Articles of Association of Forbo Holding Ltd 1
I.
Principles
Clause 1 Business name, registered office and duration
Forbo Holding Ltd(Forbo Holding AG, Forbo Holding SA)
is a public limited company whose registered office is situated in Baar (canton of Zug); it was incorporated
for an unlimited period.
Clause 2 Purpose
1 The purpose of the Company is holdings in industrial and commercial companies, in particular in the fieldsof building supplies and related branches of commerce.
2 This Company may create branches and subsidiaries both nationally and abroad.
3 It may acquire, encumber, hold, utilise and dispose of land and property rights both nationally and abroad.
4 The Company may also exercise all commercial, financial and other activities which are directly or indirectly

connected to the purpose of the Company.
5 The purpose of the Company also includes the supporting of affiliated companies, particularly from afinancial point of view.

II.
Share capital, shares and share register
Clause 3 Share capital
The share capital of the Company is CHF 148,500 and is divided into 1,485,000 fully paid-up registeredshares with a par value of CHF 0.10 each.
Clause 4 Conditional share capital
1 The registered capital of the Company will be increased by the issue of a maximum of 166,450 registeredshares to be fully liberated each with a par value of CHF 0.10 up to a maximum amount of CHF 16,645 by
the exercise of option or conversion rights to be granted in connection with loan obligations to the Company
or one of its subsidiaries (not more than 133,160 registered shares) and by the exercise of option rights to be

1

The German version of these Articles of Association is authoritative.

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granted to the shareholders (not more than 33,290 registered shares).
2 Shareholders’ subscriptions – with the exception of shareholder options – is excluded. Individual holdersof option and conversion rights are entitled to subscribe for the new shares. Registration of the newregistered shares in the share register in connection with the exercise of option or conversion rights, issubject to the limitations set out in Clause 6.
3 The conditions for options or conversions will be established by the Board of Directors. When granting

option or conversion loans, the Board of Directors may remove the shareholders’ right of pre-emption oncompelling grounds within the meaning of Article 653c Paragraph 3 CO. In that event, the structure, duration
and amount of the loan must be established by the Board of Directors in accordance with market conditions
at the time of granting.
4 Option rights must be exercised within a maximum of five years, and conversion rights must be exercised

within a maximum of ten years from the granting of the loan in question.
5 The

exercise of option or conversion rights and waiving of said rights must be made in writing orelectronically.
Clause 4a Capital band
1 The Board of Directors is entitled, at any time and until December 31, 2028, to apply one or several

increases and/or reductions to the share capital within the upper limit of CHF 163,350.00, i.e. 1,633,500
registered shares each with a par value of CHF 0.10 and the lower limit of CHF 133,650.00, i.e. 1,336,500
registered shares each with a par value of CHF 0.10. Capital reductions may be made via a reduction of thepar value of the shares as well as the cancellation of shares.
2 In the event of a capital increase:

1. the Board of Directors determines the number of shares, the issue price, the contribution type, date ofissue, conditions for exercising subscription rights and the commencement of entitlement to dividends.
In doing so, the Board of Directors may issue new shares by means of firm underwriting through a bankor another third party and subsequent offers to previous shareholders. The Board of Directors is entitled
to limit or exclude any matters concerning subscription rights. The Board of Directors may forfeit
subscription rights or place them or the shares for which the subscription rights are granted, but not
exercised, under market conditions or otherwise use them in the interests of the Company;
2. the Board of Directors is entitled to revoke or limit the subscription rights of shareholders in the eventof a takeover of the Company, parts of the Company or holdings, as well as in the case of employee
participation, and to allocate subscription rights to individual shareholders or third parties.
3 Within the framework of this capital band, the Board of Directors is also entitled to:

1. apply a capital increase via the conversion of free reserves in share capital;
2. implement capital reductions via reductions in par value up to four times a year and to pay out the
reduction amount to shareholders in line with the Articles of Association.

