<SEC-DOCUMENT>0001193125-21-239280.txt : 20210806
<SEC-HEADER>0001193125-21-239280.hdr.sgml : 20210806
<ACCEPTANCE-DATETIME>20210806162407
ACCESSION NUMBER:		0001193125-21-239280
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20210804
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210806
DATE AS OF CHANGE:		20210806

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:		211153234

	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=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
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<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">&#160;&#160;</td>
<td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2021-08-04_to_2021-08-04_us-gaap-StatementClassOfStockAxis_cb-INASeniorNotesDueMarch2038Member" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17&#160;CFR&#160;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Emerging growth company&#160;&#160;&#160;&#160; <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2021-08-04_to_2021-08-04" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744;</p></div></div>

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 <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:6pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">As previously disclosed, at the Chubb Limited (&#8220;Company&#8221;) 2021 Annual General Meeting of Shareholders, held on May&#160;20, 2021, shareholders approved the cancellation of 3,584,150 shares repurchased by the Company during 2020 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 2021 Proxy Statement under the heading &#8220;Agenda Item 10: Reduction of Share Capital&#8221;. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">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; text-indent:7%; font-size:10pt; font-family:Times New Roman">On August 4, 2021, 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; text-indent:7%; font-size:10pt; font-family:Times New Roman">A copy of the amended Articles of Association is attached hereto as Exhibit 3.1 and is incorporated herein by reference. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:10%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;9.01.&#160;&#160;&#160;&#160;</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;font-weight:bold;text-align:left">Financial Statements and Exhibits </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits </span></p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom;white-space:nowrap" align="center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;text-align:center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p></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:8pt; font-family:Times New Roman;text-align:center">Exhibit<br />Number</p></td>
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<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:8pt; font-family:Times New Roman">Description</p></td></tr>


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<td style="vertical-align:top;white-space:nowrap">3.1</td>
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<td style="vertical-align:top"><a href="d191369dex31.htm">Articles of Association of the Company as amended </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">4.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d191369dex31.htm">Articles of Association of the Company as amended (Incorporated by reference to Exhibit 3.1) </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">104</td>
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<td style="vertical-align:top">Cover Page Interactive&#160;Data File (the cover page XBRL tags are embedded within the Inline XBRL document)</td></tr>
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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">3 </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>
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<td style="vertical-align:top" colspan="3">CHUBB LIMITED</td></tr>
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<td style="vertical-align:bottom">By:</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom"><span style="text-decoration:underline">/s/ Joseph F. Wayland</span></td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">Joseph F. Wayland</td></tr>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom">General Counsel</td></tr>
</table></div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DATE: August&#160;6, 2021 </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; 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>
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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: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="center">der</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="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;</U></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; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLES OF ASSOCIATION</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="center">of</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="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;</U></B></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="center"><B>I. Firma, Sitz und Zweck 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:1pt; margin-left:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;1&#8195;&#8195;&#8202;Firma, Sitz und Dauer der Gesellschaft</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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="center"><B>I. Name, Domicile and Purpose of the
Company</B></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:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Article&nbsp;1&#8195;&#8195;&#8201;&#8202;Corporate Name, Registered Office and Duration</B></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">Unter der Firma</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="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="font-size:12pt; 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>
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<TD VALIGN="bottom">&nbsp;</TD>
<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">Under the corporate name</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="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="font-size:12pt; 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>
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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:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman"><B>Artikel&nbsp;2&#8195;&#8195;&#8202;Zweck</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="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;2&#8195;&#8195;&#8201;&#8202;Purpose</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="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:2.50em; 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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; 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>
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<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; 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="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; 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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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="bottom" ALIGN="center"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aktienkapital und Aktien</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" 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: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;3&#8195;&#8195;&#8202;Aktienkapital</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;3&#8195;&#8195;&#8201;&#8202;Share Capital</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;Das Aktienkapital der Gesellschaft betr&auml;gt CHF
11&#146;447&#146;609&#146;903.10 und ist eingeteilt in 474&#146;021&#146;114 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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;The share capital of the Company amounts to CHF
11,447,609,903.10 and is divided into 474,021,114 registered shares with a nominal value of CHF 24.15 per share. The share capital is fully <FONT STYLE="white-space:nowrap">paid-in.</FONT></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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;4&#8195;&#8195;&#8202;Bedingtes Aktienkapital f&uuml;r Anleihensobligationen und
&auml;hnliche Instrumente der Fremdfinanzierung</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;4&#8195;&#8195;&#8201;&#8202;Conditional Share Capital for Bonds and Similar Debt
Instruments</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>

