article 14, the Board of Directors may look to laws, rules,
regulations and court decisions (including of countries outside of Switzerland) having language substantially similar to this Article 14.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Der Verwaltungsrat kann in besonderen F&auml;llen Ausnahmen von
den vorerw&auml;hnten Stimmrechtsbeschr&auml;nkungen gew&auml;hren.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;The Board of Directors may in special cases allow exceptions from
this limitation on voting rights.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;15&#8195;&#8194;&#8202;Unabh&auml;ngiger Stimmrechtsvertreter und weitere
Vertretungsregeln</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die Generalversammlung w&auml;hlt einen unabh&auml;ngigen Stimmrechtsvertreter. Die
Amtszeit endet jeweils mit Abschluss der n&auml;chsten ordentlichen Generalversammlung. Wiederwahl ist m&ouml;glich.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;15&#8195;&#8194;&#8201;&#8202;Independent Proxy and Additional Rules on
Proxies</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The General Meeting shall elect an Independent Proxy. The term of office ends in each
case at the end of the next ordinary General Meeting. <FONT STYLE="white-space:nowrap">Re-election</FONT> is permitted.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Jeder stimmberechtigte Aktion&auml;r kann seine Aktien durch den
von ihm schriftlich oder elektronisch bevollm&auml;chtigten unabh&auml;ngigen Stimmrechtsvertreter oder durch eine andere Person in &Uuml;bereinstimmung mit Art.&nbsp;14 lit. a) vertreten lassen. Die Mitglieder des Verwaltungsrates und der
Gesch&auml;ftsleitung d&uuml;rfen Aktion&auml;re vertreten, sofern es sich nicht um eine institutionalisierte Vertretung handelt. Verwahrungsstellen d&uuml;rfen Aktion&auml;re vertreten und gelten nicht als Depotvertreter (im Sinne von Art. 689d
OR), sofern sie aufgrund einer schriftlichen Vollmacht und nach Massgabe von konkreten oder allgemeinen Weisungen des betreffenden Aktion&auml;rs handeln.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Each shareholder may be represented at the General Meeting by the
Independent Proxy by way of a written or electronic proxy or by another person in accordance with Article 14(a). The members of the Board of Directors and the Executive Management are allowed to represent shareholders provided that this does not
constitute an institutionalized representation of shareholders. Custodians may represent shareholders and shall not be deemed depositary representatives (in the sense of Art. 689d of the Swiss Code of Obligations), provided that they act based on a
written proxy and in accordance with specific or general instructions of the relevant shareholder.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der unabh&auml;ngige Stimmrechtsvertreter ist verpflichtet, die
von ihm vertretenen Stimmrechte weisungsgem&auml;ss auszu&uuml;ben. Hat er keine Weisungen erhalten, so enth&auml;lt er sich der Stimme. Eine allgemeine oder konkludente Weisung, bei in der Einberufung bekanntgegebenen und/oder</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The Independent Proxy is obliged to exercise the represented
voting rights in accordance with instructions. If no instructions were obtained, it shall abstain from voting. A general or implied instruction to vote according to the proposal of</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">13 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">nicht bekanntgegebenen Antr&auml;gen jeweils im Sinne des Antrages des Verwaltungsrates zu stimmen,
gilt als g&uuml;ltige Weisung zur Stimmrechtsaus&uuml;bung.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">the Board of Directors in respect of proposals announced and/or not announced in the invitation shall
be considered a valid instruction to exercise voting rights.</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Der unabh&auml;ngige Stimmrechtsvertreter kann sich an der
Generalversammlung durch einen Vertreter oder eine untergeordnete Person vertreten lassen. Der unabh&auml;ngige Stimmrechtsvertreter bleibt f&uuml;r die Erf&uuml;llung seiner Pflichten vollumf&auml;nglich verantwortlich.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The Independent Proxy may be represented at the General Meeting by
a representative or a subordinate person. The Independent Proxy remains fully responsible for fulfilling its duties.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;F&auml;llt der unabh&auml;ngige Stimmrechtsvertreter aus, stellt
der Verwaltungsrat ihn nach den gesetzlichen Vorschriften in seiner Funktion ein, oder hat die Gesellschaft aus anderen Gr&uuml;nden keinen handlungsf&auml;higen unabh&auml;ngigen Stimmrechtsvertreter, so ernennt der Verwaltungsrat einen neuen
unabh&auml;ngigen Stimmrechtsvertreter f&uuml;r die n&auml;chste Generalversammlung. Bisher abgegebene Vollmachten und Stimmrechtsinstruktionen behalten ihre G&uuml;ltigkeit f&uuml;r den neuen unabh&auml;ngigen Stimmrechtsvertreter, solange ein
Aktion&auml;r nicht ausdr&uuml;cklich etwas anderes anordnet.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;If the Independent Proxy is not available anymore to hold office,
if the Board of Directors lawfully suspends him from its office, or if the Company does not have an Independent Proxy capable of acting for other reasons, then the Board of Directors shall appoint a new Independent Proxy for the next General
Meeting. Proxies and voting instructions that were already issued remain valid for the new Independent Proxy as long as a shareholder does not explicitly determine otherwise.</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;Der Verwaltungsrat kann Verfahrensvorschriften im
Zusammenhang mit der Teilnahme und Vertretung von Aktion&auml;ren an der Generalversammlung erlassen und insbesondere die Erteilung von Weisungen an den unabh&auml;ngigen Stimmrechtsvertreter n&auml;her regeln. Er sorgt daf&uuml;r, dass die
Aktion&auml;re dem unabh&auml;ngigen Stimmrechtsvertreter auch elektronische Vollmachten und Weisungen erteilen k&ouml;nnen, wobei er erm&auml;chtigt ist, vom Erfordernis einer qualifizierten elektronischen Signatur ganz oder teilweise
abzusehen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;The Board of Directors may pass procedural provisions in
connection with the participation in and the representation at the General Meeting and in particular regulate in more detail the issuing of instructions to the Independent Proxy. It shall make sure that the shareholders are able to grant powers of
attorneys and can issue instructions to the Independent Proxy by electronic means. In doing so, it is entitled to waive entirely or in part the requirement of a qualified electronic signature.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;16&#8195;&#8194;&#8202;Beschl&uuml;sse</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die
Generalversammlung ist beschlussf&auml;hig ohne R&uuml;cksicht auf die Zahl der anwesenden Aktion&auml;re oder der vertretenen Aktien.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;16&#8195;&#8194;&#8201;&#8202;Resolutions</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The General
Meeting may pass resolutions without regard to the number of shareholders present or shares represented.</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Generalversammlung fasst ihre Beschl&uuml;sse und vollzieht
ihre Wahlen, soweit das Gesetz oder diese Statuten nichts anderes vorsehen, mit der</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Unless otherwise required by law or the Articles of Association,
the General Meeting shall pass its resolutions and carry</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">einfachen Mehrheit der abgegebenen Stimmen (wobei Enthaltungen, sog. Broker Nonvotes, leere oder
ung&uuml;ltige Stimmen f&uuml;r die Bestimmung des Mehr nicht ber&uuml;cksichtigt werden).</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">out its elections with the simple majority of the votes cast (whereby abstentions, broker <FONT
STYLE="white-space:nowrap">non-votes,</FONT> blank or invalid ballots shall be disregarded for purposes of establishing the majority).</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Vorsitzende bestimmt das Abstimmungsverfahren. Erfolgen die
Wahlen nicht elektronisch haben sie mittels Stimmzettel zu erfolgen, wenn mindestens 50 anwesende Aktion&auml;re dies per Handzeichen verlangen. Die Weisungserteilung via Internet oder Telefon kann durch den Vorsitzenden gestattet werden.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The Chairman of the General Meeting shall determine the voting
procedure. Provided that the voting is not done electronically, voting shall be by ballot if more than 50 of the shareholders present so demand by a show of hands. The accord of instructions by using the internet or the telephone can be permitted by
the Chairman.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;17&#8195;&#8194;&#8202;Quorum</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Ein Beschluss der Generalversammlung, der mindestens zwei Drittel der
vertretenen Stimmen und die absolute Mehrheit der vertretenen Aktiennennwerte auf sich vereinigt, ist erforderlich f&uuml;r:</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;17&#8195;&#8194;&#8201;&#8202;Quorums</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">A resolution of the General Meeting passed by at least two thirds of
the represented share votes and the absolute majority of the represented shares par value is required for:</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;die in Art. 704 Abs. 1 OR aufgef&uuml;hrten Gesch&auml;fte, d.h.