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4 The subscription and acquisition of new shares and any subsequent transfer of shares will be subject tothe limitations of Clause 6 of these Articles of Association.
5 The Board of Directors will remove this provision from the Articles of Association upon expiry of the duration of

the capital band.
Clause 5 Shares
1 The shares are indivisible. The Company will only recognise one representative for each share. The voting

right and associated rights deriving from a registered share may only be exercised vis à vis the Company bya shareholder, beneficiary or nominee, who is registered with a voting right in the share register.
2 Ownership of a share comprises acknowledgement of the Article of Association as amended from time totime.
3 Subject to Paragraphs 4 and 6, the registered shares of the Company are issued as uncertificated securities(as defined by the Swiss Code of Obligations) and held as book entry securities (as defined by the Swiss Book
Entry Securities Act).
4 The Company may withdraw shares held as book entry securities from the custody system.
5 The shareholder may at any time request from the Company a confirmation of the registered shares held by

him according to the share register.
6 The shareholder has no right to request the printing and delivery of certificates or the conversion of registeredshares issued in a certain form into another form. The Company may, however, at any time issue certificates(individual share certificates, certificates or global certificates) or convert uncertificated securities and certificates
into another form as well as cancel issued certificates that are returned to the Company.
7 Book entry securities according to Paragraph 3 cannot be transferred by way of assignment. Security interests

in any such book entry securities also cannot be created by way of assignment.
Clause 6 Share register, restrictions of registration and Nominees
1 The Company holds a share register containing the names and addresses of the holders or beneficiaries

of registered shares. Relative to the Company, only those persons registered in the share register will bedeemed to be registered shareholders or beneficiaries. The Company must be notified if a shareholderchanges his address or registered office. As long as such notice is not received, all correspondence will besent to the address shown in the share register.
2 On request, acquirers of registered shares, which may also be transferred electronically, will be registeredas shareholders with voting rights in the share register if they expressly declare that (i) they have acquired
those registered shares in their own name and for their own account, (ii) no agreements exist regarding theredemption or return of those registered shares, (iii) they bear all risks associated with the shares and (iv)the reporting obligations pursuant to the Swiss Financial Market Infrastructure Act of 19 June 2015 havebeen fulfilled. If the acquirer is not prepared to make such a declaration, registration with voting rights may
be refused.

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3 The restriction on registration under Paragraph 2 will also apply to shares acquired or subscribed for by

way of the exercise of a subscription, option or conversion right.
4 The Board of Directors may register nominees with voting rights in the share register up to a maximum of

0.3 % of the registered share capital registered in the Commercial Register. Beyond this limit, it may registernominees with voting rights in the share register, provided that the nominee supplies the name, address andshareholding of the person for whom he is holding a total of 0.3 % or more of the registered share capitalregistered in the Commercial Register. Nominees within the meaning of this condition are persons who do
not expressly declare in their application for registration that they hold the shares on their own account andwith whom the Board of Directors has entered into an appropriate agreement.
5 Legal entities and partnerships or other associations or joint property relationships linked together bycapital or votes, by common directorships or otherwise, as well as natural persons or legal entities orpartnerships acting in a concerted manner with a view to avoiding the conditions governing the limits ofholdings or nominees (in particular acting as a syndicate) will be deemed to be a single entity or nominee
within the meaning of Paragraph 4.
6 After hearing the registered shareholder or nominee, the Board of Directors may strike out registrations inthe share register with retroactive effect to the date of registration, if the registration was made on the basisof false information. The affected party must be notified immediately of the removal of the registration.
7 The Board of Directors will agree the details and pass the resolutions necessary for compliance with theabove conditions. In certain circumstances, it may grant exemptions from the nominee regulations. It may
delegate its tasks.

III.
Organisation of the Company
Clause 7 Governing bodies
The Company authorities are:
1. The General Meeting
2. The Board of Directors
3. The Statutory Auditor

1. The General Meeting
Clause 8 Powers
The most senior authority for the Company is the General Meeting, which has the following unassignable
powers:1. Establishment and variation of the Articles of Association;

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2. Election and removal of the Chairman of the Board of Directors, the members of the Board of Directors,
the members of the Remuneration Committee, the Statutory Auditor and the independent proxy;
3. Approval of the management report, the Group Accounts and further reports to be submitted to theGeneral Meeting;
4. Approval of the Annual Accounts and passing resolutions relating to the distribution of the balance sheet
profits, in particular the setting of dividends and directors’ emoluments;
5. Establishment of interim dividends and approval of the necessary interim accounts;
6. Passing resolutions on the repayment of statutory capital reserves;
7. Voting on the remuneration of the Board of Directors and the Executive Board as per Clause 24;
8. Discharge of the members of the Board of Directors and the Executive Board;
9. Delisting the equity securities of the Company;
10. Passing resolutions on items reserved for the General Meeting by law or the Articles of Association, or
which are submitted to it by the Board of Directors.
Clause 9 Convocation and agenda items
1 The General Meeting will be called by the Board of Directors or, if necessary, by the Statutory Auditor.

