Art. 122b

(Art 110 para. 2 CISA)

The governing bodies must at all times hold treasury shares as a percentage of the total assets of the SICAF as follows, subject to a maximum of 20 million Swiss francs:

1. 1 per cent for that portion not exceeding 50 million Swiss francs;
2. ¾ per cent for that portion exceeding 50 million but not exceeding 100 mil-lion Swiss francs;
3. ½ per cent for that portion exceeding 100 million but not exceeding 150 million Swiss francs;
4. ¼ per cent for that portion exceeding 150 million but not exceeding 250 million Swiss francs;
5. ⅛ for that portion exceeding 250 million Swiss francs.