<SEC-DOCUMENT>0001104659-25-022171.txt : 20250310
<SEC-HEADER>0001104659-25-022171.hdr.sgml : 20250310
<ACCEPTANCE-DATETIME>20250310161902
ACCESSION NUMBER:		0001104659-25-022171
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250307
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250310
DATE AS OF CHANGE:		20250310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		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:		25723966

	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
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<p style="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">UNITED
STATES</span></p>

<p style="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">SECURITIES
AND EXCHANGE COMMISSION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Washington,
D.C. 20549</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Current Report</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (<i>see </i>General Instruction A.2. below):</p>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<tr>
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<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section&#160;12(b)
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<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in; text-align: left">Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in; text-align: left">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&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 1 -->
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529"><span style="font-family: Times New Roman, Times, Serif">On
March 7, 2025, the Board of Directors of Chubb Limited (the &#8220;Company&#8221;) </span>completed a share capital reduction of CHF
3,759,282.50, by means of cancellation of 7,518,565 treasury shares, par value CHF 0.50 per share, repurchased by the Company in 2024.
The capital reduction became effective upon registration with the Commercial Register of the Canton of Zurich, Switzerland, and was completed
pursuant to and in accordance with the capital band provision for authorized share capital increases and reductions by the Board of Directors
set forth in the Company&#8217;s Articles of Association that was approved by shareholders at the Company&#8217;s 2024 annual general
meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529"><span style="font-family: Times New Roman, Times, Serif">Article
3 of the Company&#8217;s Articles of Association was amended to effect the share capital reduction, reflecting the change in share capital
from</span> CHF 209,812,993, divided into 419,625,986 registered shares, to CHF 206,053,710.50, divided into 412,107,421 registered shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 0.75in"><b>Item 9.01.</b></td><td><b>Financial Statements and Exhibits</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: left"><i>(d)</i></td><td style="text-align: justify"><i>Exhibits</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.75in">
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    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">DATE: </span>March
10, 2025</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm258597d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
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<P STYLE="margin: 0pt; text-align: right"><B>Exhibit 3.1</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Statuten</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Articles
    of Association</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">der</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chubb
    Limited</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chubb
    Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Chubb
    AG)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Chubb
    AG)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Chubb
    SA)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Chubb
    SA)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>______________________________________________________</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>______________________________________________________</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.
    Firma, Sitz und Zweck der Gesellschaft</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.
    Name, Domicile and Purpose of the Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 1</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Firma, Sitz und Dauer der Gesellschaft</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article 1</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate Name, Registered Office
and Duration</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unter der Firma</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the corporate
    name</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chubb
    Limited</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chubb
    Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Chubb
    AG)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Chubb
    AG)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>(Chubb SA)</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Chubb
    SA)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">besteht eine Aktiengesellschaft
    gem&auml;ss Artikel 620 ff. OR mit Sitz in Z&uuml;rich. Die Dauer der Gesellschaft ist unbeschr&auml;nkt.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a Company exists
    pursuant to art. 620 et seq. of the Swiss Code of Obligations (hereinafter &quot;CO&quot;) having its registered office in Zurich.
    The duration of the Company is unlimited.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 2</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zweck</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;2</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purpose</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die
    Gesellschaft kann Finanz- und Management-Transaktionen ausf&uuml;hren. Sie kann Zweigniederlassungen und Tochtergesellschaften im
    In- und Ausland errichten.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may carry out finance and management transactions and set up branches and subsidiaries in Switzerland and abroad.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die
    Gesellschaft kann im In- und Ausland Grundst&uuml;cke erwerben, halten und ver&auml;ussern.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company may acquire, hold and sell real estate in Switzerland and abroad.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Aktienkapital
    und Aktien</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Share
    Capital and Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 3</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aktienkapital</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;3</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share Capital</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: 0.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Das
    Aktienkapital der Gesellschaft betr&auml;gt CHF 206'053'710.50 und ist eingeteilt in 412'107'421 auf den Namen lautende
    Aktien im Nennwert von CHF 0.50 je Aktie. Das Aktienkapital ist vollst&auml;ndig liberiert.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: 0.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    share capital of the Company amounts to CHF 206,053,710.50 and is divided into 412,107,421 registered shares with a nominal value of
    CHF 0.50 per share. The share capital is fully paid-in.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 4</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bedingtes Aktienkapital f&uuml;r
    Anleihensobligationen und &auml;hnliche Instrumente der Fremdfinanzierung</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;4</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditional Share Capital for
    Bonds and Similar Debt Instruments</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Das
    Aktienkapital der Gesellschaft wird im Maximalbetrag von CHF 16'500'000.00 durch Ausgabe von h&ouml;chstens 33'000'000 vollst&auml;ndig
    zu liberierenden Namenaktien mit einem Nennwert von CHF 0.50 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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    share capital of the Company shall be increased by an amount not exceeding CHF&nbsp;16,500,000.00 through the issue of a maximum
    of 33,000,000 registered shares, payable in full, each with a nominal value of CHF&nbsp;0.50 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Shareholders'
    pre-emptive rights are excluded. Shareholders' 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 re-finance 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.</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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&nbsp;8 of the Articles of Association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 5</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bedingtes Aktienkapital f&uuml;r
    Mitarbeiterbeteiligungen</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;5</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditional Share Capital for
    Employee Benefit Plans</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Das
    Aktienkapital der Gesellschaft wird im Maximalbetrag von CHF&nbsp;12&rsquo;705&rsquo;464.50 durch Ausgabe von h&ouml;chstens 25'410'929
    vollst&auml;ndig zu liberierenden Namenaktien mit einem Nennwert von CHF&nbsp;0.50 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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    share capital of the Company shall be increased by an amount not exceeding CHF&nbsp;12,705,464.50 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;0.50, 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Shareholders'