Liquidators are also entitled to call General Meetings.
2 The Ordinary General Meeting will take place annually within six months of the end of the financial year.
3 Extraordinary General Meetings will be called as often as necessary, in particular in the events provided

for by law. The Board of Directors will call an Extraordinary General Meeting by resolution of the General
Meeting or if one or more shareholders who collectively represent at least 5 % of registered capital or votes
so request in writing, giving the reasons for calling the meeting and the agenda items.
4 Shareholders, who collectively represent at least 0.5 % of the registered capital or votes, may request

items to be listed on the agenda. An appropriate written request setting out the proposals must be submitted
to the Board of Directors at least 45 days prior to the meeting.
5 The Annual Report and the Auditor’s Report must be made accessible to shareholders at least 20 days

prior to the General Meeting. Should it not be possible to access the documents electronically, eachshareholder can request the prompt delivery thereof.
Clause 9a Venue
The Board of Directors shall determine the venue for the General Meeting. The Board may further decidethat:
1. the General Meeting be conducted at alternative locations at the same time;
2. shareholders, who are not present at the General Meeting venue, may exercise their rights
electronically;
3. the General Meeting be held with no venue by electronic means.

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Clause 10 Form of the convocation
1 The convocation to the General Meeting will be called at least 20 days before the day of the meeting in themanner prescribed in Clause 32 concerning correspondence to shareholders.
2 The following information must be included in the notice convening the meeting:

1. the date, the starting time, the form and the location of the general meeting;
2. the business to be discussed;
3. the motions of the board of directors and a short explanation for these motions;
4. if applicable, the shareholders’ motions with a short explanation of each;
5. the name and the address of the independent voting representative.
3 Resolutions may not be passed in respect of proposals which have not been announced on the agenda,

with the exception of proposals for calling an Extraordinary General Meeting or to carry out a special audit
and to elect a Statutory Auditor.
Clause 11 Chairing of the Meeting
1 The General Meeting will be presided over by the Chairman of the Board of Directors. In his absence, themeeting will be chaired by the Vice-Chairman or another member of the Board of Directors.
2 The Chairman will appoint a secretary and scrutineers. The minutes will be signed by the Chairman and

the Secretary.
Clause 12 Eligibility and representation; Use of electronic means
1 At General Meetings, every share registered in the share register on the definitive reference date carries

one vote.
2 In the invitation to the General Meeting, the Board of Directors shall state the record date by whichshareholders must be registered in the share register to be eligible to participate and vote at the General
Meeting.
3 Every shareholder may be represented by its statutory representative or a third party. If the representative

is not a statutory representative, he must be identified by a written proxy.
4 The shareholder can also be represented by the independent proxy elected by the General Meeting on anannual basis, whereby proxies and voting instructions can also be issued electronically to the independent
proxy. If the post of the independent proxy is vacant, the Board of Directors appoints one for the next General
Meeting.
5 The Board of Directors establishes the requirements and details regarding issuing written and electronic

proxies and voting instructions. The Board of Directors can also waive a qualified electronic signature forelectronic proxies.

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6 The Board of Directors regulates the use of electronic means on the occasion of hybrid or virtual General

Meetings. It ensures that:
1. the identity of the participants is established;
2. oral contributions in the General Meeting are transmitted immediately;
3. each participant can table motions and participate in the debate;
4. the result of the vote cannot be falsified.
Clause 13 Resolution and elections
1 Subject to compelling statutory provisions, the General Meeting will be quorate regardless of the number ofshareholders present and the amount of registered capital represented.
2 The General Meeting will pass resolutions and conduct elections on the basis of an absolute majority of thevoting shares represented, unless otherwise provided by law or the Articles of Association.
3 In the event that the first ballot in an election does not take place, a second ballot will be held which will bedecided by a relative majority.
4 Resolutions of the General Meeting on the remuneration of the Board of Directors and the Executive Board

must, differently from Paragraph 2, be passed by an absolute majority of the votes cast. Abstentions, blank andinvalid votes are thereby considered to have not been cast.
5 Resolutions within the meaning of Article 704 CO must always be passed by a majority of two thirds of thevoting shares represented at the General Meeting as well as by an absolute majority of the share par values
represented.
Clause 14 Voting procedure
1 The Chairman of the General Meeting will determine the nature and order of votes and elections.
2 In principle, votes and elections will be held electronically, unless the General Meeting resolves to holdthem secretly or open or if the Chairman so decides.
3 The Chairman may order an election or a vote to be repeated if, in his mind, there is any doubt about theresult of the vote. In that event, the initial election or vote will be deemed not to have taken place.
4 Should substantial technical issues on the part of the Company arise during a hybrid or virtual General