</DIV></Center>


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<TD WIDTH="3%"></TD>

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<TD WIDTH="48%"></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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: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;5&#8195;&#8195;&#8202;Bedingtes Aktienkapital f&uuml;r
Mitarbeiterbeteiligungen</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;5&#8195;&#8195;&#8201;&#8202;Conditional Share Capital for Employee Benefit
Plans</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:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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: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;6&#8195;&#8195;&#8202;Genehmigtes Kapital zu allgemeinen Zwecken</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;6&#8195;&#8195;&#8201;&#8202;Authorized Share Capital for General
Purposes</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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 employees.</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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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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>
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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;7&#8195;&#8195;&#8202;Aktienzertifikate</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;7&#8195;&#8195;&#8201;&#8202;Share Certificates</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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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<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;8&#8195;&#8195;&#8202;Aktienregister; Beschr&auml;nkungen der
&Uuml;bertragbarkeit</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;8&#8195;&#8195;&#8201;&#8202;Shareholder&#146;s Register, Transfer
Restrictions</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#8201;Eine nat&uuml;rliche oder juristische Person wird in dem
Umfang nicht als Aktion&auml;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&auml;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&auml;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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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 oder erworben werden. Im Umfang, in welchem eine daraus resultierende</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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 purchased <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights arising from either registered</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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<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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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">
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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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8194;&#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">
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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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">h)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">h)&#8195;&#8194;&#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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<TD VALIGN="bottom" ALIGN="center"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organisation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization</B></TD></TR>
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<TD VALIGN="bottom" ALIGN="center"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Die Generalversammlung</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The General Meeting</B></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;9&#8195;&#8195;&#8202;Befugnisse</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;9&#8195;&#8195;&#8201;&#8202;Authorities</B></P></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 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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">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>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8194;&#8201;to adopt and amend the Articles of
Association;</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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 VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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>
</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: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>
<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;10&#8195;&#8194;&#8201;&#8202;Meetings and Convening the Meeting</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>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;Die ordentliche Generalversammlung findet allj&auml;hrlich
innerhalb von 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;The ordinary General Meeting shall be held annually within
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">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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>
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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" ALIGN="justify"><B>Artikel&nbsp;11&#8195;&#8194;&#8202;Einberufung</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" ALIGN="justify"><B>Article&nbsp;11&#8195;&#8194;&#8201;&#8202;Notice</B></P></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 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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">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>
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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" ALIGN="justify"><B>Artikel&nbsp;12&#8195;&#8194;&#8202;Traktanden</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" ALIGN="justify"><B>Article&nbsp;12&#8195;&#8194;&#8201;&#8202;Agenda</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;The Board of Directors shall state the matters on the
agenda.</P></TD></TR>
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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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#8201;No resolution shall be passed on matters proposed only at
the General Meeting and which have no bearing on any of the</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">9 </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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#8202;In der Einberufung der Versammlung werden die Traktanden
und die 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#8202;The notice of the meeting shall state the matters on the
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>
<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" ALIGN="justify"><B>Artikel&nbsp;13&#8195;&#8194;&#8202;Vorsitz und Protokoll</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" ALIGN="justify"><B>Article&nbsp;13&#8195;&#8194;&#8201;&#8202;Chair, Minutes</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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>
<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" ALIGN="justify"><B>Artikel&nbsp;14&#8195;&#8194;&#8202;Stimmrecht und Vertreter</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" ALIGN="justify"><B>Article&nbsp;14&#8195;&#8194;&#8201;&#8202;Voting Rights and Shareholders
Proxies</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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>
<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:2.50em; 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:2.50em; 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:8.50em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Wobei&nbsp;gilt:&#8195;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.50em; text-indent:-5.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Where:&#8195;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(aa)&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(aa)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8195;&#8194;shares subject to options, warrants or other similar rights
shall be deemed to be owned; and</P></TD></TR>
</TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(bb)&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(bb)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#8195;direkt oder indirekt, durch jede Art von Vertrag, 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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#8195;a beneficial owner of a security includes any 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:11.00em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(1)&#8195;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:11.00em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(1)&#8195;&#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:11.00em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(2)&#8195;&#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:11.00em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(2)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8195;&#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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8195;&#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</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:8.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8195;&#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</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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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:8.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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:8.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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></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>Articl&nbsp;15&#8195;&#8195;&#8201;Independent Proxy and Additional Rules on
Proxies</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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>
</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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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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 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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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>
</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">14 </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" ALIGN="justify"><B>Artikel&nbsp;16&#8195;&#8194;&#8202;Beschl&uuml;sse</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" ALIGN="justify"><B>Article&nbsp;16&#8195;&#8194;&#8201;&#8202;Resolutions</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:1pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;The General Meeting may pass resolutions without regard to
the number of shareholders present or shares represented.</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#8202;Die Generalversammlung fasst ihre Beschl&uuml;sse und
vollzieht ihre Wahlen, soweit das Gesetz oder diese Statuten nichts anderes vorsehen, mit der 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#8202;Unless otherwise required by law or the Articles of
Association, the General Meeting shall pass its resolutions and carry 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">
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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>
<TR STYLE="font-size:1pt">
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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:6.00em; text-indent:-6.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>Artikel&nbsp;17&#8195;&#8194;&#8202;Quorum</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" ALIGN="justify"><B>Article&nbsp;17&#8195;&#8194;&#8201;&#8202;Quorums</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>
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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">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>
<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">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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8194;&#8201;the cases listed in art. 704 para. 1 CO,
i.e.:</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;&#8201;&#8202;die &Auml;nderung des Gesellschaftszwecks;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;&#8201;&#8202;the change of the company purpose;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;&#8201;&#8202;die Einf&uuml;hrung von Stimmrechtsaktien;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;&#8201;&#8202;the creation of shares with privileged 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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;&#8201;&#8202;die Beschr&auml;nkung der &Uuml;bertragbarkeit von
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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;&#8201;&#8202;the restriction of the transferability 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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;&#8201;&#8202;eine genehmigte oder bedingte
Kapitalerh&ouml;hung;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;&#8201;&#8202;an increase of capital, authorized or subject to a
condition;</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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<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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#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="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8195;die Einschr&auml;nkung oder Aufhebung des Bezugsrechts;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8195;the limitation or withdrawal of
<FONT STYLE="white-space:nowrap">pre-emptive</FONT> 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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8194;&#8201;Fusion, Spaltung und Umwandlung der Gesellschaft (zwingende
gesetzliche Bestimmungen 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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8194;&#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></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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>
</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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<TR>