    pre-emptive 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.</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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&nbsp;8 of the Articles of Association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 6</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kapitalband</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;6&#8239;</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Capital Band</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Verwaltungsrat ist erm&auml;chtigt, jederzeit bis zum 16. Mai 2025 innerhalb einer Obergrenze von CHF 251&rsquo;775&rsquo;591.50,
    entsprechend 503&rsquo;551&rsquo;183 vollst&auml;ndig zu liberierenden Namenaktien mit einem Nennwert von je CHF 0.50 und einer Untergrenze
    von CHF 167&rsquo;850&rsquo;394.50, entsprechend 335&rsquo;700&rsquo;789 vollst&auml;ndig zu liberierenden Namenaktien mit einem
    Nennwert von je CHF 0.50, das Aktienkapital einmal oder mehrere Male zu ver&auml;ndern.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors is authorized any time until May&nbsp;16, 2025 to change the share capital once or several times within the upper
    limit of CHF 251,775,591.50, corresponding to 503,551,183 registered shares with a par value of CHF 0.50 each to be fully paid up,
    and the lower limit of CHF 167,850,394.50, corresponding to 335,700,789 registered shares with a par value of CHF 0.50 each to be
    fully paid up.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Im
    Falle einer Kapitalerh&ouml;hung gilt Folgendes:</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
    the event of a capital increase the following applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 65.75pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Verwaltungsrat legt die Anzahl Aktien, den Zeitpunkt der Ausgabe von neuen Aktien, den Ausgabebetrag, die Art der zu leistenden Einlagen
    (einschliesslich Bareinlagen, Sacheinlagen, Verrechnung und Umwandlung von frei verwendbaren Reserven, einschliesslich Gewinnvortrag,
    in Aktienkapital), den Zeitpunkt der Ausgabe, die Bedingungen der Bezugsrechtsaus&uuml;bung und den Beginn der Dividendenberechtigung
    fest. Dabei kann der Verwaltungsrat neue Aktien mittels Fest&uuml;bernahme durch eine Bank oder einen anderen Dritten und anschliessenden
    Angebots an die bisherigen Aktion&auml;re ausgeben. Der Verwaltungsrat ist erm&auml;chtigt, den Handel mit Bezugsrechten zu beschr&auml;nken
    oder auszuschliessen. Nicht ausge&uuml;bte Bezugsrechte kann der Verwaltungsrat verfallen lassen oder diese bzw. Die Aktien, f&uuml;r
    welche Bezugsrechte einger&auml;umt, aber nicht ausge&uuml;bt werden, zu Marktkonditionen platzieren oder anderweitig im Interesse
    der Gesellschaft verwenden.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors shall determine the number of shares to be issued, the date of issue, the type of contributions (including cash
    contributions, contributions in kind, set-off and conversion of freely usable reserves, including retained earnings, into share capital),
    the conditions governing the exercise of subscription rights and the commencement of dividend entitlement. The Board of Directors
    may issue new shares which are underwritten by a bank or other third party and subsequently offered to existing shareholders. The
    Board of Directors is authorized to restrict or to prohibit trading in the subscription rights to the new shares. In the event of
    subscription rights not being exercised, the Board of Directors may, at its discretion, either allow such rights to expire worthless,
    or place them or the shares to which they entitle their holders either at market prices or in some other manner commensurate with
    the interests of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 65.75pt; text-align: justify; text-indent: -0.5in; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Verwaltungsrat ist erm&auml;chtigt, Bezugsrechte der Aktion&auml;re auszuschliessen und diese Dritten, der Gesellschaft oder ihren
    Tochtergesellschaften 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)&nbsp;St&auml;rkung der regulatorischen Kapitalbasis der Gesellschaft oder ihrer Tochtergesellschaften
    (unter Einschluss von Privatplatzierungen), (3)&nbsp;zur Erweiterung des Aktionariats oder f&uuml;r Beteiligungen durch strategische
    Partner, (4)&nbsp;im Zusammenhang mit der Kotierung neuer Aktien zu Marktbedingungen an in- oder ausl&auml;ndischen B&ouml;rsen (unter
    Einschluss von Privatplatzierungen), (5)&nbsp;die neuen Aktien zum Zwecke der raschen und flexiblen Beschaffung von Eigenkapital
    ausgegeben werden, wenn eine solche Kapitalbeschaffung schwierig oder nur zu ung&uuml;nstigeren Bedingungen m&ouml;glich w&auml;re,
    wenn das Bezugsrecht auf die neuen Aktien nicht ausgeschlossen w&uuml;rde, und (6)&nbsp;zum Zwecke der Beteiligung von Verwaltungsratsmitgliedern,
    Mitarbeitern, Beauftragten, Beratern oder anderer Personen, die Dienstleistungen zugunsten der Gesellschaft oder einer ihrer Tochtergesellschaften
    erbringen.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors is authorized to exclude the pre-emptive rights of the shareholders and to allocate them to individual shareholders,
    third parties, the Company or one of its subsidiaries, 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)&nbsp;to improve the regulatory capital position of the Company or its subsidiaries
    (including by way of private placements), (3)&nbsp;broadening the shareholder constituency or for investment by strategic partners,
    (4)&nbsp;in connection with the listing of new shares at market conditions on domestic or foreign stock exchanges (including by way
    of private placements), (5)&nbsp;the new shares being issued for the purpose of raising equity capital in a swift and flexible manner,
    where such raising of capital would be difficult or would only be possible at less favorable conditions if the pre-emptive rights
    to the new shares were not excluded, and (6)&nbsp;the participation of members of the Board of Directors, employees, contractors,
    consultants or other persons performing services for the benefit of the Company or any of its subsidiaries.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Im
    Falle einer Kapitalherabsetzung bestimmt der Verwaltungsrat, soweit erforderlich, die Zahl der zu vernichtenden Aktien und die Verwendung
    des Herabsetzungsbetrags. Erwerb und Halten von zur Vernichtung unter dem Kapitalband zur&uuml;ckgekauften Aktien unterliegen, soweit
    gesetzlich zul&auml;ssig, nicht der 10%-Schwelle f&uuml;r eigene Aktien im Sinne von Art. 659 Abs. 2 OR.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
    case of a capital reduction, the Board of Directors shall, to the extent necessary, determine the number of cancelled shares and
    the use of the reduction amount. The acquisition and holding of shares repurchased for purposes of cancellation under the capital
    band are, to the extent permitted by law, not subject to the 10% threshold for own shares within the meaning of Art. 659 para. 2
    CO.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Kapitalerh&ouml;hungen
    k&ouml;nnen sowohl durch Erh&ouml;hung des Nennwerts der Aktien als auch durch Schaffung von Aktien und Kapitalherabsetzungen k&ouml;nnen
    sowohl durch Reduktion des Nennwerts der Aktien als auch durch Vernichtung von Aktien durchgef&uuml;hrt werden. Der Verwaltungsrat
    ist auch erm&auml;chtigt, eine gleichzeitige Reduktion und Wiedererh&ouml;hung des Aktienkapitals vorzunehmen. Bei einer Nennwerterh&ouml;hung
    oder -reduktion setzt der Verwaltungsrat den neuen Nennwert der Aktien fest und passt s&auml;mtliche Bestimmungen der Statuten, die
    sich auf den Nennwert einer Aktie beziehen, sowie die Anzahl Aktien mit neuem Nennwert, welcher der festen betragsm&auml;ssigen Ober-
    und Untergrenze des Kapitalbands nach Abs. 1 entsprechen, entsprechend an.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Capital
    increases may be performed both by increasing the par value of the shares and by issuing new shares, and reductions may be performed
    both by reducing the par value of the shares and by cancelling shares. The Board of Directors is also authorized to carry out a simultaneous
    reduction and re-increase of the share capital. In the case of a reduction of the par value, the Board of Directors shall adapt all
    provisions of the Articles of Association relating to the par value of a share as well as the number of shares with a new nominal
    value corresponding to the fixed upper and lower limit of the capital band according to para. 1, accordingly.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Die
    Zeichnung und der Erwerb von Aktien, die im Rahmen des Kapitalbands ausgegeben werden, und jede weitere &Uuml;bertragung der Aktien
    unterliegen den Beschr&auml;nkungen von Art. 8 der Statuten.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subscription
    to and acquisition of newly issued shares out of the capital band and any further transfers of their ownership shall be subject to
    the restrictions specified in art. 8 of the Articles of Association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 7</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aktienzertifikate</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;7</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share Certificates</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Aktion&auml;r hat keinen Anspruch auf Druck und Auslieferung von Urkunden oder auf Umwandlung von in bestimmter Form&nbsp;ausgegebenen