f&uuml;r:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;the cases listed in art. 704 para. 1 CO, i.e.:</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&#8194;&#8201;&#8202;die &Auml;nderung des Gesellschaftszwecks;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&#8194;&#8201;&#8202;the change of the company purpose;</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&#8194;&#8201;&#8202;die Einf&uuml;hrung von Stimmrechtsaktien;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&#8194;&#8201;&#8202;the creation of shares with privileged voting
rights;</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&#8194;&#8201;&#8202;die Beschr&auml;nkung der &Uuml;bertragbarkeit von
Namenaktien;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&#8194;&#8201;&#8202;the restriction of the transferability of registered
shares;</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&#8194;&#8201;&#8202;eine genehmigte oder bedingte
Kapitalerh&ouml;hung;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&#8194;&#8201;&#8202;an increase of capital, authorized or subject to a
condition;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&#8194;&#8201;&#8202;die Kapitalerh&ouml;hung aus Eigenkapital, gegen
Sacheinlage oder zwecks Sach&uuml;bernahme und die Gew&auml;hrung von besonderen Vorteilen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&#8194;&#8201;&#8202;an increase of capital out of equity, against
contribution in kind, or for the purpose of acquisition of assets and the granting of special benefits;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;die Einschr&auml;nkung oder Aufhebung des Bezugsrechts;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;the limitation or withdrawal of
<FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">15 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD WIDTH="1%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g)&#8194;&#8201;&#8202;die Verlegung des Sitzes der Gesellschaft;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g)&#8194;&#8201;&#8202;the change of the domicile of the Company;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;Fusion, Spaltung und Umwandlung der Gesellschaft (zwingende
gesetzliche Bestimmungen vorbehalten);</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;the merger, <FONT STYLE="white-space:nowrap">de-merger</FONT> or
conversion of the Company (subject to mandatory law);</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;die Lockerung und die Aufhebung von
&Uuml;bertragungsbeschr&auml;nkungen der Namenaktien;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;the alleviating or withdrawal of restrictions upon the transfer of
registered shares;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;die Umwandlung von Namenaktien in Inhaberaktien und
umgekehrt;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;the conversion of registered shares into bearer shares and vice
versa;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;f&uuml;r die Aufl&ouml;sung der Gesellschaft mit
Liquidation;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;the dissolution of the Company followed by
liquidation;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;die Abberufung von Mitgliedern des Verwaltungsrates im Sinne von
Art. 705 Abs. 1 OR; und</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;the dismissal of the members of the Board of Directors according
to art. 705 para. 1 CO; and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8201;die &Auml;nderung oder Aufhebung der Art. 8, 14, 15 und 16 der
Statuten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8201;the amendment or elimination of the provisions of Article 8,
Article 14 and Article 15 of the Articles of Association as well as those contained in this Article 16.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" ALIGN="center"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Der Verwaltungsrat</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;18&#8195;&#8194;&#8202;Wahl und Konstituierung</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Der
Verwaltungsrat besteht aus wenigstens 3 und h&ouml;chstens 20 Mitgliedern. Die Amtsdauer betr&auml;gt ein Jahr, zu verstehen als Periode ab Wahl bis zum Ende der n&auml;chsten ordentlichen Generalversammlung. Wiederwahl ist m&ouml;glich.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;18&#8195;&#8194;&#8201;&#8202;Election and Constitution</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Board of
Directors shall consist of 3 to 20 members. The term of office shall be one year, understood to be the period from the election until the end of the next ordinary General Meeting. <FONT STYLE="white-space:nowrap">Re-election</FONT> is
possible.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Generalversammlung w&auml;hlt aus den Mitgliedern des
Verwaltungsrates den Pr&auml;sidenten des Verwaltungsrates. Die Amtsdauer betr&auml;gt ein Jahr, zu verstehen als Periode ab Wahl bis zum Ende der n&auml;chsten ordentlichen Generalversammlung. Wiederwahl ist m&ouml;glich. Der Pr&auml;sident hat bei
Stimmengleichheit keinen Stichentscheid.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The General Meeting shall elect from the members of the Board of
Directors the Chairman. The term of office shall be one year, understood to be the period from the election until the end of the next ordinary General Meeting. <FONT STYLE="white-space:nowrap">Re-election</FONT> is possible. The Chairman shall have
no casting vote.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">16 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Verwaltungsrat konstituiert sich selber, sofern das Gesetz
oder die Statuten nichts anderes bestimmen. Er bezeichnet einen Sekret&auml;r; dieser braucht nicht dem Verwaltungsrat anzugeh&ouml;ren.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The Board of Directors shall constitute itself unless provided
otherwise by law or the Articles of Association. It appoints a Secretary who does not need to be a member of the Board of Directors.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;F&auml;llt der Pr&auml;sident aus oder hat die Gesellschaft aus
anderen Gr&uuml;nden keinen handlungs- und funktionsf&auml;higen Pr&auml;sidenten, so ernennt der Verwaltungsrat eines seiner Mitglieder zum Pr&auml;sidenten bis zur n&auml;chsten ordentlichen Generalversammlung; die Einberufung einer
Generalversammlung nach Art. 726 Abs. 2 OR bleibt vorbehalten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;If the Chairman is not available to continue to hold office or if
the Company does not have a Chairman capable of acting and of holding office for other reasons, then the Board of Directors shall appoint one of its members as Chairman until the next ordinary General Meeting; the calling of a General Meeting in
accordance with Art. 726 para. 2 CO is reserved.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;19&#8195;&#8194;&#8202;Zust&auml;ndigkeit und Delegation</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Der
Verwaltungsrat hat die Oberleitung der Gesellschaft sowie die Aufsicht &uuml;ber die Gesch&auml;ftsleitung. Er vertritt die Gesellschaft gegen&uuml;ber Dritten und kann in allen Angelegenheiten Beschluss fassen, welche nicht gem&auml;ss Gesetz,
Statuten oder Organisationsreglement einem anderen Organ zugewiesen sind.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;19&#8195;&#8194;&#8201;&#8202;Ultimate Direction, Delegation</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Board of
Directors is entrusted with the ultimate direction of the Company as well as the supervision of the management. It represents the Company towards third parties and attends to all matters which are not delegated to or reserved for another corporate
body of the Company by law, the Articles of Association or the regulations.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Der Verwaltungsrat kann aus seiner Mitte Aussch&uuml;ssen
bestellen oder einzelne Mitglieder bestimmen, welche mit der Vorbereitung und/oder Ausf&uuml;hrung seiner Beschl&uuml;sse oder der &Uuml;berwachung bestimmter Gesch&auml;fte betraut sind. Der Verwaltungsrat erl&auml;sst hierzu die notwendigen
organisatorischen Weisungen. Mit Ausnahme der un&uuml;bertragbaren Befugnisse kann der Verwaltungsrat die Gesch&auml;ftsf&uuml;hrung ganz oder teilweise an ein Mitglied oder mehrere Mitglieder des Verwaltungsrats oder an andere nat&uuml;rliche
Personen, welche keine Aktion&auml;re zu sein brauchen, &uuml;bertragen. Der Verwaltungsrat erl&auml;sst hierzu die notwendigen Organisationsreglemente und erstellt die erforderlichen Vertragsdokumente.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The Board of Directors may delegate preparation and/or
implementation of its decisions and supervision of the business to committees or to individual members of the Board of Directors. The organizational regulations will be defined by the Board of Directors. While reserving its <FONT
STYLE="white-space:nowrap">non-transferable</FONT> powers, the Board of Directors may further delegate the management of the business or parts thereof to one or more members of the Board of Directors or other natural persons who need not be
shareholders. The Board of Directors shall record all such arrangements in a set of regulations for the Company and set up the necessary contractual framework.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">17 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;20&#8195;&#8194;&#8202;Einzelne Befugnisse</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Der Verwaltungsrat hat folgende un&uuml;bertragbare und unentziehbare
Befugnisse:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;20&#8195;&#8194;&#8201;&#8202;Duties</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Board of Directors has the following
<FONT STYLE="white-space:nowrap">non-transferable</FONT> and inalienable duties:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;die Oberleitung der Gesellschaft und die Erteilung der
n&ouml;tigen Weisungen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;to ultimately oversee the Company and issue the necessary
directives;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;die Festlegung der Organisation;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;to determine the organization;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;die Ausgestaltung des Rechnungswesens, der Finanzkontrolle sowie
der Finanzplanung, sofern diese f&uuml;r die F&uuml;hrung der Gesellschaft notwendig ist;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;to organize the accounting, the financial control, as well as the
financial planning;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;die Ernennung und Abberufung der mit der
Gesch&auml;ftsf&uuml;hrung und der Vertretung betrauten Personen, sowie die Erteilung der Zeichnungsberechtigungen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;to appoint and remove the persons entrusted with the management
and representation of the Company and to grant signatory power;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;die Oberaufsicht &uuml;ber die mit der Gesch&auml;ftsf&uuml;hrung
und der Vertretung betrauten Personen, namentlich im Hinblick auf die Befolgung der Gesetze, Statuten, Reglemente und Weisungen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;to ultimately supervise the persons entrusted with the management,
