Annex 1

1 Issuers incorporated in Switzerland

2 Issuers not incorporated in Switzerland

1. The following accounting standards are also recognized for issuers which are not incorporated in Switzerland:
   • EU IFRS
   • Japanese GAAP
      
2. Issuers of debt securities only that are not incorporated in Switzerland may use other accounting standards, provided the following conditions are fulfilled:
   • the issuer's debt securities may, subject to the application of the corresponding accounting standards, be admitted to trading on a regulated market in a member state of the EU or EEA irrespective of the denominations of the issue. The issuer must provide evidence of this; or
   • the accounting standard that is applied is permitted on the market recognised by the Regulatory Board in the home country of the issuer or guarantor (Art. 3 para. 1 DFC) and the differences between the applied accounting standard and IFRS or US GAAP are explained in detail in text form in the listing prospectus and in the annual reports, or in a supplement to these documents. The existence of any supplement must be stated prominently in the listing prospectus.

Such explanations need not be published if the audited annual financial statements already include a numerical reconciliation of the applied standard and IFRS or US GAAP on the basis of the profit or loss for the reporting period and the shareholders' equity as of the end of the reporting period, along with explanations of the main positions.