    Aktien in eine andere Form. Die Gesellschaft kann 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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    shareholder has no right to demand printing or delivery of share certificates or a conversion of the form of the shares. The Company
    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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 8</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aktienregister; Beschr&auml;nkungen
    der &Uuml;bertragbarkeit</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;8</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder's Register, Transfer
    Restrictions</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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&nbsp;8(c), (d), (e)&nbsp;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. Non-recognized 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
    individual or legal entity may, directly or indirectly, formally, constructively or beneficially own (as defined in Article&nbsp;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.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt; width: 46%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; width: 46%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 Beteiligung 10% oder mehr des Aktienkapitals betr&auml;gt, werden die entsprechenden Aktien ohne Stimmrecht
    ins Aktienbuch eingetragen.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 pre-emptive rights arising from either registered or bearer shares. The registered
    shares exceeding the limit of 10% shall be entered in the share register as shares without voting rights.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors may in special cases approve exceptions to the above regulations (Article&nbsp;8(c), (d), (e)&nbsp;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&nbsp;8(f).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Until
    an acquirer becomes a shareholder with voting rights for the shares in accordance with this Article&nbsp;8, she/he may neither exercise
    the voting rights connected with the shares nor other rights associated with the voting rights.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Organisation</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Organization</B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Die
    Generalversammlung</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    General Meeting</B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    9</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Befugnisse</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;9</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorities</B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die
    Generalversammlung ist das oberste Organ der Gesellschaft. Sie hat die folgenden un&uuml;bertragbaren Befugnisse:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    General Meeting is the supreme corporate body of the Company. It has the following non-transferable powers:</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Festsetzung und &Auml;nderung der Statuten;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
    adopt and amend the Articles of Association;</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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;</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Genehmigung des Lageberichts, der Jahresrechnung und der Konzernrechnung, des Berichts &uuml;ber nichtfinanzielle Belange der Gesellschaft,
    die Beschlussfassung &uuml;ber die Verwendung des Bilanzgewinns, insbesondere die Festsetzung der Dividende (einschliesslich einer
    allf&auml;lligen R&uuml;ckzahlung der gesetzlichen Kapitalreserve), sowie die Festsetzung der Zwischendividende aus laufendem Gewinn
    und die Genehmigung des damit verbundenen Zwischenabschlusses;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
    approve the statutorily required management report, the annual accounts and the consolidated financial statements, the report on
    non-financial matters of the Company, to pass resolutions regarding the allocation of profits as shown on the balance sheet, in particular
    to determine the dividends (including any repayment of the statutory capital reserve) as well as to determine the dividend out of
    current profits (interim dividends) and the interim financial statements in relation thereto;</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Entlastung der Mitglieder des Verwaltungsrats;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
    grant discharge to the members of the Board of Directors;</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Dekotierung der Beteiligungspapiere der Gesellschaft;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
    delist the Company's shares;</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.75pt; text-align: justify; text-indent: -29.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Genehmigung der Verg&uuml;tungen des Verwaltungsrats und der Gesch&auml;ftsleitung gem&auml;ss Art. 25 der Statuten; und</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
    approve the compensation of the Board of Directors and the Executive Management in accordance with Article&nbsp;25; and</FONT></TD>
    </TR>
</TABLE>

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    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    10</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Generalversammlungen
    sowie deren Einberufung</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;10</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meetings
    and Convening the Meeting</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Die
    ordentliche Generalversammlung findet allj&auml;hrlich innerhalb von sechs Monaten nach Abschluss des Gesch&auml;ftsjahres statt.
    Zeitpunkt und Ort, welcher im In- oder Ausland sein kann, werden durch den Verwaltungsrat bestimmt.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ausserordentliche
    Generalversammlungen finden statt, wenn es der Verwaltungsrat f&uuml;r angezeigt erachtet. Ausserdem m&uuml;ssen ausserordentliche
    Generalversammlungen einberufen werden auf Beschluss einer Generalversammlung oder wenn stimmberechtigte Aktion&auml;re, welche zusammen
    mindestens 5% des Aktienkapitals vertreten, es unter Anf&uuml;hrung des Verhandlungsgegenstandes und der Antr&auml;ge schriftlich
    verlangen.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Extraordinary
    General Meetings may be called by resolution of the Board of Directors. Moreover, Extraordinary General Meetings must be called if
    shareholders so resolve at a General Meeting or if shareholders with voting powers representing at least 5% of the share capital
    request so in writing, stating the agenda items and the motions.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 11</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Einberufung</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;11</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0.85pt; text-align: justify; text-indent: -0.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Der Inhalt der
    Einberufung richtet sich nach dem Gesetz.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 1.5pt; text-align: justify; text-indent: -1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &quot;Schweizerisches Handelsamtsblatt&quot; at least 20 days before the date of the meeting.
    The notice of the meeting shall include the content prescribed by law.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 12</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Traktanden</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;12</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agenda</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Verwaltungsrat nimmt die Traktandierung der Verhandlungsgegenst&auml;nde vor.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors shall state the matters on the agenda.</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 90 Tage vor dem Jahrestag der vorj&auml;hrigen ordentlichen
    Generalversammlung einzureichen; liegt jedoch die ordentliche Generalversammlung mehr als 30 Tage vor oder nach dem Jahrestag der
    vorj&auml;hrigen ordentlichen Generalversammlung, wurde im Vorjahr keine solche Generalversammlung abgehalten oder handelt es sich
    um eine ausserordentliche Generalversammlung, ist das Begehren nur dann rechtzeitig erfolgt, wenn es innert 90 Tagen vor der Generalversammlung
    oder, sofern sp&auml;ter, innert 10 Tagen nach der ersten &ouml;ffentlichen Bekanntmachung des Datums der Generalversammlung eingegangen
    ist.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 not less than 90
    days before the anniversary date of the prior year&rsquo;s annual general meeting; provided, however, that in the event that the
    annual general meeting is more than 30 days before or after such anniversary date, if no such meeting was held in the preceding year,
    or in case of an extraordinary general meeting, such demand shall be timely only if received not less than 90 days before such general
    meeting or, if later, within 10 days after the first public announcement of the date of such meeting.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: 0.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soll
    eine Begr&uuml;ndung in &Uuml;bereinstimmung mit diesem Artikel&nbsp;12 und anderen anwendbaren rechtlichen Bestimmungen in die Einberufung
    aufgenommen werden, ist sie vom Antragsteller innert derselben Frist einzureichen und pr&auml;gnant, klar und nicht irref&uuml;hrend