Meeting, with the result that the General Meeting cannot be duly conducted, the meeting must be held again.
Resolutions passed by the General Meeting prior to the occurrence of technical issues shall remain valid.

2. The Board of Directors
Clause 15 Composition, election and term of office
1 The Board of Directors will comprise at least four members.
2 The Chairman of the Board of Directors as well as the members of the Board of Directors are elected by

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the General Meeting on an annual and individual basis. The term of office of the members of the Board of
Directors ends in each case with the conclusion of the next Ordinary General Meeting. Re-election ispermitted.
3 If the position of the Chairman is vacant, the Board of Directors appoints a new Chairman from among themembers of the Board of Directors for the remaining term of office.
Clause 16 Formation, meetings and resolution
1 From among its members, the Board of Directors will appoint one or several a Vice-Chairmen and a

Secretary. The Secretary need not be a member of the Board of Directors.
2 At the invitation of the Chairman it will meet as often as the Company’s business requires. Meetings of theBoard of Directors may also be held by telephone or video conference.
3 The agenda, quorum (presence of) and the terms and conditions for passing resolutions of the Board of

Directors will be carried out in accordance with the rules of organisation.
4 For conformity and assessment resolutions requiring public documentation to be passed by the Board of

Directors in connection with capital increases, it will suffice for one single member of the Board of Directors
to be present.
5 Resolutions can also be made by way of circulars, by e-mail or another form of transmission which enables

written proof to be provided, unless any one member requires the Board to meet in person.
6 In the event of an equality of votes, the Chairman will have the casting vote.
7 Minutes of the meetings of the Board of Directors must be taken, and will be signed by the Chairman and

the Secretary.
Clause 17 Responsibilities
1 The

Board of Directors is responsible for the supervision and direction of the Company and for thesupervision of management. The Board will represent the Company externally and will deal with all matterswhich are not assigned to another Company authority by law, the Articles of Association or the regulations.
2 The Board of Directors has the following nontransferable and inalienable duties:

1. Ultimate management of the Company and the giving of the necessary directions;
2. Establishment of the organisation;
3. Structuring of the accounting system and of the financial controls as well as the financial planning to
the insofar as this is necessary to manage the Company;
4. Appointment and removal of persons entrusted with the management and representation of theCompany, and regulation of the authority to sign;
5. Ultimate supervision of persons entrusted with management, in particular in view of compliance withthe law, the Articles of Association, regulations and directives;

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6. Preparation of business report as well as the preparation of the General Meeting and the implementingof its resolutions;
7. Preparation of the Remuneration Report;
8. Filing an application for a debt restructuring moratorium and notification of the court in case of overindebtedness;
3 Further, the Board of Directors may pass resolutions on all matters not attributed to the General Meetingby law or the Articles of Association.
Clause 18 Remuneration Committee
1 The Remuneration Committee consists of at least two members of the Board of Directors.
2 The members of the Remuneration Committee are elected by the General Meeting on an annual andindividual basis. The term of office of the members of the Remuneration Committee ends in each case withthe conclusion of the next Ordinary General Meeting. Re-election is permitted.
3 If the Remuneration Committee is not at full capacity, the Board of Directors appoints the missing membersof the Remuneration Committee from among its members for the remaining term of office.
4 The

Remuneration Committee supports the Board of Directors in determining the principles for the

remuneration policy and in determining the remuneration for the members of the Board of Directors as wellas the Executive Board in the framework of the overall remuneration amount approved by the General
Meeting. It supports the Board of Directors in designing participation schemes and in fulfilling all other tasks
in the area of remuneration. The Remuneration Committee develops appropriate recommendations for theattention of the Board of Directors. The Board of Directors may delegate other individual tasks and powers
to the Remuneration Committee.
5 The Board of Directors appoints the Chairman of the Remuneration Committee and regulates all othermatters in a separate set of regulations.
Clause 19 Further committees of the Board of Directors
From amongst its members the Board of Directors may appoint one or more other committees to deal withthe preparation and execution of its resolutions or with the supervision of specific commercial operations.
The Board of Directors will ensure appropriate reporting.
Clause 20 Delegation of the company management
The Board of Directors may assign the management of the Company or parts thereof, as well as the external
representation of the Company to individual members of the Board of Directors or to other natural persons,
who need not be shareholders. The asset management may also be assigned to legal entities. It will issue
the rules of organisation and will stipulate the corresponding contractual relationships.