<TD WIDTH="47%"></TD>

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<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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></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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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,</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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>
<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;20&#8195;&#8194;&#8202;Einzelne Befugnisse</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;20&#8195;&#8194;&#8201;&#8202;Duties</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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Der Verwaltungsrat hat folgende un&uuml;bertragbare und unentziehbare Befugnisse:</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 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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8194;&#8201;to inform the judge in the event of
overindebtedness;</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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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">9.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">9.&#8195;&#8194;&#8201;to pass resolutions confirming increases in share capital
and regarding the amendments to the Articles of Association entailed thereby;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">10.&#8195;&#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>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">10.&#8195;&#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>
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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;21&#8195;&#8194;&#8202;Verg&uuml;tungsausschuss</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;21&#8195;&#8194;&#8201;&#8202;Compensation Committee</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>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#8201;Der Verg&uuml;tungsausschuss hat folgende Befugnisse und
Zust&auml;ndigkeiten:</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#8201;The Compensation Committee shall have the following powers
and responsibilities:</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8195;&#8201;die Festlegung und &Uuml;berwachung der
Verg&uuml;tungspolitik der Gesellschaft f&uuml;r F&uuml;hrungskr&auml;fte;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8195;&#8201;to establish and oversee the Company&#146;s executive
compensation policies;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#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></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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#8201;die Genehmigung der Verg&uuml;tung (i)&nbsp;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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8194;&#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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">5.&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">6.&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8194;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7.&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8.&#8195;&#8194;&#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>
</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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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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 sowie die statutarischen Aufgaben und Zust&auml;ndigkeiten spezifizieren.</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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 additional 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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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>
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<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>
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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;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="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;22&#8195;&#8194;&#8201;&#8202;Term, Powers and Duties</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" 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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" ALIGN="center"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verg&uuml;tungen und damit im Zusammenhang stehende Bestimmungen</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and Related Provisions</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;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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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></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">22 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8195;&#8201;Auslagenersatz und steuerlich abzugsf&auml;hige
Spesenpauschalen;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#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>
<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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8195;&#8201;Pr&auml;mien f&uuml;r Versicherungen, die nach Beurteilung
des Verg&uuml;tungsausschusses im Interesse der Gesellschaft liegen;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8195;&#8201;premiums for insurance which are in the view of the
Compensation Committee entered into in the interest 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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8195;&#8201;Geringf&uuml;gige Sachleistungen, allgemeine
Mitarbeiterverg&uuml;nstigungen und andere &auml;hnliche Fringe Benefits;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8195;&#8201;insignificant benefits in kind, general employee benefits
and other similar fringe 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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4.&#8195;&#8195;&#8201;indemnification, advances and insurances according to
Article 23(e).</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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></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:2.50em; 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></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:2.50em; 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></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">23 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; 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 Eigenschaft als solche geltend gemacht wird, abschliessen und aufrechterhalten.</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:2.50em; 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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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>
<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;24&#8195;&#8194;&#8202;Anreiz- und Beteiligungspl&auml;ne</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;24&#8195;&#8194;&#8201;&#8202;Incentive and Equity Plans</B></P></TD></TR>
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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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,</P></TD></TR>
</TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Zuteilungen mit langfristiger Anreizwirkung gew&auml;hren, welche unabh&auml;ngig von der Erreichung
von Zielen in der Vergangenheit an die zuk&uuml;nftige Performance gekn&uuml;pft 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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">the Board of Directors or Compensation Committee may also grant long-term incentive awards that are
linked to future performance independently from the achievement of targets in the past.</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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>
</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">f)&#8195;&#8194;&#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 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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">g)&#8195;&#8194;&#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>
</TABLE>
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<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>Artikel&nbsp;25&#8195;&#8194;&#8202;Genehmigung von Verg&uuml;tungen</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;25&#8195;&#8194;&#8201;&#8202;Approval of Compensation</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;Die ordentliche Generalversammlung genehmigt jedes Jahr je
den maximalen Gesamtbetrag:</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;Each year the ordinary General Meeting shall approve