    zu formulieren.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -0.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;In
    case registered shareholders in compliance with this Article&nbsp;12 and other applicable legal requirements wish to have an explanation
    of the matter included in the invitation, such statement shall be submitted within the same period of time and shall be concise,
    clear and not misleading.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&Uuml;ber
    Antr&auml;ge zu nicht geh&ouml;rig angek&uuml;ndigten Verhandlungsgegenst&auml;nden, welche auch nicht im Zusammenhang mit einem
    geh&ouml;rig traktandierten Verhandlungsgegenstand stehen, k&ouml;nnen keine Beschl&uuml;sse gefasst werden, ausser in den gesetzlich
    vorgesehenen F&auml;llen.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
    resolution shall be passed on matters proposed only at the General Meeting and which have no bearing on any of the proposed items
    of the agenda, apart from those exceptions permitted by law.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    13</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vorsitz
    und Protokoll</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;13</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chair, Minutes</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Vorsitzende bezeichnet einen Protokollf&uuml;hrer sowie die Stimmenz&auml;hler, welche keine Aktion&auml;re sein m&uuml;ssen.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Chairman designates a Secretary for the minutes as well as the scrutinizers who need not be shareholders.</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Verwaltungsrat ist verantwortlich f&uuml;r die Protokollf&uuml;hrung. Das Protokoll wird vom Vorsitzenden und vom Protokollf&uuml;hrer
    unterzeichnet.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors is responsible for the keeping of the minutes, which are to be signed by the Chairman and by the Secretary.</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    14</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stimmrecht
    und Vertreter</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;14</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting Rights
    and Shareholders Proxies</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
    share is entitled to one vote subject to the provisions of Article&nbsp;8 and Article&nbsp;14(b)&nbsp;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.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ungeachtet
    lit. a) vorstehend, gilt Folgendes: Sobald und solange eine nat&uuml;rliche oder juristische Person 10% oder mehr des im Handelsregister
    eingetragenen Aktienkapitals der Gesellschaft kontrolliert, ist diese bei ordentlichen oder ausserordentlichen Generalversammlungen
    maximal zu den gem&auml;ss nachfolgender Formel zu eruierenden Stimmen (abgerundet auf die n&auml;chst tiefere, runde Zahl) berechtigt:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
    para. a) above, if and so long as the Controlled Shares of any individual or legal entity constitute ten percent (10%) or more of
    the registered share capital recorded in the Commercial Register, such individual or legal entity shall be entitled to cast votes
    at any General Meeting or Extraordinary General Meeting in the aggregate equal to the number (rounded down to the nearest whole number)
    obtained from following formula:</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(T
    &divide; 10) - 1</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt">&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(T
    &divide; 10) - 1</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 106.2pt; text-align: justify; text-indent: -76.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wobei
    gilt:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;T&rdquo; ist gleich der Gesamtanzahl der
    Stimmrechte, welche auf dem im Handelsregister eingetragenen gesamten Aktienkapital der Gesellschaft verliehen werden.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 78.8pt; text-align: justify; text-indent: -45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;Where:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;T&rdquo;
    is the aggregate number of votes conferred by all the registered share capital recorded in the Commercial Register.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 78.8pt; text-align: justify; text-indent: -45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Als
    &quot;kontrolliert&quot; im Sinne dieses Artikels gelten folgende Aktien:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
    purposes of this Article&nbsp;14,&quot;Controlled Shares&quot; in reference to any individual or entity means:</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 65.7pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;alle
    Aktien der Gesellschaft, welche direkt oder indirekt von einer nat&uuml;rlichen oder juristischen Person gehalten werden, wobei:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in">&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
    shares of the Company directly, indirectly or constructively owned by such individual or entity; provided that</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 92.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 92.7pt; text-align: justify; text-indent: -27pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 92.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;shares
    subject to options, warrants or other similar rights shall be deemed to be owned; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 65.7pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
    Shares of the Company directly, indirectly beneficially owned by such individual or entity; provided that</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 69.8pt; text-align: justify; text-indent: -0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 92.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
    beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding,
    relationship, or otherwise has or shares:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 119.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Einfluss
    auf das Stimmrecht der betreffenden Aktien, sei dies direkt oder indirekt; und/oder</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 123.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;voting
    power which includes the power to vote, or to direct the voting of, such security; and/or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 119.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Einfluss
    auf die Verf&uuml;gungsberechtigung an den betreffenden Aktien, sei dies direkt oder indirekt;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 123.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;investment
    power which includes the power to dispose, or to direct the disposition of, such security.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 123.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 92.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 92.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    das Recht hat innerhalb von 60 Tagen die wirtschaftliche Berechtigung an Aktien zu erwerben, insbesondere, jedoch nicht abschliessend,
    durch: (A)&nbsp;Aus&uuml;bung von Wandel-, Options- oder sonstigen Rechten; (B)&nbsp;durch die Umwandlung eines Wertpapiers; (C)&nbsp;durch
    die automatische Aufhebung eines Trusts, eines Verm&ouml;gensverwaltungskontos oder einer &auml;hnlichen Vereinbarung; oder (D)&nbsp;durch
    Ablauf der Dauer eines Trusts, eines Verm&ouml;gensverwaltungskontos oder einer &auml;hnlichen Vereinbarung.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
    person shall be deemed to be the beneficial owner of shares if that person has the right to acquire beneficial ownership of such
    shares within 60 days, including but not limited to any right to acquired: (A)&nbsp;through the exercise of any option, warrant or
    right; (B)&nbsp;through the conversion of a security; (C)&nbsp;pursuant to the power to revoke a trust, discretionary account, or
    similar arrangement; or (D)&nbsp;pursuant to the automatic termination of a trust, discretionary account or similar arrangement.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 In- und Ausland beiziehen,
    welche Art. 14 der Statuten &auml;hnlich sind.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors shall have the authority to interpret the provisions of this Article&nbsp;14 and to determine the ownership of
    shares by any individual or entity so as to fully implement the provisions of this Article&nbsp;14. In so interpreting this Article&nbsp;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&nbsp;14.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Verwaltungsrat kann in besonderen F&auml;llen Ausnahmen von den vorerw&auml;hnten Stimmrechtsbeschr&auml;nkungen gew&auml;hren.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors may in special cases allow exceptions from this limitation on voting rights.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    15</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unabh&auml;ngiger
    Stimmrechtsvertreter und weitere Vertretungsregeln</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;15</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8239;Independent
    Proxy and Additional Rules&nbsp;on Proxies</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.
    Re-election is permitted.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt; width: 46%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.&nbsp;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.