in particular with respect to compliance with the law and with the Articles of Association, regulations and directives;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;die Erstellung des Gesch&auml;ftsberichtes, des
Verg&uuml;tungsberichtes sowie die Vorbereitung der Generalversammlung und die Ausf&uuml;hrung ihrer Beschl&uuml;sse;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;to prepare the business report, the compensation report as well as
the General Meeting and to implement the latter&#146;s resolutions;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8201;die Benachrichtigung des Richters im Falle der
&Uuml;berschuldung;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8201;to inform the judge in the event of
overindebtedness;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8201;die Beschlussfassung &uuml;ber die nachtr&auml;gliche Liberierung
von nicht vollst&auml;ndig liberierten Aktien;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8201;to pass resolutions regarding the subsequent payment of capital
with respect to <FONT STYLE="white-space:nowrap">non-fully</FONT> <FONT STYLE="white-space:nowrap">paid-in</FONT> shares;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">9.&#8195;&#8201;die Beschlussfassung &uuml;ber die Feststellung von
Kapitalerh&ouml;hungen und die entsprechenden Statuten&auml;nderungen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">9.&#8195;&#8201;to pass resolutions confirming increases in share capital and
regarding the amendments to the Articles of Association entailed thereby;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">18 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">10.&#8194;&#8201;&Uuml;berwachung der Fachkenntnisse der Spezialrevisionsstelle in
den F&auml;llen, in denen das Gesetz den Einsatz einer solchen vorsieht.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">10.&#8194;&#8201;to examine the professional qualifications of the specially
qualified Auditors in the cases in which the law foresees the use of such Auditors.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;21&#8195;&#8194;&#8202;Verg&uuml;tungsausschuss</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Der
Verg&uuml;tungsausschuss besteht aus mindestens 3 Mitgliedern. Die Generalversammlung w&auml;hlt aus den Mitgliedern des Verwaltungsrats die Mitglieder des Verg&uuml;tungsausschusses. Die Amtsdauer betr&auml;gt ein Jahr, zu verstehen als Periode ab
Wahl bis zum Ende der n&auml;chsten ordentlichen Generalversammlung. Wiederwahl ist m&ouml;glich.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;21&#8195;&#8194;&#8201;&#8202;Compensation Committee</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Compensation
Committee shall consist of at least 3 members. The General Meeting shall elect from the members of the Board of Directors the members of the Compensation Committee. The term of office is one year, understood to be the period from the election to the
end of the next ordinary General Meeting. <FONT STYLE="white-space:nowrap">Re-election</FONT> is possible.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Jedes Mitglied des Verg&uuml;tungsausschusses hat die anwendbaren
Unabh&auml;ngigkeitsanforderungen der New York Stock Exchange zu erf&uuml;llen, wie sie vom Verwaltungsrat nach billigem Ermessen interpretiert werden. Zur Konkretisierung dieser Anforderungen kann der Verwaltungsrat kategorische
Unabh&auml;ngigkeitsstandards festsetzen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Each member of the Compensation Committee shall satisfy the
applicable independence requirements of the New York Stock Exchange, as such requirements are interpreted by the Board of Directors in its reasonable judgment. The Board of Directors may adopt categorical independence standards in order to specify
these requirements.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Verg&uuml;tungsausschuss hat folgende Befugnisse und
Zust&auml;ndigkeiten:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;die Festlegung und &Uuml;berwachung der Verg&uuml;tungspolitik der Gesellschaft
f&uuml;r F&uuml;hrungskr&auml;fte;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;die periodische Beurteilung der Verg&uuml;tungsstruktur der Gesellschaft f&uuml;r die
Mitglieder der Gesch&auml;ftsleitung und, wo der Verg&uuml;tungsausschuss die Aufnahme in die Beurteilung als angemessen erachtet, anderer leitender Mitarbeiter;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;die Genehmigung der Verg&uuml;tung (i) des Chief Executive Officers und (ii)&nbsp;des
Pr&auml;sidenten des Verwaltungsrats (sofern der Pr&auml;sident nicht auch der Chief Executive Officer ist), und, sofern angemessen, die Empfehlung an die unabh&auml;ngigen Mitglieder des Verwaltungsrats, diese Verg&uuml;tung zu
best&auml;tigen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The Compensation Committee shall have the following powers and
responsibilities:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;to establish and oversee the Company&#146;s executive compensation policies;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;to periodically assess the Company&#146;s pay structure for the members of Executive
Management and, where it deems their inclusion in such assessment is appropriate, other senior officers;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;to approve the
compensation of (i)&nbsp;the chief executive officer and (ii)&nbsp;the Chairman of the Board of Directors (if the Chairman is not also the chief executive officer), and, if appropriate, to recommend such compensation to the independent members of
the Board for ratification;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">19 </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;die &Uuml;berpr&uuml;fung der Empfehlungen des Chief Executive
Officers betreffend die Verg&uuml;tung der anderen Mitglieder der Gesch&auml;ftsleitung sowie gegebenenfalls anderer leitender Mitarbeiter und die Festsetzung der angemessenen H&ouml;he der Verg&uuml;tung;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;die
Empfehlung der Gesamtverg&uuml;tungen der Mitglieder der Gesch&auml;ftsleitung, die der Generalversammlung gem&auml;ss Art. 25 zur Genehmigung vorzulegen sind, zuhanden des Verwaltungsrats;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;die
&Uuml;berpr&uuml;fung und Genehmigung von Arbeitsvertr&auml;gen des Chief Executive Officers, der anderen Mitglieder der Gesch&auml;ftsleitung und, wo der Verg&uuml;tungsausschuss die Aufnahme in die &Uuml;berpr&uuml;fung und Genehmigung als
angemessen erachtet, anderer leitender Mitarbeiter der Gesellschaft;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8201;die &Uuml;berpr&uuml;fung und Empfehlung des Inhalts des Verg&uuml;tungsberichts
zuhanden des Verwaltungsrates, und die &Uuml;berpr&uuml;fung und Genehmigung des Berichts, welcher gem&auml;ss den Bestimmungen der U.S. Securities and Exchange Commission im j&auml;hrlichen Proxy Statement der Gesellschaft enthalten sein
muss;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;to review the chief executive officer&#146;s recommendations
regarding the compensation of the other members of Executive Management and other senior officers (if applicable) and to determine appropriate compensation levels;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8201;to
recommend to the Board of Directors the total aggregated amounts of compensation for the members of Executive Management to be submitted for approval by the General Meeting pursuant to Article 25;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8201;to
review and approve employment agreements of the chief executive officer, the other members of Executive Management and, where the Compensation Committee deems their inclusion in such review and approval is appropriate, other senior officers of the
Company;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8201;to review and recommend to the Board of Directors the contents of the compensation
report, and to review and approve the report required by the Rules of the U.S. Securities and Exchange Commission to be included in the Company&#146;s annual proxy statement;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8201;sonstige Aufgaben und Zust&auml;ndigkeiten, welche ihm die
Statuten oder der Verwaltungsrat im Reglement des Verg&uuml;tungsausschusses oder anderweitig zuweisen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8201;any other duties and responsibilities which are assigned to it by
the Articles of Association or by the Board of Directors in its charter or otherwise.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Der Verg&uuml;tungsausschuss hat die Befugnis,
Verg&uuml;tungsberater, unabh&auml;ngige Rechtsberater oder andere Berater beizuziehen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The Compensation Committee shall have the authority to retain any
compensation consultant, independent legal counsel or other adviser.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Der Verwaltungsrat bestimmt unter den Mitgliedern des
Verg&uuml;tungsausschusses dessen Vorsitzenden und erl&auml;sst ein Reglement f&uuml;r den Verg&uuml;tungsausschuss. Er kann ihm zus&auml;tzliche Aufgaben zuweisen</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;The Board of Directors shall appoint among the members of the
Compensation Committee its chairman and adopt regulations for the Compensation Committee. It may assign addi</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">20 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD WIDTH="2%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">sowie die statutarischen Aufgaben und Zust&auml;ndigkeiten spezifizieren.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">tional duties and responsibilities to it and specify the duties and responsibilities contained in the
Articles of Association.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;Ist der Verg&uuml;tungsausschuss mit weniger als 3
handlungs- und funktionsf&auml;higen Mitgliedern besetzt, so ernennt der Verwaltungsrat ad interim unter seinen Mitgliedern im entsprechenden Umfang Mitglieder des Verg&uuml;tungsausschlusses bis zur n&auml;chsten ordentlichen Generalversammlung;
die Einberufung einer Generalversammlung nach Art.&nbsp;726 Abs. 2 OR bleibt vorbehalten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;If the Compensation Committee consists of less than 3
members capable of acting and holding office, then the Board of Directors shall appoint among its members, to the extent required, members of the Compensation Committee until the next ordinary General Meeting; the calling of a General Meeting in
accordance with Art. 726 para. 2 CO is reserved.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" ALIGN="center"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revisionsstelle und Spezialrevisionsstelle</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditors and Special Auditor</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:10pt; font-family:Times New Roman"><B>Artikel&nbsp;22&#8195;&#8194;&#8202;Amtsdauer, Befugnisse und Pflichten</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:10pt; font-family:Times New Roman"><B>Article&nbsp;22&#8195;&#8194;&#8201;Term, Powers and Duties</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die Revisionsstelle wird von der Generalversammlung gew&auml;hlt.
