Item 4

Adaptation of Articles of Association to new Swiss Intermediary-Held Securities Act
Approval of amendments of Article 4 para. 2 and Article 6 of the Articles of Association

A. Motion
The Board of Directors proposes the implementation of the new Intermediary-Held Securities Act by means of the following amendments of the Articles of Association.

Old version

New version

Article 4 Share capital

Article 4 Share capital

2 Registered shares may be converted into bearer shares and bearer shares into registered shares by resolution of the General Meeting of Shareholders; the Corporation may issue certificates representing multiples of shares.

2 Registered shares may be converted into bearer shares and bearer shares into registered shares by resolution of the General Meeting of Shareholders.

Article 6 Deferred printing of shares

Article 6 Form of shares

1 In the case of registered shares, the Corporation may elect not to print and deliver certificates. However, shareholders may at any time request the Corporation to print and deliver certificates free of charge. Particulars are set forth in regulations issued by the Board of Directors.

1 Registered shares of the Corporation will be, subject to paragraph 2, in the form of uncertificated securities (in the sense of the Swiss Code of Obligations) and intermediary-held securities (in the sense of the Intermediary-Held Securities Act).

2 Uncertificated registered shares may only be transferred by the assignment of all appurtenant rights. The assignment must be reported to the Corporation to be valid. If uncertificated registered shares are held in a custody or portfolio account at a bank, they may only be transferred with the cooperation of that bank. Furthermore, they may only be pledged in favour of that bank, in which case notifying the Corporation is not necessary.

2 Following his registration in the share register, the shareholder may request the Corporation to issue a written statement in respect of his registered shares at any time; however, he has no enh3ment to the printing and delivery of share certificates. In contrast, the Corporation may print and deliver share certificates for registered shares (single certificates, certificates representing multiples of shares or global certificates) at any time. It may withdraw registered shares issued as intermediary-held securities from the respective custody system. With the consent of the shareholder, the Corporation may cancel issued certificates which are returned to it without replacement.

B. Explanations
At the occasion of the amendments of the Articles of Association to implement the new Intermediary-Held Securities Act, which came into force on 1 January 2010, it is proposed to switch to a system of abrogated printing. The proposed changes of the Articles of Association correspond to a recent practice of Swiss public companies and are justified, on the one hand, by lower process costs through the abrogated printing. On the other hand, through the abolition of certificates, the process of sale and delivery of shares will be more flexible for shareholders as no certificates must be presented. Furthermore, the new Intermediary-Held Securities Act ensures a rationalization of the stock exchange dealing process for uncertificated securities. The transferability of shares will not be impaired by these amendments.