    689b Abs. 2 OR), sofern sie aufgrund einer schriftlichen Vollmacht und nach Massgabe von konkreten oder allgemeinen Weisungen des
    betreffenden Aktion&auml;rs handeln. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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&nbsp;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. 689b para. 2 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
    the Independent Proxy is not available anymore to hold office, if the Board of Directors lawfully suspends it 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.</FONT></TD></TR>
  </TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    16</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beschl&uuml;sse</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;16</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resolutions</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Die
    Generalversammlung ist beschlussf&auml;hig ohne R&uuml;cksicht auf die Zahl der anwesenden Aktion&auml;re oder der vertretenen Aktien.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    General Meeting may pass resolutions without regard to the number of shareholders present or shares represented.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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).</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 non-votes, blank or invalid ballots shall be disregarded
    for purposes of establishing the majority).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</FONT></TD></TR>
</TABLE>

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    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    17</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quorum</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;17</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quorums</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 96.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    in Art. 704 Abs. 1 OR aufgef&uuml;hrten Gesch&auml;fte, d.h. f&uuml;r:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    cases listed in art. 704 para. 1 CO, i.e.:</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    &Auml;nderung des Gesellschaftszwecks;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    change of the company purpose;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Zusammenlegung von Aktien, soweit daf&uuml;r nicht die Zustimmung aller betroffenen Aktion&auml;re erforderlich ist;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    consolidation of shares, to the extent consent of all shareholders concerned is not required;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Kapitalerh&ouml;hung aus Eigenkapital, gegen Sacheinlagen oder durch Verrechnung mit einer Forderung und die Gew&auml;hrung von besonderen
    Vorteilen;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;an
    increase of capital out of equity, against contribution in kind, or by offsetting against a claim and the granting of special benefits;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Einschr&auml;nkung oder Aufhebung des Bezugsrechts;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    limitation or withdrawal of pre-emptive rights;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Einf&uuml;hrung eines bedingten Kapitals oder eines Kapitalbands;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;an
    introduction of contingent capital or a capital band;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Umwandlung von Partizipationsscheinen in Aktien;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
    conversion of participation certificates to shares;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Beschr&auml;nkung der &Uuml;bertragbarkeit von Namenaktien;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    restriction of the transferability of registered shares;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Einf&uuml;hrung von Stimmrechtsaktien;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    creation of shares with privileged voting rights;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;den
    Wechsel der W&auml;hrung des Aktienkapitals;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
    change of the currency of the share capital;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Einf&uuml;hrung des Stichentscheids des Vorsitzenden in der Generalversammlung;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.7pt; text-align: justify; text-indent: -26.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    introduction of the casting vote of the Chairman of the General Meeting;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Dekotierung der Beteiligungspapiere der Gesellschaft;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    delisting of the Company's shares or other equity instruments;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Verlegung des Sitzes der Gesellschaft;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    change of the domicile of the Company;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Einf&uuml;hrung einer statutarischen Schiedsklausel;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    introduction of an arbitration clause in these Articles of Association;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Aufl&ouml;sung der Gesellschaft;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 60.8pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    dissolution of the Company;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 56.7pt; text-align: justify; text-indent: -27pt; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; width: 46%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Fusion,
    Spaltung und Umwandlung der Gesellschaft (zwingende gesetzliche Bestimmungen vorbehalten);</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    merger, de-merger or conversion of the Company (subject to mandatory law);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Lockerung und die Aufhebung von &Uuml;bertragungsbeschr&auml;nkungen der Namenaktien;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    alleviating or withdrawal of restrictions upon the transfer of registered shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Umwandlung von Namenaktien in Inhaberaktien;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    conversion of registered shares into bearer shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    Abberufung von Mitgliedern des Verwaltungsrates im Sinne von Art. 705 Abs. 1 OR; und</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    dismissal of the members of the Board of Directors according to art. 705 para. 1 CO; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 29.7pt; text-align: justify; text-indent: -29.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;die
    &Auml;nderung oder Aufhebung der Art. 8, 15, 16 und 17 der Statuten.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 33.8pt; text-align: justify; text-indent: -33.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
    amendment or elimination of the provisions of Article&nbsp;8, Article&nbsp;15 and Article&nbsp;16 of the Articles of Association
    as well as those contained in this Article&nbsp;17.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Der
    Verwaltungsrat</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    Board of Directors</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    18</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wahl und
    Konstituierung</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;18</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Election
    and Constitution</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Re-election is possible.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Re-election is possible. The Chairman shall
    have no casting vote.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 19</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Zust&auml;ndigkeit und Delegation</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;19</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ultimate Direction, Delegation</B></FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der Verwaltungsrat
    kann aus seiner Mitte Aussch&uuml;ssen bestellen oder einzelne Mitglieder bestimmen, welche mit der Vorbereitung und/oder Ausf&uuml;hrung
    seiner Beschl&uuml;sse oder der &Uuml;berwachung bestimmter Gesch&auml;fte betraut sind. Der Verwaltungsrat erl&auml;sst hierzu die
    notwendigen organisatorischen Weisungen. Mit Ausnahme der un&uuml;bertragbaren Befugnisse kann der Verwaltungsrat die Gesch&auml;ftsf&uuml;hrung
    ganz oder teilweise an ein Mitglied oder mehrere Mitglieder des Verwaltungsrats oder an andere nat&uuml;rliche Personen, welche keine
    Aktion&auml;re zu sein brauchen, &uuml;bertragen. Der Verwaltungsrat erl&auml;sst hierzu die notwendigen Organisationsreglemente
    und erstellt die erforderlichen Vertragsdokumente.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
    non-transferable powers, the Board of Directors may further delegate the management of the business or parts thereof to one or more
    members of the Board of Directors or other natural persons who need not be shareholders. The Board of Directors shall record all
    such arrangements in a set of regulations for the Company and set up the necessary contractual framework.</FONT></TD></TR>
</TABLE>

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<TR STYLE="font-size: 1pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Einzelne Befugnisse</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Duties</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font-size: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 41%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 8%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 41%">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der Verwaltungsrat
    hat folgende un&uuml;bertragbare und unentziehbare Befugnisse:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Board of
    Directors has the following non-transferable and inalienable duties:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Oberleitung der Gesellschaft
    und die Erteilung der n&ouml;tigen Weisungen;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to ultimately oversee the
    Company and issue the necessary directives;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Festlegung der Organisation;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to determine the organization;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Ausgestaltung des Rechnungswesens,
    der Finanzkontrolle sowie der Finanzplanung, sofern diese f&uuml;r die F&uuml;hrung der Gesellschaft notwendig ist;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to organize the accounting,
    the financial control, as well as the financial planning;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Ernennung und Abberufung
