4: Disclosure of Shareholdings

Art. 20 Obligation to notify

1 Whoever acquires or sells for his own account directly, indirectly or in agreement with third parties, shares of a Swiss-domiciled company whose equity stock, or part thereof, is quoted in Switzerland, and in doing so reaches, exceeds or drops under the threshold of 5, 10, 20, 33 1/3, 50 or 66 2/3% of the voting rights, whether they are exercisable or not, must notify the company and the stock exchanges, on which the equity stock is quoted, of this fact.

2 The conversion of participation certificates or profit-sharing certificates into shares and the exercise of conversion or acquisition rights are treated in the same way as an acquisition.

3 A group organised by way of contract or in another way must fulfil the duty of notification pursuant to par. 1 as a group and give notification of;

a. the total participation;

b. the identity of the individual members;

c. the nature of the agreement,

d. the representation.

4 Should the company or the stock exchanges have grounds to assume that a shareholder has not fulfilled his duty to notify, they shall inform the Supervisory Authority of this fact.

5 The Supervisory Authority shall issue provisions concerning the extent of the duty to notify, the treatment of acquisition rights, the computation of voting rights as well as the time frame during which a failure to notify must be repaired and in which a company shall publish changes in shareholdings pursuant to par. 1. The Take-Over Commission (Art. 23) has a right of motion.

6 Whoever wishes to acquire securities may request a decision from the Supervisory Authority as to whether to a duty to disclose exists or not.

Art. 21 Duty of information of the company

The company must publish the information communicated to it concerning changes in shareholdings with voting rights.

KPMG Fides Unofficial Translation of Swiss Federal Stock Exchange Law
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