Scope of disclosures of management transactions

ÃÛ¶¹ÊÓƵ reports all transactions in ÃÛ¶¹ÊÓƵ shares made by the Board of Directors and the Group Executive Board. Reported transactions also include all types of financial instruments whose price is primarily influenced by ÃÛ¶¹ÊÓƵ shares.

ÃÛ¶¹ÊÓƵ executives receive a part of their compensation in ÃÛ¶¹ÊÓƵ shares or options. For this reason, management transactions may see sales outweighing purchases. Blackout periods and synchronized dates for unblocking or vesting of shares or options granted as compensation may lead to transactions being concentrated in short periods.

All senior managers, including the independent members of the Board of Directors, are subject to a policy that specifically requires pre-approval of all transactions in ÃÛ¶¹ÊÓƵ shares and related instruments by the firm's compliance organization.

´¡Ìýlist of ÃÛ¶¹ÊÓƵ management transactions dating back three years can be found on the website of SIX Swiss Exchange:

Archive

Prior to the repatriation of SWX Europe London to SIX Swiss Exchange Zurich on May 4, 2009, ÃÛ¶¹ÊÓƵ management transactions have been disclosed, as a regulatory requirement, to the German regulator BaFin.

Archive 2005-2008