separately the maximum aggregate amount each of:</P></TD></TR>
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<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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#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="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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8195;&#8201;the compensation of the Executive Management for the next
calendar year.</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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)&nbsp;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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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>
</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 WIDTH="3%"></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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 Meeting (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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">e)&#8195;&#8194;&#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="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;26&#8195;&#8194;&#8202;Zul&auml;ssige zus&auml;tzliche
T&auml;tigkeiten</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;26&#8195;&#8194;&#8201;&#8202;Permitted Additional Activities</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8195;&#8201;bis zu 4 Mandate in b&ouml;rsenkotierten
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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">1.&#8195;&#8195;&#8201;up to 4 mandates in publicly-traded
companies;</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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2.&#8195;&#8195;&#8201;up to 10 mandates in privately-held companies;
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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#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:5.50em; text-indent:-3.00em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3.&#8195;&#8195;&#8201;up to 10 mandates in foundations, associations, charitable
organizations and other 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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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>
</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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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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 (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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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 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>
<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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>
<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;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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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></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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</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:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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, 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>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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 bonus 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 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>
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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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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>
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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:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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</P></TD></TR>
</TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">einer Vorsorgeleistung aufgrund anerkannter versicherungsmathematischer Methoden ermittelt. Die Zahlung
von &Uuml;berbr&uuml;ckungs- bzw. Zwischenleistungen zwischen Fr&uuml;hpensionierung 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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">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 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" ALIGN="justify"><B>Artikel&nbsp;29&#8195;&#8194;&#8202;Rechtsnatur</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" ALIGN="justify"><B>Article&nbsp;29&#8195;&#8194;&#8201;&#8202;Legal Nature</B></P></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>
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<TD VALIGN="top" ALIGN="center"><B>IV.a &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;Contribution in kind</B></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" ALIGN="justify"><B>Artikel&nbsp;29a&#8195;&#8202;Sacheinlagen</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" ALIGN="justify"><B>Article&nbsp;29a&#8195;&#8201;&#8202;Contribution in kind</B></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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">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 ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">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>
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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"></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>
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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;30&#8195;&#8194;&#8202;Aufl&ouml;sung und Liquidation</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;30&#8195;&#8194;&#8201;&#8202;Dissolution and Liquidation</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>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">c)&#8195;&#8194;&#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="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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">d)&#8195;&#8194;&#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">
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:11pt"><B>VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitteilungen und Sprache der Statuten</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:11pt"><B>VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices and Language of the Articles of Association</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
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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;31&#8195;&#8194;&#8202;Mitteilungen und Bekanntmachungen</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;31&#8195;&#8194;&#8201;&#8202;Communications and Announcements</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>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">a)&#8195;&#8194;&#8201;The official means of publication of the Company shall be
the &#147;Schweizerisches Handelsamtsblatt&#148;.</P></TD></TR>
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<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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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:2.50em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman" ALIGN="justify">b)&#8195;&#8194;&#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="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;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="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;32&#8195;&#8194;&#8201;&#8202;Language of the Articles of
Association</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">32 </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">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom"> <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 dieser Statuten ist die deutsche Fassung
massgeblich.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<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 Articles of Association and any version in another
language, the German authentic text prevails.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="17"></TD>
<TD HEIGHT="17" COLSPAN="2"></TD>
<TD HEIGHT="17" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Z&uuml;rich, 20. Mai 2021 <I>/ Zurich, 20</I><I></I><I>&nbsp;May 2021</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="17"></TD>
<TD HEIGHT="17" COLSPAN="2"></TD>
<TD HEIGHT="17" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <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>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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">33 </P>