Rechte und Pflichten der Revisionsstelle bestimmen sich nach den gesetzlichen Vorschriften.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Auditors shall be elected by the General Meeting and shall
have the powers and duties vested in them by law.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Generalversammlung kann eine Spezialrevisionsstelle ernennen,
welche die vom Gesetz f&uuml;r Kapitalerh&ouml;hungen mit Sacheinlage oder Verrechnungsliberierung verlangten Pr&uuml;fungsbest&auml;tigungen abgibt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The General Meeting may appoint a special auditing firm entrusted
with the examinations required by applicable law in connection with share capital increases against contribution in kind or <FONT STYLE="white-space:nowrap">set-off.</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Die Amtsdauer der Revisionsstelle und (falls eingesetzt) der
Spezialrevisionsstelle betr&auml;gt ein Jahr. Die Amtsdauer beginnt mit dem Tag der Wahl und endet mit der ersten darauffolgenden ordentlichen Generalversammlung.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The term of office of the Auditors and (if appointed) the special
auditors shall be one year. The term of office shall commence on the day of election, and shall terminate on the first annual ordinary General Meeting following their election.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">21 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman"><B>IV.&#8195;&#8194;&#8202;Verg&uuml;tungen und damit im Zusammenhang stehende
Bestimmungen</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&#8195;&#8195;&#8195;&#8195;&#8194;&#8201;&#8201;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman"><B>IV.&#8195;&#8194;&#8202;Compensation and Related Provisions</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;23&#8195;&#8194;&#8202;Verg&uuml;tungselemente</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;23&#8195;&#8194;&#8201;&#8202;Elements of Compensation</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die Mitglieder des Verwaltungsrates erhalten eine fixe
Verg&uuml;tung. In besonderen F&auml;llen und nach vorg&auml;ngiger Genehmigung durch die Generalversammlung kann der Verwaltungsrat einen zus&auml;tzlichen Ermessensbonus erhalten. Der Verwaltungsrat oder einer seiner Aussch&uuml;sse kann
bestimmen, dass die fixe Verg&uuml;tung aller oder einzelner Mitglieder des Verwaltungsrats teilweise oder ganz in der Form von Aktien ausbezahlt wird, die entweder frei handelbar oder f&uuml;r einen bestimmten Zeitraum f&uuml;r den Handel gesperrt
sind. Solche Aktien sind zu ihrem Fair Value am Zuteilungsdatum zu bewerten, wie vom Verwaltungsrat oder Verg&uuml;tungsausschuss festgelegt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The members of the Board of Directors shall receive fixed
compensation. In exceptional cases the Board of Directors may receive an additional discretionary bonus upon prior approval by the General Meeting. The Board of Directors or a committee thereof may determine that the fixed compensation of all or
individual members of the Board of Directors be paid in part or in full in the form of shares that are either freely tradable or blocked for trading for a specific period. Such shares shall be valued at their fair value at the date of grant as
determined by the Board of Directors or the Compensation Committee.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Mitglieder der Gesch&auml;ftsleitung erhalten eine fixe
Verg&uuml;tung bestehend aus einer Grundverg&uuml;tung und gewissen weiteren Zahlungen und Leistungen aus dem Arbeitsverh&auml;ltnis sowie eine variable Verg&uuml;tung in bar und/oder Beteiligungsrechte gem&auml;ss Art. 24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The members of the Executive Management shall receive fixed
compensation consisting of a base salary and certain other employment payments and benefits, as well as variable compensation in cash and/or equity pursuant to Article 24.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Rechtseinheiten, die durch die Gesellschaft direkt oder indirekt
kontrolliert werden, d&uuml;rfen Verg&uuml;tungen an die Mitglieder des Verwaltungsrates oder der Gesch&auml;ftsleitung f&uuml;r deren Dienste ausrichten, sofern solche Verg&uuml;tungen durch einen genehmigten Gesamtbetrag oder einen Zusatzbetrag
nach Art. 25 gedeckt sind.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Legal entities which are directly or indirectly controlled by the
Company may pay compensation to members of the Board of Directors or of the Executive Management for their services, provided that such compensation is covered by an approved aggregate amount or an additional amount pursuant to Article
25.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Insbesondere die folgenden Leistungen gelten nicht als
Verg&uuml;tungen, Darlehen oder Kredite und werden nicht zu den Betr&auml;gen hinzugez&auml;hlt, die gem&auml;ss Art. 25 der Genehmigung durch die Generalversammlung unterliegen:</P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;Auslagenersatz und steuerlich abzugsf&auml;hige Spesenpauschalen;</P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;Pr&auml;mien f&uuml;r Versicherungen, die nach Beurteilung des</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;In particular, the following items are not deemed compensation,
loans or credits and shall not be added to the amounts subject to approval according to Article 25:</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;Reimbursement of expenses and <FONT STYLE="white-space:nowrap">tax-deductible</FONT> <FONT
STYLE="white-space:nowrap">lump-sum</FONT> expenses;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Verg&uuml;tungsausschusses im Interesse der Gesellschaft liegen;</P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;Geringf&uuml;gige Sachleistungen, allgemeine Mitarbeiterverg&uuml;nstigungen und
andere &auml;hnliche Fringe Benefits;</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;Entsch&auml;digungen, Vorsch&uuml;sse und Versicherungen gem&auml;ss Art.&nbsp;23 lit.
e).</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&#8195;&#8194;&#8201;&#8201;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&#8195;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;premiums for insurance which are in the view of the Compensation
Committee entered into in the interest of the Company;</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;insignificant benefits in kind, general employee benefits and other similar fringe
benefits;</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8201;indemnification, advances and insurances according to Article 23(e).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Soweit es das Gesetz zul&auml;sst, werden die gegenw&auml;rtigen und
fr&uuml;heren Mitglieder des Verwaltungsrates sowie der Gesch&auml;ftsleitung aus dem Gesellschaftsverm&ouml;gen schadlos gehalten f&uuml;r Forderungen, Kosten, Verluste, Sch&auml;den, Bussen, und sonstige Auslagen, welche ihnen im Zusammenhang mit
ihrer T&auml;tigkeit f&uuml;r die Gesellschaft entstanden sind bzw. gegen diese erhoben worden sind oder m&ouml;glicherweise entstehen bzw. gegen diese erhoben werden, es sei denn, ein rechtskr&auml;ftiger Entscheid eines Gerichts oder einer anderen
Beh&ouml;rde stelle fest, dass die betreffende Person die obgenannten Auslagen und Verpflichtungen aufgrund einer vors&auml;tzlichen oder grobfahrl&auml;ssigen Pflichtverletzung verursacht hat.</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Unabh&auml;ngig von vorstehender
Bestimmung schiesst die Gesellschaft den Mitgliedern des Verwaltungsrats sowie der Gesch&auml;ftsleitung die im Zusammenhang mit oben erw&auml;hnten Angelegenheiten entstehenden Gerichts- und Anwaltskosten vor. Ausgenommen sind jene F&auml;lle, in
denen die Gesellschaft selbst gegen die betreffenden Personen vorgeht. Die Gesellschaft kann die aufgewendeten Auslagen zur&uuml;ckfordern, wenn ein Gericht oder eine andere zust&auml;ndige Beh&ouml;rde rechtskr&auml;ftig feststellt, dass die
betreffende Person gegen&uuml;ber der Gesellschaft eine Pflichtverletzung begangen hat.</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Die Gesellschaft kann Versicherungen gegen jegliche Haftung, die gegen die Mitglieder des Verwaltungsrates und die
leitenden Angestellten in ihrer</P></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;The Company shall indemnify and hold harmless, to the fullest extent
permitted by law, each of the current and former members of the Board of Directors and officers out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them have incurred or
sustained or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty on behalf of the Company; provided that this indemnity shall not extend to any matter in which any
of said persons is found, in a final judgement or decree not subject to appeal, to have committed fraud or dishonesty.</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Without limiting the foregoing paragraph, the Company shall advance court costs and attorney&#146;s fees to such current
and former members of the Board of Directors and officers, except in cases where the Company itself is plaintiff. The Company may however recover such advanced cost if a court or another competent authority holds that the member of the Board of
Directors or the officer in question has breached its duties to the Company.</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Company may purchase and maintain insurance against any liability asserted against the members of the Board of
Directors and officers in their capacity as such.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Eigenschaft als solche geltend gemacht wird, abschliessen und aufrechterhalten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;Im Rahmen dieses Abschnitts IV umfasst der Begriff
&#147;Gesch&auml;ftsleitung&#148; auch jedes Mitglied des Verwaltungsrats, welches gleichzeitig ein Mitglied der Gesch&auml;ftsleitung ist (Delegierte des Verwaltungsrats).</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;Within this section IV, the term &#147;Executive
Management&#148; shall also encompass any member of the board of directors who is a member of the Executive Management at the same time (Managing Director).</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;24&#8195;&#8194;&#8202;Anreiz- und Beteiligungspl&auml;ne</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;24&#8195;&#8194;&#8201;&#8202;Incentive and Equity Plans</B></P></TD></TR>
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<TD HEIGHT="13" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Variable Verg&uuml;tungen, die Mitgliedern der
Gesch&auml;ftsleitung im Zusammenhang mit einem bestimmten Jahr bezahlt oder gew&auml;hrt werden, k&ouml;nnen aus einem Bonus in bar gem&auml;ss Art. 24 lit. c) und aus Zuteilungen von Beteiligungsrechten (aktienbasierten Awards) mit langfristiger
Anreizwirkung gem&auml;ss Art.&nbsp;24 lit. d) bestehen, zuz&uuml;glich gegebenenfalls Beitr&auml;gen des Arbeitsgebers f&uuml;r die Pensionskasse und Sozialversicherungen. In besonderen F&auml;llen und nach vorg&auml;ngiger Genehmigung durch die
Generalversammlung k&ouml;nnen die Mitglieder der Gesch&auml;ftsleitung einen zus&auml;tzlichen Ermessensbonus erhalten. Des Weiteren kann der Verwaltungsrat oder der Verg&uuml;tungsausschuss bestimmen, dass die Mitglieder der Gesch&auml;ftsleitung
berechtigt sind, am Mitarbeiterbeteiligungsplan der Gesellschaft teilzunehmen, welcher von der Generalversammlung mittels konsultativem oder bindendem Beschluss, wie nach anwendbarem Recht (inklusive den US-Wertschriftengesetzen) verlangt, genehmigt
wurde.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Variable compensation paid or granted to the members of the
Executive Management in relation to a certain year may consist of a cash bonus pursuant to Article 24(c) and long-term incentive equity awards pursuant to Article 24(d), plus, if applicable, social security and pension plan contributions on the part
of the employer. In exceptional cases the members of the Executive Management may receive an additional discretionary bonus upon prior approval by the General Meeting. Furthermore, the Board of Directors or the Compensation Committee may determine
that the members of Executive Management are eligible to participate in the Company&#146;s employee share purchase plan that has been approved by the General Meeting by a binding or advisory vote as required by applicable law (including U.S.