    der mit der Gesch&auml;ftsf&uuml;hrung und der Vertretung betrauten Personen, sowie die Erteilung der Zeichnungsberechtigungen;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to appoint and remove the
    persons entrusted with the management and representation of the Company and to grant signatory power;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Erstellung
    des Gesch&auml;ftsberichtes, des Verg&uuml;tungsberichtes, des Berichts &uuml;ber nichtfinanzielle Belange und weitere Berichte,
    welche zwingend vom Verwaltungsrat zu genehmigen sind sowie die Vorbereitung der Generalversammlung und die Ausf&uuml;hrung ihrer
    Beschl&uuml;sse;</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to prepare
    the business report, the compensation report, the report on non-financial matters and other reports that are subject to mandatory
    approval by the Board of Directors, as well as the General Meeting and to implement the latter&rsquo;s resolutions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Einreichung eines Gesuchs
    um Nachlassstundung und die Benachrichtigung des Gerichts im Falle der &Uuml;berschuldung;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to file a motion for debt-restructuring
    moratoria and to inform the court in the event of over-indebtedness;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Beschlussfassung &uuml;ber
    die nachtr&auml;gliche Liberierung von nicht vollst&auml;ndig liberierten Aktien;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to pass resolutions regarding
    the subsequent payment of capital with respect to non-fully paid-in shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Beschlussfassung &uuml;ber
    die Durchf&uuml;hrung von Kapitalver&auml;nderungen, soweit diese in der Kompetenz des Verwaltungsrates liegen, sowie die Feststellung
    von Kapitalver&auml;nderungen und die entsprechenden Statuten&auml;nderungen;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to pass resolutions to
    implement changes in share capital, to the extent these are within the powers of the Board of Directors, as well as confirming changes
    in share capital and regarding the amendments to the Articles of Association entailed thereby;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&Uuml;berwachung der Fachkenntnisse
    der Spezialrevisionsstelle in den F&auml;llen, in denen das Gesetz den Einsatz einer solchen vorsieht; und</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to examine the professional
    qualifications of the specially qualified Auditors in the cases in which the law foresees the use of such Auditors; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">alle weiteren durch das
    Gesetz vorgesehenen un&uuml;bertragbaren und unentziehbaren Aufgaben des Verwaltungsrats.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all other non-transferable
    and inalienable duties of the Board of Directors provided for by law.</FONT></TD></TR>
</TABLE>

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<TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font-size: 1pt; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 36%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 8%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 36%">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 21&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Verg&uuml;tungsausschuss</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;21&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Compensation
    Committee</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font-size: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 41%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 8%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 41%">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Re-election is possible.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der Verg&uuml;tungsausschuss
    hat folgende Befugnisse und Zust&auml;ndigkeiten:</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Compensation
    Committee shall have the following powers and responsibilities:</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">die Festlegung und &Uuml;berwachung
    der Verg&uuml;tungspolitik der Gesellschaft f&uuml;r F&uuml;hrungskr&auml;fte;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;to establish and
    oversee the Company's executive compensation policies;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="text-align: justify">to periodically assess the Company&rsquo;s pay structure for the members of Executive Management
    and, where it deems their inclusion in such assessment is appropriate, other senior officers;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to review the chief executive
    officer's recommendations regarding the compensation of the other members of Executive Management and other senior officers (if applicable)
    and to determine appropriate compensation levels;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="text-align: justify">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;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;25;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;of the U.S. Securities and Exchange Commission to be included in the Company's annual proxy statement;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="text-align: justify">sonstige Aufgaben und Zust&auml;ndigkeiten, welche ihm die Statuten oder der Verwaltungsrat im Reglement
    des Verg&uuml;tungsausschusses oder anderweitig zuweisen.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der Verg&uuml;tungsausschuss
    hat die Befugnis, Verg&uuml;tungsberater, unabh&auml;ngige Rechtsberater oder andere Berater beizuziehen.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Compensation
    Committee shall have the authority to retain any compensation consultant, independent legal counsel or other adviser.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Revisionsstelle
    und Spezialrevisionsstelle</B></FONT></TD>
    <TD STYLE="text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Auditors
    and Special Auditor</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 22&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amtsdauer,
    Befugnisse und Pflichten</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;22&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Term,
    Powers and Duties</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die Revisionsstelle
    wird von der Generalversammlung gew&auml;hlt. Rechte und Pflichten der Revisionsstelle bestimmen sich nach den gesetzlichen Vorschriften.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Auditors
    shall be elected by the General Meeting and shall have the powers and duties vested in them by law.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 set-off.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.&#8239;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Verg&uuml;tungen
    und damit im Zusammenhang stehende Bestimmungen</B></FONT></TD>
    <TD STYLE="text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT></TD>
    <TD STYLE="text-align: left; width: 41%"><B>Compensation and Related Provisions</B></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 23&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Verg&uuml;tungselemente</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;23&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Elements
    of Compensation</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;24.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;25.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;25:</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auslagenersatz
    und steuerlich abzugsf&auml;hige Spesenpauschalen;</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reimbursement
    of expenses and tax-deductible lump-sum expenses;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pr&auml;mien f&uuml;r Versicherungen,
    die nach Beurteilung des Verg&uuml;tungsausschusses im Interesse der Gesellschaft liegen;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">premiums for insurance
    which are in the view of the Compensation Committee entered into in the interest of the Company;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geringf&uuml;gige Sachleistungen,
    allgemeine Mitarbeiterverg&uuml;nstigungen und andere &auml;hnliche Fringe Benefits;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insignificant benefits
    in kind, general employee benefits and other similar fringe benefits;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entsch&auml;digungen, Vorsch&uuml;sse und Versicherungen gem&auml;ss
Art.&nbsp;23 lit. e).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">indemnification, advances
    and insurances according to Article&nbsp;23(e).</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without limiting
    the foregoing paragraph, the Company shall advance court costs and attorney'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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Im Rahmen dieses Abschnitts
    IV umfasst der Begriff &quot;Gesch&auml;ftsleitung&quot; auch jedes Mitglied des Verwaltungsrats, welches gleichzeitig ein Mitglied
    der Gesch&auml;ftsleitung ist (Delegierte des Verwaltungsrats).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within this section IV,
    the term &quot;Executive Management&quot; shall also encompass any member of the board of directors who is a member of the Executive
    Management at the same time (Managing Director).</FONT></TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    24&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Anreiz- und Beteiligungspl&auml;ne</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;24&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Incentive
    and Equity Plans</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable Verg&uuml;tungen,
    die Mitgliedern der Gesch&auml;ftsleitung im Zusammenhang mit einem bestimmten Jahr bezahlt oder gew&auml;hrt werden, k&ouml;nnen
    aus einem Bonus in bar gem&auml;ss Art. 24 lit. c) und aus Zuteilungen von Beteiligungsrechten (aktienbasierten Awards) mit langfristiger
    Anreizwirkung gem&auml;ss Art.&nbsp;24 lit. d) bestehen, zuz&uuml;glich gegebenenfalls Beitr&auml;gen des Arbeitsgebers f&uuml;r
    die Pensionskasse und Sozialversicherungen. In besonderen F&auml;llen und nach vorg&auml;ngiger Genehmigung durch die Generalversammlung
    k&ouml;nnen die Mitglieder der Gesch&auml;ftsleitung einen zus&auml;tzlichen Ermessensbonus erhalten. Des Weiteren kann der Verwaltungsrat
    oder der Verg&uuml;tungsausschuss bestimmen, dass die Mitglieder der Gesch&auml;ftsleitung berechtigt sind, am Mitarbeiterbeteiligungsplan
    der Gesellschaft teilzunehmen, welcher von der Generalversammlung mittels konsultativem oder bindendem Beschluss, wie nach anwendbarem