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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_CurrentFiscalYearEndDate" order="34.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentType" order="38.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" order="39.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityRegistrantName" order="40.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" order="41.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityFileNumber" order="42.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityTaxIdentificationNumber" order="43.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" order="44.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" order="45.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" order="46.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityAddressCountry" order="47.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_CityAreaCode" order="48.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_LocalPhoneNumber" order="49.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_WrittenCommunications" order="50.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_SolicitingMaterial" order="51.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" order="52.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" order="53.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_Security12bTitle" order="54.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_TradingSymbol" order="55.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_SecurityExchangeName" order="56.001" priority="2" use="optional" />
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="cb_DocumentAndEntityInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" order="57.001" priority="2" use="optional" />
  </link:definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>cb-20210804_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 master Build:20210621.2 -->
<!-- Creation date: 8/6/2021 3:09:54 PM Eastern Time -->
<!-- Copyright (c) 2021 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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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/2020/dei-2020-01-31.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" />
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>cb-20210804_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<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) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140137605459976">
<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. 04, 2021</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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_AmendmentFlag', window );">Amendment Flag</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_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000896159<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_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<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_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<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_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  04,  2021<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_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CHUBB LIMITED<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_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_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="re">
<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="ro">
<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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cb_INASeniorNotesDueDecember2024Member', window );">INA Senior Notes Due December 2024 [Member]</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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<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">Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024<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/24A<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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cb_INASeniorNotesDueJune2027Member', window );">INA Senior Notes Due June 2027 [Member]</a></td>
<td class="text">&#160;<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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/27<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cb_INASeniorNotesDueMarch2028Member', window );">INA Senior Notes Due March 2028 [Member]</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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<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">Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028<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/28<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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cb_INASeniorNotesDueDecember2029Member', window );">INA Senior Notes Due December 2029 [Member]</a></td>
<td class="text">&#160;<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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/29A<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cb_INASeniorNotesDueJune2031Member', window );">INA Senior Notes Due June 2031 [Member]</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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<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">Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031<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/31<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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=cb_INASeniorNotesDueMarch2038Member', window );">INA Senior Notes Due March 2038 [Member]</a></td>
<td class="text">&#160;<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_cb_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</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_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/38A<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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cb_DocumentAndEntityInformationLineItems">
<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 );">- References</a><div><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;">cb_DocumentAndEntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<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>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<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>
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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>
<td>xbrli:gMonthDayItemType</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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<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 YYYY-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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<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>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<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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</table></div>
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<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>
<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_PreCommencementIssuerTenderOffer">
<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 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>
</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_PreCommencementTenderOffer">
<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>
</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_Security12bTitle">
<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>
</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:securityTitleItemType</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_SecurityExchangeName">
<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>
</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:edgarExchangeCodeItemType</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_SolicitingMaterial">
<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 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>
</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>
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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">
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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>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