securities laws).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Variable Verg&uuml;tungen beruhen auf Performancekriterien, welche
die Performance der Gesellschaft und der Gruppe und/oder von deren Gesch&auml;ftseinheiten und/oder individuelle Zielen ber&uuml;cksichtigen. Der Verwaltungsrat oder der Verg&uuml;tungsausschuss setzen Performancekriterien, Zielwerte und deren
Erreichung fest (wobei die Bestimmung von individuellen Zielen und deren Erreichung in Bezug auf jedes andere Mitglied der Gesch&auml;ftsleitung an den Chief Executive Officer delegiert werden kann). Wenn der Verwaltungsrat oder der
Verg&uuml;tungsausschuss es als zweckm&auml;ssig erachtet, kann er auch Zuteilungen mit langfristiger Anreizwirkung gew&auml;hren, welche unabh&auml;ngig von der Erreichung von Zielen in der Vergangenheit an die</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Variable compensation shall be based on performance criteria that
take into account the performance of the Company and the group and/or operating units thereof, and/or individual targets. The Board of Directors or the Compensation Committee determines performance criteria, target levels, and their achievement (it
being understood that the determination of individual targets and their achievement may be delegated to the chief executive officer in respect to any other member of Executive Management). If deemed appropriate, the Board of Directors or
Compensation Committee may also grant long-term incentive awards that are linked to</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">zuk&uuml;nftige Performance gekn&uuml;pft sind.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">future performance independently from the achievement of targets in the past.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Der Bonus in bar wird unter Anwendung der obengenannten Kriterien
und Rahmenbedingungen basierend auf Leistungen ausbezahlt, die grunds&auml;tzlich unter Zugrundelegung des einj&auml;hrigen Zeitraums gemessen werden, auf den sich der Bonus in bar bezieht.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The cash bonus is paid out based on achievements which are
generally measured based on the <FONT STYLE="white-space:nowrap">one-year</FONT> period to which the cash bonus relates, applying the above criteria and framework.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Der Umfang der Zuteilungen von Beteiligungsrechten
(aktienbasierten Awards) mit langfristiger Anreizwirkung (long-term incentive) wird durch den Verwaltungsrat oder den Verg&uuml;tungsausschuss festgelegt. Er kann aus Aktienoptionen, Aktien mit Ver&auml;usserungssperre, Performance-Aktien und
sonstigen Beteiligungsinstrumenten bestehen, die gem&auml;ss einem Beteiligungsplan zul&auml;ssig sind, welcher von der Generalversammlung mittels konsultativem oder bindendem Beschluss, wie vom anwendbaren Recht (inklusive den <FONT
STYLE="white-space:nowrap">US-Wertschriftengesetzen)</FONT> verlangt, genehmigt wurde.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The amount of long-term incentive equity awards granted shall be
determined by the Board of Directors or the Compensation Committee and may consist of stock options, restricted stock, performance shares or any other equity instruments permitted by an equity plan that has been approved by the General Meeting by a
binding or advisory vote as required by applicable law (including U.S. securities laws).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Zuteilungen von Beteiligungsrechten (aktienbasierte Awards)
stellen grunds&auml;tzlich Verg&uuml;tungen im Jahr dar, in der gegebenenfalls die Performance zum Zwecke der Festlegung des Umfangs der Zuteilung gemessen wurde (d.h. wenn eine Zuteilung im Zusammenhang mit der Beurteilung der Performance im
Vorjahr erfolgt, stellt diese Zuteilung Verg&uuml;tung in Bezug auf dieses Vorjahr dar), oder andernfalls Verg&uuml;tungen am Tag der Zuteilung dar. Sie sind grunds&auml;tzlich zu ihrem Fair Value am Zuteilungsdatum zu bewerten, wie vom
Verwaltungsrat oder Verg&uuml;tungsausschuss festgelegt. Wenn der Verwaltungsrat oder der Verg&uuml;tungsausschuss es unter den gegebenen Umst&auml;nden als angemessen erachtet, kann er bestimmen, dass eine Zuteilung oder ein Teil einer Zuteilung
eine Verg&uuml;tung in einem anderen Jahr darstellt und an einem anderen Datum bewertet wird (soweit dies nach anwendbarem Recht, inklusive den <FONT STYLE="white-space:nowrap">US-Wertschriftengesetzen,</FONT> zul&auml;ssig ist).</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Any equity awards generally constitute compensation for the year
during which performance was measured in order to determine the size of the award, if applicable (i.e., if an award is granted in connection with review of prior-year performance, then such award shall constitute compensation with respect to such
prior year), and otherwise at the date of grant. They shall be generally valued at their fair value at the date of grant as determined by the Board of Directors or the Compensation Committee. If the Board of Directors or the Compensation Committee
deems it reasonable under the circumstances, it may determine that all or part of an award shall constitute variable compensation in a different year and be valued at a different date (to extent permitted by applicable law, including U.S. securities
laws).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;Der Verwaltungsrat oder der Verg&uuml;tungsausschuss ist
autorisiert, die n&auml;heren Vorschriften und Bedingungen von variablen Verg&uuml;tungen zu spezifizieren, sei dies in Bonus- und Beteiligungspl&auml;nen, Arbeits- oder</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8201;&#8202;The Board of Directors or the Compensation Committee is
authorized to specify any further terms and conditions of variable compensation, be it in bonus and equity incentive</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">25 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Zuteilungsvertr&auml;gen oder anderweitig. Sie bestimmen die Bedingungen der Gew&auml;hrung, der
Unverfallbarkeit (Vesting), der Sperrung, der Aus&uuml;bung und des Verfalls von aktienbasierten Awards und k&ouml;nnen Mechanismen zur Anpassung oder R&uuml;ckforderung von variablen Verg&uuml;tungen vorsehen. Sie k&ouml;nnen insbesondere vorsehen,
dass gewisse variable Verg&uuml;tungen oder deren &Auml;quivalent in bar w&auml;hrend einer Freistellung ausbezahlt oder gew&auml;hrt werden (wobei in diesem Fall die Ausrichtung auf dem im letzten Jahr bzw. in den letzten Jahren ausgerichteten
durchschnittlichen Bonus bzw. Incentive oder dem Zielbonus bzw. -incentive basieren kann) und dass aktienbasierte Awards (i)&nbsp;im Falle eines Kontrollwechsels betreffend die Gesellschaft und (ii)&nbsp;im Falle der Beendigung der Anstellung eines
Mitgliedes der Gesch&auml;ftsleitung unverfallbar werden (vesten) und Sperrfristen aufgehoben werden.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">plans, employment or award agreements or otherwise. They shall determine grant, vesting, blocking,
exercise and forfeiture conditions of any equity awards and may provide for mechanisms for adjustment or clawback of variable compensation. In particular, they may provide that certain variable compensation or their cash equivalent is paid or
granted during garden leave (in which case the payout may be based on the average bonus or incentive paid in the last year(s) or on the target bonus or incentive), and that equity awards will vest and any blocking periods will be waived (i)&nbsp;in
the event of a change in control regarding the Company and (ii)&nbsp;in the event of termination of employment of a member of the Executive Management.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8202;Der Verwaltungsrat oder der Verg&uuml;tungsausschuss ist
daf&uuml;r verantwortlich, f&uuml;r jedes Mitglied der Gesch&auml;ftsleitung das proportionale Verh&auml;ltnis der j&auml;hrlichen Grundverg&uuml;tung und der Komponenten der variablen Verg&uuml;tung zu bestimmen. Dies erfolgt unter
Ber&uuml;cksichtigung der vorstehend umschriebenen Performancekriterien und individuellen Ziele und des proportionalen Verh&auml;ltnisses der Verg&uuml;tungsstruktur in vergleichbaren Unternehmen, welche den Aktion&auml;ren auf j&auml;hrlicher Basis
mitgeteilt und ver&ouml;ffentlicht werden (wobei der Verwaltungsrat oder der Verg&uuml;tungsausschuss jedoch von der Norm oder den Praktiken anderer Gesellschaften abweichen kann, wenn er es f&uuml;r Zwecke des Gesch&auml;fts, der Rekrutierung oder
der Mitarbeiterbindung f&uuml;r angemessen h&auml;lt). In &Uuml;bereinstimmung mit, und unter Vorbehalt von, Art.&nbsp;25 der Statuten darf die gesamte Verg&uuml;tung (einschlie&szlig;lich der festen und variablen Verg&uuml;tung), welche allen
Mitgliedern der Gesch&auml;ftsleitung in Bezug auf ein Kalenderjahr ausgerichtet wird, in keinem Fall den Gesamtbetrag &uuml;bersteigen, welcher vorg&auml;ngig durch die Generalversammlung f&uuml;r die Verg&uuml;tung der Gesch&auml;ftsleitung
f&uuml;r dieses Kalenderjahr genehmigt wurde.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8202;The Board of Directors or the Compensation Committee shall be
responsible for determining for each member of Executive Management the proportional balance of base annual salary and the components of variable compensation, following consideration of the performance criteria and individual targets described
above, and the proportional balance of compensation structures at peer group companies that shall be published and disclosed to shareholders on an annual basis (provided the Board of Directors or Compensation Committee may deviate from the norm or
other companies&#146; practices if it deems appropriate for business, recruitment or retention purposes). In accordance with, and subject to, Article 25 below, in no event shall the aggregate compensation (including fixed and variable compensation)
paid with respect to any calendar year to all members of Executive Management exceed the total aggregate amount previously approved by the General Meeting for the compensation of the Executive Management for such calendar year.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;25&#8195;&#8194;&#8202;Genehmigung von Verg&uuml;tungen</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;25&#8195;&#8194;&#8201;&#8202;Approval of Compensation</B></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">26 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die ordentliche Generalversammlung genehmigt jedes Jahr je den
