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[Non-binding translation of the Swiss Confederation]

Extract from the Ordinance of the Swiss Financial Market
Supervisory Authority on Financial Market Infrastructures
and Market Conduct in Securities and Derivatives Trading

(FINMA Financial Market Infrastructure Ordinance, FMIO-FINMA)

of 3 December 2015 (Status as of 1 January 2016)

Chapter 5: Disclosure of Shareholdings

Section 1: Notification Duty

Art. 10 Principles

Art. 11 Indirect acquisition and indirect sale

Art. 12 Trading in concert or as an organised group

Art. 13 Emergence of the notification duty

Art. 14 Calculation of the positions requiring notification

Art. 15 Equity derivatives

Art. 16 Other facts requiring notification

Art. 17 Securities lending and similar transactions

Art. 18 Collective investment schemes

Art. 19 Banks and securities dealers

Art. 20 Takeover procedure

Art. 21 Preliminary ruling

Section 2: Notification and Publication

Art. 22 Contents of the notification

Art. 23 Supplementary details

Art. 24 Notification periods

Art. 25 Publication

Art. 26 Exemptions and easing provisions

Section 3: Monitoring

Art. 27 Disclosure office

Art. 28 Procedure

Art. 29 Investigations

Chapter 6: Duty to make an Offer

Seciton 1:

Art. 30 Applicable provisions

Art. 31 Principle

Art. 32 Indirect acquisition

Art. 33 Trading in concert or as an organised group

Art. 34 Calculation of the threshold

Art. 35 Definition of the duty to make an offer

Art. 36 Transfer of the duty to make an offer to the acquiring person

Art. 37 Return of the duty to make an offer

Art. 38 Duty to make an offer and conditions

Art. 39 Period

Section 2: Exceptions to the Duty to make an Offer

Art. 40 General exceptions

Art. 41 Particular exceptions

Section 3: Determining the Offer Price

Art. 42 Stock exchange price

Art. 43 Price of the previous acquisition

Art. 44 Indirect prior acquisition

Art. 45 Settlement of the offer price

Art. 46 Evaluation of securities

Art. 47 Exceptions

Chapter 7: Cooperation between FINMA, the Takeover Board and Stock Exchanges

Art. 48

Chapter 8: Final Provisions

Art. 49 Repeal and amendment of other legislation

Art. 50 Transitional provision on the disclosure of shareholdings

Art. 50a¹ Transitional Provision to the Amendment of 26 January 2017

Art. 51 Commencement

Praxis zu Art. 37 FinfraV-FINMA (vormals Art. 35 BEHV-FINMA)