    Recht (inklusive den US-Wertschriftengesetzen) verlangt, genehmigt wurde.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;24(c)&nbsp;and long-term incentive equity awards pursuant to Article&nbsp;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&rsquo;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).</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable Verg&uuml;tungen
    beruhen auf Performancekriterien, welche die Performance der Gesellschaft und der Gruppe und/oder von deren Gesch&auml;ftseinheiten
    und/oder individuelle Zielen ber&uuml;cksichtigen. Der Verwaltungsrat oder der Verg&uuml;tungsausschuss setzen Performancekriterien,
    Zielwerte und deren Erreichung fest (wobei die Bestimmung von individuellen Zielen und deren Erreichung in Bezug auf jedes andere
    Mitglied der Gesch&auml;ftsleitung an den Chief Executive Officer delegiert werden kann). Wenn der Verwaltungsrat oder der Verg&uuml;tungsausschuss
    es als zweckm&auml;ssig erachtet, kann er auch Zuteilungen mit langfristiger Anreizwirkung gew&auml;hren, welche unabh&auml;ngig
    von der Erreichung von Zielen in der Vergangenheit an die zuk&uuml;nftige Performance gekn&uuml;pft sind.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable compensation
    shall be based on performance criteria that take into account the performance of the Company and the group and/or operating units
    thereof, and/or individual targets. The Board of Directors or the Compensation Committee determines performance criteria, target
    levels, and their achievement (it being understood that the determination of individual targets and their achievement may be delegated
    to the chief executive officer in respect to any other member of Executive Management). If deemed appropriate, the Board of Directors
    or Compensation Committee may also grant long-term incentive awards that are linked to future performance independently from the
    achievement of targets in the past.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cash bonus is paid
    out based on achievements which are generally measured based on the one-year period to which the cash bonus relates, applying the
    above criteria and framework.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 US-Wertschriftengesetzen) verlangt, genehmigt
    wurde.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 US-Wertschriftengesetzen,
    zul&auml;ssig ist).</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo; practices if it deems appropriate for business, recruitment or retention purposes). In accordance
    with, and subject to, Article&nbsp;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.</FONT></TD></TR>
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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 25&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Genehmigung
    von Verg&uuml;tungen</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;25&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Approval
    of Compensation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die ordentliche
    Generalversammlung genehmigt jedes Jahr je den maximalen Gesamtbetrag:</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each year the
    ordinary General Meeting shall approve separately the maximum aggregate amount each of:</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">der Verg&uuml;tungen
    f&uuml;r den Verwaltungsrat bis zur n&auml;chsten ordentlichen Generalversammlung; und</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the compensation
    of the Board of Directors until the next ordinary general meeting; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">der Verg&uuml;tungen f&uuml;r
    die Gesch&auml;ftsleitung f&uuml;r das n&auml;chste Kalenderjahr.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the compensation of the
    Executive Management for the next calendar year.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the General
    Meeting does not approve an aggregate amount pursuant to Article&nbsp;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.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;25(a)(2)&nbsp;above.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die Gesellschaft ist berechtigt,
    eine Verg&uuml;tung (einschliesslich 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 in die Gesch&auml;ftsleitung eintreten; 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 dieselbe Zeitspanne nicht &uuml;berschreitet, f&uuml;r
    welche die Genehmigung durch die Generalversammlung bereits erteilt wurde.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 join
    the Executive Management, 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eine &Uuml;berschreitung
    der genehmigten maximalen Gesamtbetr&auml;ge aufgrund von Wechselkursschwankungen ist unbeachtlich.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any excess of the approved
    maximum aggregate amounts due to exchange rate fluctuations shall be disregarded.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Der Verwaltungsrat unterbreitet
    den Verg&uuml;tungsbericht der Generalversammlung zur Konsultativabstimmung.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Board of Directors
    shall submit the compensation report to the General Meeting for a non-binding vote.</FONT></TD></TR>
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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 26&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Zul&auml;ssige
    zus&auml;tzliche T&auml;tigkeiten</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;26&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Permitted
    Additional Activities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ein Mitglied
    des Verwaltungsrats darf nicht mehr als die folgende Anzahl zus&auml;tzlicher Mandate (wie nachstehend definiert) halten:</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any member
    of the Board of Directors shall hold no more than the following numbers of additional mandates (as defined below):</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bis zu 4 Mandate
    in b&ouml;rsenkotierten Gesellschaften;</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">up to 4 mandates
    in publicly-traded companies;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bis zu 10 Mandate in nichtkotierten
    Gesellschaften;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">up to 10 mandates in privately-held
    companies; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bis zu 10 Mandate in Stiftungen,
    Vereinen und &auml;hnlichen Rechtseinheiten (sofern sie ein Unternehmen mit wirtschaftlichem Zweck darstellen).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">up to 10 mandates in foundations,
    associations and similar entities (in each case to the extent they are an undertaking with an economic purpose).</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The limitations
    set forth in Article&nbsp;26(a)&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandates held in different
    legal entities of the same group or by order of the Company or of another legal entity pursuant to Article&nbsp;26(a)&nbsp;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&nbsp;for a short period of time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ein &quot;Mandat&quot;
    im Sinne dieses Artikels ist die Mitgliedschaft im Verwaltungsrat, in der Gesch&auml;ftsleitung oder im Beirat, oder eine vergleichbare
    Funktion nach ausl&auml;ndischem Recht, eines Unternehmens mit wirtschaftlichem Zweck, mit Ausnahme der Gesellschaft und Rechtseinheiten,
    die durch die Gesellschaft kontrolliert werden oder diese kontrollieren.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A &quot;mandate&quot; within
    the meaning of this Article&nbsp;shall mean a mandate in the board of directors, the executive management or advisory board, or a
    comparable function under foreign law, of an undertaking with an economic purpose, except for the Company and any entity controlled
    by, or controlling, the Company.</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel
    27</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vereinbarungen
    mit der Gesch&auml;ftsleitung und dem Verwaltungsrat</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 8%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;27</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agreements with
    Executive Management and the Board of Directors</B></FONT></TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die Dauer der
    Vertr&auml;ge, die den Verg&uuml;tungen f&uuml;r die Mitglieder des Verwaltungsrats zugrunde liegen, darf die Amtsdauer nicht &uuml;berschreiten.
    Arbeits- und Dienstleistungsvertr&auml;ge mit Mitgliedern der Gesch&auml;ftsleitung 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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of
    agreements with the members of the Board of Directors regarding their compensation may not exceed the term of office. Any employment
    or service agreements of the members of the Executive Management are as a general rule&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; vorausgesetzt, dass der Gesamtbetrag
    der f&uuml;r das Konkurrenzverbot auszuzahlenden Entsch&auml;digung nicht die Obergrenze nach Art. 735c Ziff.&nbsp;2 OR &uuml;bersteigt.
    Zudem kann die Gesellschaft die Ausrichtung bestimmter Verg&uuml;tungselemente, die mit in der Vergangenheit erbrachten Leistungen
    eines Mitglieds im Zusammenhang stehen, vom Abschluss und der Einhaltung eines Konkurrenzverbots abh&auml;ngig machen, so insbesondere
    (i)&nbsp;die Ausrichtung eines pro rata Bonusbetrags f&uuml;r das Jahr, 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.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may enter into
    compensated non-competition 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 non-compete obligation shall not exceed the sum of (i)&nbsp;the
    last annual base salary of the member, (ii)&nbsp;the average of the member&rsquo;s last three actual annual bonuses, and (iii)&nbsp;health
    and/or dental premium payments based upon the member&rsquo;s elections in effect as of the termination; provided, however, that the
    aggregate amount of compensation payable for the non-compete obligation shall not exceed the limitation set forth in art. 735c ciph.
    2 CO. Furthermore, the Company may condition the payment of certain compensation items related to a member's past services on the
    entering into and compliance with a non-competition 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&rsquo;s
    last 3 actual annual bonuses and (ii)&nbsp;continued vesting of the member&rsquo;s equity awards that are unvested as of the date
    of termination and, if applicable, continued ability to exercise the member's equity awards (such as options), each as during employment.