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The employment contracts of the members of the Executive Board or of the Board of Directors, and othercontracts regarding their remuneration, may have a term of a maximum of 12 months, or be valid indefinitely
with a notice period of a maximum of 12 months.
Clause 22 Mandates outside the Forbo Group
1 Members of the Board of Directors are permitted to hold a maximum of sixteen mandates outside theForbo Group, thereof not more than five mandates in listed legal entities and a total of eight mandates inlegal entities subject to ordinary audit.
2 Members of the Executive Board are permitted to hold a maximum of five mandates outside the ForboGroup, thereof not more than one mandate in a listed legal entity and a total of two mandates in legal entities
subject to ordinary audit. Members of the Executive Board require the advance consent of the Board of
Directors before accepting any mandates.
3 Mandates in comparable positions in other undertakings with commercial objects which are not part of the

Forbo Group, are considered a mandate in the sense of this Clause. Mandates in companies that areassociated with one another outside the Forbo Group are in each case viewed as one mandate.

3. The Statutory Auditor
Clause 23 The Statutory Auditor
1 The General Meeting appoints a state supervised audit company as Statutory Auditor in accordance withthe provisions of the law governing the supervision of corporate audits of December 16, 2005.
2 The Statutory Auditor must have its registered office or registered branch office in Switzerland. In the eventthat the Company has different Statutory Auditors, at least one of them must fulfill these requirements.
3 The Statutory Auditor must be independent.
4 The Statutory Auditor will be appointed for one financial year. The appointment will end on the date of

approval of the last annual accounts. The Statutory Auditor may be re-appointed. The Statutory Auditor may
only be dismissed for good cause.

IV.
Approval of remuneration as well as principles of remuneration,
participation schemes and loans
Clause 24 Approval of the remuneration
1 The General Meeting approves, on an annual basis, separately, and with binding effect, the entire amountof the maximum fixed remuneration to be paid to the Board of Directors for the financial year that follows the

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General Meeting.
2 The General Meeting approves, on an annual basis, separately, and with binding effect, the entire amountof the maximum fixed remuneration to be paid to the Executive Board for the financial year following theGeneral Meeting, the amount of the variable remuneration to be paid to the Executive Board for the financial
year preceding the General Meeting under a performance-based bonus program and the entire amount of
the maximum variable remuneration to be paid to the Executive Board for the current financial year under along-term incentive plan.
3 The Board of Directors may, in deviation from the above Paragraphs, also propose the General Meetingthe approval of the entire amount of fixed and variable remuneration. It may also propose the approval of
the remuneration for periods other than those defined in the previous Paragraphs.
4 If the General Meeting does not accept a proposal of the Board of Directors for the approval of the

remuneration in accordance with the previous Paragraphs, the Board of Directors is entitled to, on theoccasion of the same General Meeting make new proposal, or to adjourn the vote regarding the approval of
the remuneration to an Extraordinary or the next Ordinary General Meeting. Until the approval of the fixed
remuneration by the General Meeting, the Board of Directors may pay out the remuneration subject to theapproval.
5 The Remuneration Report must be submitted to the General Meeting for an advisory vote.