maximalen Gesamtbetrag:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Each year the ordinary General Meeting shall approve separately
the maximum aggregate amount each of:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;der Verg&uuml;tungen f&uuml;r den Verwaltungsrat bis zur
n&auml;chsten ordentlichen Generalversammlung; und</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;the compensation of the Board of Directors until the next ordinary
general meeting; and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;der Verg&uuml;tungen f&uuml;r die Gesch&auml;ftsleitung f&uuml;r
das n&auml;chste Kalenderjahr.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;the compensation of the Executive Management for the next calendar
year.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Genehmigt die Generalversammlung einen Gesamtbetrag nach Art. 25
lit. a) nicht, so ber&uuml;cksichtigt der Verwaltungsrat die Ergebnisse der Abstimmung, andere Aktion&auml;rsr&uuml;ckmeldungen sowie weitere Aspekte nach eigenem Ermessen und er kann anschliessend an einer nachfolgenden (ordentlichen oder
ausserordentlichen) Generalversammlung einen neuen Antrag f&uuml;r einen solchen Gesamtbetrag stellen, und die Gesellschaft darf Verg&uuml;tungen unter Vorbehalt der nachtr&auml;glichen Genehmigung durch die Generalversammlung ausrichten. Der
Verwaltungsrat darf auch Genehmigungsantr&auml;ge aufteilen, indem er Antr&auml;ge in Bezug auf einzelne Verg&uuml;tungselemente, k&uuml;rzere Zeitperioden oder einen engeren Personenkreis stellt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;If the General Meeting does not approve an aggregate amount
pursuant to Article 25(a), the Board of Directors shall consider the results of the vote, other shareholder feedback and other matters in its discretion and it may thereafter submit a new proposal for such aggregate amount at a subsequent
(extraordinary or ordinary) General Meeting, and the Company may pay compensation subject to the subsequent approval. The Board of Directors may also split proposals for approval by submitting proposals in respect to particular elements of
compensation, shorter periods of time, or a more limited group of persons.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Die Generalversammlung kann jederzeit eine nachtr&auml;gliche
Erh&ouml;hung eines genehmigten Gesamtbetrags oder zus&auml;tzliche Betr&auml;ge f&uuml;r gewisse Verg&uuml;tungselemente genehmigen. Sie kann insbesondere einen m&ouml;glichen ausserordentlichen Bonus genehmigen, der auszurichten ist: (i)&nbsp;an
den Verwaltungsrat in bar oder Aktien f&uuml;r in einer vorangehenden Periode geleistete ausserordentliche und zus&auml;tzliche Arbeit, oder (ii) an die Gesch&auml;ftsleitung f&uuml;r die Leistung im vorherigen Kalenderjahr ausserhalb und
zus&auml;tzlich zu einem Bonus, der im Rahmen von Art. 25 lit. a) Ziff. 2 der Statuten ausgerichtet wurde.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The General Meeting may at any time approve a subsequent increase
of an approved aggregate amount or approve additional amounts for certain elements of compensation. In particular, it may approve a possible extraordinary bonus payable (i)&nbsp;to the Board of Directors in cash or shares for extraordinary and
additional work performed in a preceding period or (ii)&nbsp;to the Executive Management for the performance in the prior calendar year outside of and in addition to any bonus paid within the scope of Article 25(a)(2) above.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Die Gesellschaft ist berechtigt, eine Verg&uuml;tung
(einschlie&szlig;lich Entsch&auml;digung f&uuml;r den Verlust von Verg&uuml;tung oder f&uuml;r finanzielle Nachteile im Zusammenhang mit dem Arbeitswechsel) an solche Mitglieder der Gesch&auml;ftsleitung zu bezahlen, die nach dem relevanten
Genehmigungsbeschluss der Generalversammlung (i)&nbsp;in die</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;The Company is authorized to pay compensation (including
indemnification for loss of compensation or for financial disadvantages in connection with the change of employment) to such members of the Executive Management who after the relevant approval resolution by the General Meet</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">27 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Gesch&auml;ftsleitung eintreten oder (ii)&nbsp;innerhalb der Gesch&auml;ftsleitung zum Chief Executive
Officer bef&ouml;rdert werden; dies selbst dann, wenn der durch die Generalversammlung bereits genehmigte Betrag nicht ausreichend ist. Diese Zusatzbetr&auml;ge m&uuml;ssen nicht durch die Generalversammlung genehmigt werden, sofern ihre Summe in
jeder einzelnen relevanten Zeitspanne 40% des genehmigten maximalen Gesamtbetrags (vollst&auml;ndig, nicht pro rata temporis) der Verg&uuml;tung f&uuml;r die Mitglieder der Gesch&auml;ftsleitung f&uuml;r diesselbe Zeitspanne nicht
&uuml;berschreitet, f&uuml;r welche die Genehmigung durch die Generalversammlung bereits erteilt wurde.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">ing (i)&nbsp;join the Executive Management or (ii)&nbsp;are promoted within the Executive Management to
Chief Executive Officer, even if the total amount already approved by the General Meeting is not sufficient. These supplementary amounts do not need to be approved by the General Meeting, provided that their sum in each single relevant period of
time does not exceed 40% of the approved maximum aggregate amount (in full not pro rata temporis) of the compensation of the members of the Executive Management for the same period of time for which approval by the General Meeting has already be
obtained.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Eine &Uuml;berschreitung der genehmigten maximalen
Gesamtbetr&auml;ge aufgrund von Wechselkursschwankungen ist unbeachtlich.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8201;Any excess of the approved maximum aggregate amounts due to
exchange rate fluctuations shall be disregarded.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;26&#8195;&#8194;&#8202;Zul&auml;ssige zus&auml;tzliche T&auml;tigkeiten</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Ein Mitglied des
Verwaltungsrats darf nicht mehr als die folgende Anzahl zus&auml;tzlicher Mandate (wie nachstehend definiert) halten:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;26&#8195;&#8194;&#8201;&#8202;Permitted Additional Activities</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Any member of
the Board of Directors shall hold no more than the following numbers of additional mandates (as defined below):</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;bis zu 4 Mandate in b&ouml;rsenkotierten Unternehmen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8201;up to 4 mandates in publicly-traded companies;</P></TD></TR>
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<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;bis zu 10 Mandate in nichtkotierten Unternehmen;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8201;up to 10 mandates in privately-held companies; and</P></TD></TR>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;bis zu 10 Mandate in Stiftungen, Vereinen, wohlt&auml;tigen
Organisationen und anderen Rechtseinheiten.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8201;up to 10 mandates in foundations, associations, charitable
organizations and other entities.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Begrenzungen in Art. 26 lit. a) der Statuten gelangen auch
f&uuml;r Mitglieder der Gesch&auml;ftsleitung zur Anwendung, wobei die maximale Anzahl zus&auml;tzlicher Mandate in b&ouml;rsenkotierten Unternehmen (Ziff. 1 vorstehend) jedoch bei 2 liegt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The limitations set forth in Article 26(a) above shall also apply
to members of the Executive Management provided, however, that the maximum number of additional mandates in publicly-traded companies (no. 1 above) shall be 2.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Mandate, die in verschiedenen Rechtseinheiten ein und desselben
Konzerns oder auf Anordnung der Gesellschaft oder einer anderen Rechtseinheit gem&auml;ss Art. 26 lit. a) der Statuten gehalten werden</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Mandates held in different legal entities of the same group or by
order of the Company or of another legal entity pursuant to Article 26(a) above (including in pension funds and joint</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">28 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(einschliesslich in Vorsorgeeinrichtungen und Gemeinschaftsunternehmen), z&auml;hlen nicht als separate
Mandate. Eine kurzfristige &Uuml;berschreitung der in diesem Artikel geregelten Begrenzungen ist zul&auml;ssig.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">ventures) shall not count as separate mandates. It is admissible to exceed the limitations set forth in
this Article for a short period of time.</P></TD></TR>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Ein &#147;Mandat&#148; im Sinne dieses Artikels ist ein Mandat in
den obersten Leitungs- oder Verwaltungsorganen von Rechtseinheiten, die verpflichtet sind, sich ins Handelsregister oder in ein entsprechendes ausl&auml;ndisches Register eintragen zu lassen, mit Ausnahme der Gesellschaft und Rechtseinheiten, die
durch die Gesellschaft kontrolliert werden oder diese kontrollieren.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;A &#147;mandate&#148; within the meaning of this Article shall
mean a mandate in superior governing or administrative bodies of legal entities that are obliged to register themselves in the commercial registry or any comparable foreign register except for the Company and any entity controlled by, or
controlling, the Company.</P></TD></TR>
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<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;27&#8195;&#8194;&#8202;Vereinbarungen mit der Gesch&auml;ftsleitung und dem
Verwaltungsrat</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;27&#8195;&#8194;&#8201;&#8202;Agreements with Executive Management and the Board
of Directors</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Arbeits- und Dienstleistungsvertr&auml;ge mit Mitgliedern der
