IV. Cancellation of admission to trading

Art. 16
Application for cancellation

¹ In principle, the sponsoring securities dealer itself decides on the cancellation of admission to trading in the SIX Swiss Exchange-Sponsored Segment.

² It must apply for cancellation and submit the application to the Regulatory Board at least 30 exchange days prior to the intended date of cancellation of listing.

³ As a rule, the cancellation of admission to trading in the SIX Swiss Exchange-Sponsored Segment may be applied for no earlier than one year after the equity securities concerned start trading in the SIX Swiss Exchange-Sponsored Segment. Special circumstances in which early cancellation is justified remain reserved.

Art. 17
Cancellation without application

¹ The Regulatory Board may also cancel admission to trading in the SIX Swiss Exchange-Sponsored Segment without receiving an application from the sponsoring securities dealer.

² This is the case especially in any of the following circumstances:

1. insufficient trading turnover;
2. conditions for admission to trading no longer fulfilled;
3. violation of the duty to operate as a market maker;
4. violation by the sponsoring securities dealer of the disclosure obligations for maintenance of admission to trading.

Art. 18
Cancellation decision

¹ The Regulatory Board decides on cancellations at its own discretion. It may decide on the point in time of the announcement as well as on the last trading day.

² In making its decision, it weighs the interests of investors, orderly trading and the applicant against one another.

³ Cancellation of admission to trading will usually be announced by SIX Swiss Exchange no later than 20 exchange days prior to the cancellation of trading by means of an official notice from the sponsoring securities dealer.