Clause 25 Additional amount for members of the Executive Board
The additional amount for the remuneration of members of the Executive Board, which are named inaccordance with the vote regarding remuneration as per Clause 24, is a maximum of 40 % of the entire
amount of the remuneration to be paid to the Executive Board, approved in advance by the General Meeting.
Clause 26

Principles regarding fixed and variable remuneration and the allocation ofparticipation rights of the Company
1 The members of the Board of Directors receive a fixed remuneration, the amount of which is graded inaccordance with each individual's position as Chairman or member, as well as on the basis of memberships
in committees of the Board of Directors. Remuneration can be paid out to the members of the Board of
Directors partially or wholly in the form of restricted shares of the Company.
2 The members of the Executive Board receive a fixed and variable remuneration. The variable remunerationis composed of the performance-based remuneration ("bonus") and of the allocation of shares of theCompany, reversionary subscription rights on shares of the Company and/or of similar instruments under along-term incentive plan. The bonus is associated with the achievement of the individual (qualitative)
objectives of the respective Executive Board member, as well as of the financial (quantitative) objectives of
the Company, whereby the financial goals may relate to Group and/or Divisional objectives, depending on
the role and responsibility of the respective member of the Executive Board. The Board of Directors
determines and weights the individual and financial objectives. The bonus may be a maximum of 200 % of
the fixed remuneration of the respective member of the Executive Board. The allocation of shares of theCompany respectively the conversion of reversionary subscription rights or similar instruments into shares

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of the Company are associated with the achievement of performance indicators during the performance
period as well as any further qualitative and quantitative targets. The remuneration under long-term incentive
plans may be a maximum of 200 % of the fixed remuneration of the respective member of the Executive
Board. The fixed or variable remuneration can be paid out to the members of the Executive Board partiallyor wholly in the form of restricted shares of the Company. The bonus can, in specific cases such as thetermination of the employment contract, be adjusted based on the assumption that the objectives determinedby the Board of Directors have been achieved in full.
3 If the fixed or variable remuneration is not paid out partially or wholly in cash, but in the form of shares, ofreversionary subscription rights on shares of the Company and/or of similar instruments, the Board of
Directors defines factors that are decisive for the valuation of the shares issued, respectively the allocatedreversionary subscription rights on shares of the Company or similar instruments, such as the time andmethod of valuation as well as the duration of the performance periods and lock-up periods associated withthem. The duration of the performance period respectively the lock-up period is generally three to five years.
The Board of Directors may arrange that conditions precedent and lock-up periods are being omitted entirelyor partially if certain events occur (such as a change of control, termination of the employment contract
respectively mandate, retirement or death).
4 In accordance with the provisions above, the remuneration may also be paid out wholly or partially fromdirectly and/or indirectly held subsidiaries.
5 Taking

into account the above Paragraphs, the Board of Directors regulates all details of variable

remuneration in separate sets of regulations.
Clause 27 Loans, credits and benefits beyond occupational pensions
1 The Company may pay current and former members of the Executive Board loans, credits and benefits

beyond occupational pensions up to a maximum amount equal to the annual remuneration of the relevant
member.
2 The Board of Directors shall, as far as necessary, adopt the provisions on the regulation of granting loans,credits and benefits beyond occupational pensions.

V.
Annual Report, Distribution of Profits, Reserves
Clause 28 Financial year and Annual Report
1 The financial year will begin on January 1 and will end on December 31.
2 The Annual Accounts, which will comprise the Profit and Loss Account, the Balance Sheet, the cash flow

statement and the Appendix, the Group Accounts as well as the management report, will be prepared inaccordance with the provisions of the Swiss Code of Obligations.

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1 Subject to the statutory conditions governing the distribution of profits, in particular Article 671 et seq. CO,

the balance sheet profit will be at the disposal of the General Meeting.
2 Dividends, interim dividends and repayments of statutory capital reserves which are not drawn will be at

the Company’s disposal after five years.
Clause 30 Reserves
The statutory reserve is intended to cover losses, although the General Meeting will be entitled, upon
application by the Board of Directors, to dispose of the reserve for other purposes, provided such purposes
are admissible under the law.

VI.
Final provisions
Clause 31 Winding-up and Liquidation
1 The

General Meeting may pass a resolution at any time to wind up and liquidate the Company inaccordance with the law and the Articles of Association.
2 Liquidation will be carried out by the Board of Directors, to the extent that it is not assigned to a third partyby the General Meeting.
3 Liquidation of the Company will be carried out in accordance with Article 742 et seqq. CO. The liquidators

will also be authorised to sell assets (including land) by private contract.
4 Following the redemption of the debts, the assets will be distributed amongst the shareholders in proportion

to their individual contributions.
Clause 32 Notices
Convocations and correspondence to shareholders may, at the Board of Directors’ option, be renderedeffective by means of publication in the Swiss Official Gazette of Commerce, by letter or e-mail or in any
other form, which acts as proof by text, to the shareholder contact details last entered in the share register.

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