Gesch&auml;ftsleitung und, falls anwendbar, mit Mitgliedern des Verwaltungsrates sind in der Regel unbefristet und k&ouml;nnen eine K&uuml;ndigungsfrist von bis zu 12 Monaten vorsehen. Falls der Verwaltungsrat oder einer seiner Aussch&uuml;sse zum
Schluss gelangt, dass eine befristete Vertragsdauer angemessen ist, so &uuml;bersteigt diese nicht 12 Monate.</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Gesellschaft kann mit Mitgliedern der Gesch&auml;ftsleitung entsch&auml;digte
Konkurrenzverbote f&uuml;r eine Dauer von bis zu 2 Jahren nach der Beendigung des Arbeitsverh&auml;ltnisses vereinbaren. Die Entsch&auml;digung, die pro Jahr des Konkurrenzverbots zu entrichten ist, betr&auml;gt maximal die Summe (i)&nbsp;der
letzten j&auml;hrlichen Grundverg&uuml;tung des Mitglieds, (ii)&nbsp;des Durchschnitts der letzten drei tats&auml;chlichen Jahresboni des Mitglieds, und (iii)&nbsp;der Pr&auml;mienzahlungen f&uuml;r Kranken- und/oder Zahnversicherung basierend auf
der Wahl des Mitglieds zur Zeit der Beendigung des Arbeitsverh&auml;ltnisses. Zudem kann die Gesellschaft die Ausrichtung bestimmter Verg&uuml;tungselemente, die mit in der Vergangenheit erbrachten Leistungen eines Mitglieds im Zusammenhang stehen,
vom Abschluss und der Einhaltung eines Konkurrenzverbots abh&auml;ngig machen, so insbesondere (i)&nbsp;die Ausrichtung eines pro rata Bonusbetrags f&uuml;r das Jahr,</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Any employment or service agreements of the members of the Executive
Management and, if applicable, with members of the Board of Directors are as a general rule without fixed term and may provide for notice periods of up to 12 months. If the Board of Directors or any of its Committees comes to the conclusion that a
fixed term is appropriate, the fixed term shall not exceed 12 months.</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The Company may enter into compensated
<FONT STYLE="white-space:nowrap">non-competition</FONT> agreements with members of the Executive Management with a duration of up to 2 years after termination of the employment. The compensation payable for each year of the <FONT
STYLE="white-space:nowrap">non-compete</FONT> obligation shall not exceed the sum of (i)&nbsp;the last annual base salary of the member, (ii)&nbsp;the average of the member&#146;s last three actual annual bonuses, and (iii)&nbsp;health and/or dental
premium payments based upon the member&#146;s elections in effect as of the termination. Furthermore, the Company may condition the payment of certain compensation items related to a member&#146;s past services on the entering into and compliance
with a <FONT STYLE="white-space:nowrap">non-competition</FONT> agreement, including without limitation the payment of (i)&nbsp;a pro rata bo</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">29 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">in welchem das Arbeitsverh&auml;ltnis mit dem Mitglied beendet wurde, basierend auf der Arbeitsdauer in
diesem Jahr und dem Durchschnitt der letzten drei tats&auml;chlichen Jahresboni des Mitglieds, und (ii)&nbsp;das fortgesetzte Vesting von aktienbasierten Awards, die ab dem Zeitpunkt der Beendigung des Arbeitsverh&auml;ltnisses nicht gevestet
(unverfallbar) sind, sowie, falls anwendbar, die fortgesetzte M&ouml;glichkeit, bestimmte aktienbasierte Awards (wie Optionen) auszu&uuml;ben, beides gleich wie w&auml;hrend dem Arbeitsverh&auml;ltnis. Wenn jedoch bis zur Beendigung gem&auml;ss Art.
27 lit. a) eine Freistellung gew&auml;hrt wurde, wird der maximale Zeitraum von 2 Jahren (oder die maximale Entsch&auml;digung, die gest&uuml;tzt auf diesen Zeitraum berechnet wird) f&uuml;r ein entsch&auml;digtes Konkurrenzverbot entsprechend
reduziert.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&#8194;&#8201;&#8201;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">nus amount for the year in which the member is terminated based upon time worked during such year and
the average of the member&#146;s last 3 actual annual bonuses and (ii)&nbsp;continued vesting of the member&#146;s equity awards that are unvested as of the date of termination and, if applicable, continued ability to exercise the member&#146;s
equity awards (such as options), each as during employment. If, however, any garden leave was granted until termination under Article 27(a), then the maximum period of 2 years (or the maximum compensation that is calculated based on such period) for
any compensated <FONT STYLE="white-space:nowrap">non-compete</FONT> agreement shall be reduced accordingly.</P></TD></TR>
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<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;28&#8195;&#8194;&#8202;Vorsorgeleistungen</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;28&#8195;&#8194;&#8201;&#8202;Retirement Benefits</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die Gesellschaft kann eine oder mehrere unabh&auml;ngige
Vorsorgeeinrichtungen f&uuml;r die berufliche Vorsorge errichten oder sich solchen anschliessen. Arbeitgeberseitige Beitr&auml;ge an solche Vorsorgeeinrichtungen, nicht aber die von solchen Vorsorgeeinrichtungen ausgerichteten reglementarischen
Leistungen, gelten als Bestandteil der Verg&uuml;tung. Aufgrund anwendbarer Regelungen (inklusive unter qualifizierten und nichtqualifizierten beitragsorientierten Pl&auml;nen) f&uuml;r die berufliche Vorsorge direkt vom Arbeitgeber ge&auml;ufnete
bzw. ausgerichtete Vorsorgeleistungen werden gleich behandelt wie Beitr&auml;ge an und Leistungen von Vorsorgeeinrichtungen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The Company may establish one or more independent pension funds for
occupational pension benefits or may join such funds. Contributions to such pension funds on the part of the employer, but not benefits which are paid out by such pension funds, are deemed part of the compensation. Retirement benefits accumulated or
paid directly by the employer based on applicable regulations on occupational pension benefits (including under qualified and <FONT STYLE="white-space:nowrap">non-qualified</FONT> defined contribution plans) are treated the same way as contributions
to and benefits by pension funds.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Gesellschaft und ihre Tochtergesellschaften k&ouml;nnen
Mitgliedern der Gesch&auml;ftsleitung anstelle oder zus&auml;tzlich zu den Leistungen nach Art. 28 lit. a) direkt Vorsorgeleistungen (wie Renten, Kauf von Krankenversicherungen und dgl.) ausserhalb der beruflichen Vorsorge in Aussicht stellen und
nach ihrem Ausscheiden ausbezahlen. Solche Renten sollen pro Jahr die letzte an dieses Mitglied ausbezahlte j&auml;hrliche Grundverg&uuml;tung nicht &uuml;bersteigen. Bei Kapitalabfindungen wird der Wert einer Vorsorgeleistung aufgrund anerkannter
versicherungsmathematischer Methoden ermittelt. Die Zahlung von &Uuml;berbr&uuml;ckungs- bzw. Zwischenleistungen zwischen Fr&uuml;hpensionierung</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Instead or in addition to benefits pursuant to Article 28(a), the
Company and its subsidiaries may directly offer retirement benefits (such as pensions, purchase of health care insurances etc.) outside of the scope of occupational pension benefit regulations to members of the Executive Management and may pay them
out after retirement. Such retirement benefits shall not exceed the last paid out annual base salary of the respective member per year. In the case of <FONT STYLE="white-space:nowrap">lump-sum</FONT> settlements, the value of a pension shall be
determined based on recognized actuarial methods. The payment of bridge or</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">und regul&auml;rem Rentenalter ist m&ouml;glich. Zudem k&ouml;nnen die Mitglieder der
Gesch&auml;ftsleitung an den von der Gesellschaft unterhaltenen Krankenversicherungsprogrammen teilnehmen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">interim annuities between early retirement and the regular retirement age is possible. In addition, the
members of the Executive Management may participate in the health plans maintained by the Company.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;29&#8195;&#8194;&#8202;Rechtsnatur</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;29&#8195;&#8194;&#8201;&#8202;Legal Nature</B></P></TD></TR>
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<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Die Bestimmungen dieses Abschnitts sind gesellschaftsrechtlicher Natur und begr&uuml;nden keine individuellen
Leistungsanspr&uuml;che.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">The provisions of this section are of a <FONT STYLE="white-space:nowrap">company-law</FONT> nature and do not create
individual claims for benefits.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>IV.a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacheinlagen</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>IV.a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution in kind</B></TD></TR>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;29a&#8195;&#8202;Sacheinlagen</B></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Im Zusammenhang mit der Kapitalerh&ouml;hung vom 14. Januar 2016 sowie
zwecks Fusion der William Investment Holding Corporation, New Jersey, USA, einer indirekten Tochtergesellschaft der Gesellschaft, mit The Chubb Corporation, New Jersey, USA, erwirbt die Gesellschaft von ACE Group Holdings, Inc., New York, USA,
f&uuml;nf Schuldverschreibungen der ACE Group Holdings, Inc., New York, USA, in H&ouml;he von USD 3&#146;000&#146;000&#146;000, USD 3&#146;000&#146;000&#146;000, USD 1&#146;500&#146;000&#146;000, USD 2&#146;500&#146;000&#146;000 und USD
4&#146;031&#146;886&#146;985.68 sowie von ACE INA Holdings Inc., Pennsylvania, USA, eine Schuldverschreibung der ACE INA Holdings Inc., Pennsylvania, USA, in H&ouml;he von USD 1&#146;007&#146;971&#146;736.46 zu einem Gesamtwert von CHF
15&#146;072&#146;946&#146;411.33. Im Gegenzug hat die Gesellschaft 127&#146;772&#146;962 Namenaktien der Gesellschaft mit einem Nennwert von CHF 24.15 an ACE Group Holdings, Inc., New York, USA, und 9&#146;178&#146;490 Namenaktien der Gesellschaft
mit einem Nennwert von CHF 24.15 an ACE INA Holdings Inc., Pennsylvania, USA, ausgegeben.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;29a&#8195;&#8201;&#8202;Contribution in kind</B></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">In connection with the capital increase dated 14&nbsp;January 2016 and