    If, however, any garden leave was granted until termination under Article&nbsp;27(a), then the maximum period of 2 years (or the
    maximum compensation that is calculated based on such period) for any compensated non-compete agreement shall be reduced accordingly.</FONT></TD></TR>
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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 28&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Vorsorgeleistungen</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;28&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Retirement
    Benefits</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 non-qualified defined contribution plans) are treated the same way as contributions to and benefits
    by pension funds.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die Gesellschaft und ihre
    Tochtergesellschaften k&ouml;nnen Mitgliedern der Gesch&auml;ftsleitung anstelle oder zus&auml;tzlich zu den Leistungen nach Art.
    28 lit. a) direkt Vorsorgeleistungen (wie Renten, Kauf von Krankenversicherungen und dgl.) ausserhalb der beruflichen Vorsorge in
    Aussicht stellen und nach ihrem Ausscheiden ausbezahlen. Solche Renten sollen pro Jahr die letzte an dieses Mitglied ausbezahlte
    j&auml;hrliche Grundverg&uuml;tung nicht &uuml;bersteigen. Bei Kapitalabfindungen wird der Wert einer Vorsorgeleistung aufgrund anerkannter
    versicherungsmathematischer Methoden ermittelt. Die Zahlung von &Uuml;berbr&uuml;ckungs- bzw. Zwischenleistungen zwischen Fr&uuml;hpensionierung
    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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instead or in addition
    to benefits pursuant to Article&nbsp;28(a), the Company and its subsidiaries may directly offer retirement benefits (such as pensions,
    purchase of health care insurances etc.) outside of the scope of occupational pension benefit regulations to members of the Executive
    Management and may pay them out after retirement. Such retirement benefits shall not exceed the last paid out annual base salary
    of the respective member per year. In the case of lump-sum 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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 29&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Rechtsnatur</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;29&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Legal
    Nature</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die Bestimmungen
    dieses Abschnitts sind gesellschaftsrechtlicher Natur und begr&uuml;nden keine individuellen Leistungsanspr&uuml;che.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provisions
    of this section are of a company-law nature and do not create individual claims for benefits.</FONT></TD></TR>
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<P STYLE="margin: 0"></P>

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    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.a&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Sacheinlagen</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.a&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Contribution
    in kind</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 29a&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Sacheinlagen</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;29a&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Contribution
    in kind</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,&nbsp;Inc., New York, USA, f&uuml;nf Schuldverschreibungen der ACE Group Holdings,&nbsp;Inc., New York, USA, in H&ouml;he
    von USD 3'000'000'000, USD 3'000'000'000, USD 1'500'000'000, USD 2'500'000'000 und USD 4'031'886'985.68 sowie von ACE INA Holdings
    Inc., Pennsylvania, USA, eine Schuldverschreibung der ACE INA Holdings Inc., Pennsylvania, USA, in H&ouml;he von USD 1'007'971'736.46
    zu einem Gesamtwert von CHF 15'072'946'411.33. Im Gegenzug hat die Gesellschaft 127'772'962 Namenaktien der Gesellschaft mit einem
    Nennwert von CHF 24.15 an ACE Group Holdings,&nbsp;Inc., New York, USA, und 9'178'490 Namenaktien der Gesellschaft mit einem Nennwert
    von CHF 24.15 an ACE INA Holdings Inc., Pennsylvania, USA, ausgegeben.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection
    with the capital increase dated 14 January&nbsp;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,&nbsp;Inc., New York, USA, five notes of ACE Group Holdings,&nbsp;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,&nbsp;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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Liquidation</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Liquidation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 30&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Aufl&ouml;sung
    und Liquidation</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;30&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dissolution
    and Liquidation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die Generalversammlung
    kann jederzeit in &Uuml;bereinstimmung mit den gesetzlichen und statutarischen Bestimmungen die Aufl&ouml;sung und die Liquidation
    der Gesellschaft beschliessen.</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Die Liquidation wird durch
    den Verwaltungsrat besorgt, sofern sie nicht durch einen Beschluss der Generalversammlung anderen Personen &uuml;bertragen wird.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After all debts have been
    satisfied, the net proceeds shall be distributed among the shareholders in proportion to the amounts paid-in.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VI.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Mitteilungen
    und Sprache der Statuten</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VI.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notices
    and Language of the Articles of Association</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 31&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Mitteilungen
    und Bekanntmachungen</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;31&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Communications
    and Announcements</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Das Schweizerische Handelsamtsblatt
    ist das offizielle Publikationsmittel der Gesellschaft.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The official means of publication
    of the Company shall be the &quot;Schweizerisches Handelsamtsblatt&quot;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mitteilungen an die Aktion&auml;re
    k&ouml;nnen stattdessen oder zus&auml;tzlich (i)&nbsp;per Brief an ihre im Aktienregister eingetragenen Adressen, der mit normaler
    Post verschickt wird, (ii)&nbsp;per E-Mail oder (iii)&nbsp;in einer anderen Form, die der Verwaltungsrat f&uuml;r angemessen h&auml;lt,
    verschickt werden.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communications to shareholders
    may instead or in addition be sent (i)&nbsp;by letter to their addresses entered in the share register sent by ordinary mail, (ii)&nbsp;by
    e-mail or (iii)&nbsp;in such other form as the Board of Directors may deem appropriate.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Artikel 32&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Sprache
    der Statuten</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;32&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Language
    of the Articles of Association</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Im Falle eines
    Widerspruchs zwischen der deutschen und jeder anderen Fassung dieser Statuten ist die deutsche Fassung massgeblich.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Z&uuml;rich, 6. M&auml;rz 2025</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><I>Zurich, 6 March 2025</I></TD></TR>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>4
<FILENAME>cb-20250307_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>cb-20250307_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>cb-20250307_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45545279159920">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Mar. 07, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document 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="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar.  07,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-11778<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000896159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0091805<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or 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="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="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Zurich<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">CH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="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="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="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document 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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Shares, par value CHF 0.50 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="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="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueJune2027Member', window );">I N A Senior Notes Due June 2027 [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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document 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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Guarantee
    of Chubb INA Holdings LLC 0.875% Senior Notes due 2027<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueMarch2028Member', window );">I N A Senior Notes Due March 2028 [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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document 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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Guarantee
    of Chubb INA Holdings LLC 1.55% Senior Notes due 2028<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/28<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueDecember2029Member', window );">I N A Senior Notes Due December 2029 [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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document 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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Guarantee
    of Chubb INA Holdings LLC 0.875% Senior Notes due 2029<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/29A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueJune2031Member', window );">I N A Senior Notes Due June 2031 [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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document 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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Guarantee
    of Chubb INA Holdings LLC 1.40% Senior Notes due 2031<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueMarch2038Member', window );">I N A Senior Notes Due March 2038 [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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document 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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Guarantee
    of Chubb INA Holdings LLC 2.50% Senior Notes due 2038<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CB/38A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
</tr>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>xbrli:gMonthDayItemType</td>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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_DocumentInformationLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</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>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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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>
</div></td></tr>
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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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<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_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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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>
</div></td></tr>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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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>dei:countryCodeItemType</td>
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<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>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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>
<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_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</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:tradingSymbolItemType</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_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="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_WrittenCommunications</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_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueJune2027Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueJune2027Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueMarch2028Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueMarch2028Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueDecember2029Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=CB_INASeniorNotesDueDecember2029Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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