for the purpose of the merger of William Investment Holding Corporation, New Jersey, USA, an indirect subsidiary of the Company with The Chubb Corporation, New Jersey, USA, the Company acquires from ACE Group Holdings, Inc., New York, USA, five
notes of ACE Group Holdings, Inc., New York, USA in the amount of USD 3,000,000,000, USD 3,000,000,000, USD&nbsp;1,500,000,000, USD 2,500,000,000, and USD 4,031,886,985.68, respectively, and from ACE INA Holdings Inc., Pennsylvania, USA, one note of
ACE INA Holdings Inc., Pennsylvania, USA, in the amount of USD 1,007,971,736.46 at a total value of CHF 15,072,946,411.33. In return, the Company has issued 127,772,962 registered shares in the Company with a par value of CHF 24.15 each to ACE Group
Holdings, Inc., New York, USA, and 9,178,490 registered shares in the Company with a par value of CHF 24.15 each to ACE INA Holdings Inc., Pennsylvania, USA.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">31 </P>

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<TD VALIGN="top" ALIGN="center"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;30&#8195;&#8194;&#8202;Aufl&ouml;sung und Liquidation</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Die
Generalversammlung kann jederzeit in &Uuml;bereinstimmung mit den gesetzlichen und statutarischen Bestimmungen die Aufl&ouml;sung und die Liquidation der Gesellschaft beschliessen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;30&#8195;&#8194;&#8201;&#8202;Dissolution and Liquidation</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The General
Meeting may at any time resolve the dissolution and liquidation of the Company in accordance with the provisions of the law and of the Articles of Association.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Die Liquidation wird durch den Verwaltungsrat besorgt, sofern sie
nicht durch einen Beschluss der Generalversammlung anderen Personen &uuml;bertragen wird.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;The liquidation shall be carried out by the Board of Directors to
the extent that the General Meeting has not entrusted the same to other persons.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;Die Liquidation ist gem&auml;ss Art. 742 ff. OR
durchzuf&uuml;hren. Dabei k&ouml;nnen die Liquidatoren &uuml;ber das Verm&ouml;gen der Gesellschaft (einschliesslich Immobilien) durch privaten Rechtsakt verf&uuml;gen.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8201;The liquidation of the Company shall take place in accordance with
art. 742 et seq. of the Swiss Code of Obligations. The liquidators are authorized to dispose of the assets (including real estate) by way of private contract.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;Das Verm&ouml;gen der aufgel&ouml;sten Gesellschaft wird nach
Tilgung ihrer Schulden unter die Aktion&auml;re nach Massgabe der einbezahlten Betr&auml;ge verteilt.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8202;After all debts have been satisfied, the net proceeds shall be
distributed among the shareholders in proportion to the amounts <FONT STYLE="white-space:nowrap">paid-in.</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" ALIGN="center"><B>VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitteilungen und Sprache der Statuten</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices and Language of the Articles of Association</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;31&#8195;&#8194;&#8202;Mitteilungen und Bekanntmachungen</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;Das
Schweizerische Handelsamtsblatt ist das offizielle Publikationsmittel der Gesellschaft.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;31&#8195;&#8194;&#8201;&#8202;Communications and Announcements</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8201;The official
means of publication of the Company shall be the &#147;Schweizerisches Handelsamtsblatt&#148;.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Mitteilungen der Gesellschaft an die Aktion&auml;re sowie andere
Bekanntmachungen erfolgen durch Publikation im &#147;Schweizerisches Handelsamtsblatt&#148;.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8202;Shareholder invitations and communications of the Company shall be
published in the &#147;Schweizerisches Handelsamtsblatt&#148;.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;32&#8195;&#8194;&#8202;Sprache der Statuten</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;32&#8195;&#8194;&#8201;&#8202;Language of the Articles of
Association</B></P></TD></TR>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Im Falle eines Widerspruchs zwischen der deutschen und jeder anderen Fassung</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">In the event of deviations between the German version of these Ar-</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">dieser Statuten ist die deutsche Fassung massgeblich.</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">ticles of Association and any version in another language, the German authentic text prevails.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Z&uuml;rich, 20. Mai 2020 <I>/ Zurich,
20</I><I></I><I>&nbsp;May 2020</I></P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><U>/s/ Olivier
Steimer</U></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Olivier Steimer</P></TD>
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      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>cb-20200803_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release 2020-5 Build:20200707.2 -->
<!-- Creation date: 8/4/2020 11:49:56 PM Eastern Time -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Current Fiscal Year End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current Fiscal Year End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:type="locator" xlink:label="dei_EntityAddressCountry" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCountry_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Country</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCountry_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Country</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>cb-20200803_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release 2020-5 Build:20200707.2 -->
<!-- Creation date: 8/4/2020 11:49:56 PM Eastern Time -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://investors.chubb.com//20200803/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="cb-20200803.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://investors.chubb.com//20200803/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="22.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="23.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="24.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:type="locator" xlink:label="dei_EntityAddressCountry" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
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  </link:presentationLink>
</link:linkbase>
</XBRL>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
<FILENAME>d37374d8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="cb-20200803.xsd" xlink:type="simple"/>
    <context id="duration_2020-08-03_to_2020-08-03">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000896159</identifier>
        </entity>
        <period>
            <startDate>2020-08-03</startDate>
            <endDate>2020-08-03</endDate>
        </period>
    </context>
    <dei:EntityRegistrantName
      contextRef="duration_2020-08-03_to_2020-08-03"
      id="Hidden_dei_EntityRegistrantName">Chubb Ltd</dei:EntityRegistrantName>
    <dei:AmendmentFlag contextRef="duration_2020-08-03_to_2020-08-03">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey
      contextRef="duration_2020-08-03_to_2020-08-03"
      id="Hidden_dei_EntityCentralIndexKey">0000896159</dei:EntityCentralIndexKey>
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      contextRef="duration_2020-08-03_to_2020-08-03"
      id="Hidden_dei_CurrentFiscalYearEndDate_duration_2020-08-03_to_2020-08-03">--12-31</dei:CurrentFiscalYearEndDate>
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    <dei:DocumentPeriodEndDate contextRef="duration_2020-08-03_to_2020-08-03">2020-08-03</dei:DocumentPeriodEndDate>
    <dei:EntityIncorporationStateCountryCode contextRef="duration_2020-08-03_to_2020-08-03">V8</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="duration_2020-08-03_to_2020-08-03">1-11778</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="duration_2020-08-03_to_2020-08-03">98-0091805</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="duration_2020-08-03_to_2020-08-03">Baerengasse 32</dei:EntityAddressAddressLine1>
    <dei:EntityAddressPostalZipCode contextRef="duration_2020-08-03_to_2020-08-03">8001</dei:EntityAddressPostalZipCode>
    <dei:EntityAddressCityOrTown contextRef="duration_2020-08-03_to_2020-08-03">Zurich</dei:EntityAddressCityOrTown>
    <dei:EntityAddressCountry contextRef="duration_2020-08-03_to_2020-08-03">CH</dei:EntityAddressCountry>
    <dei:CityAreaCode contextRef="duration_2020-08-03_to_2020-08-03">41 (0)43</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="duration_2020-08-03_to_2020-08-03">456 76 00</dei:LocalPhoneNumber>
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    <dei:EntityEmergingGrowthCompany contextRef="duration_2020-08-03_to_2020-08-03">false</dei:EntityEmergingGrowthCompany>
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</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140583794359224">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Aug. 03, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Chubb Ltd<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000896159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  03,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">V8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-11778<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0091805<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Baerengasse 32<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">8001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Zurich<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">CH<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">41 (0)43<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">456 76 00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Shares, par value CHF 24.15 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
