Proposal of the Board of Directors

The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on 6 April 2016 that the available retained earnings of CHF 4,641 million as of 31 December 2015 be appropriated as follows:

In CHF million   31.12.2015
Appropriation of retained earnings    
Balance carried forward from prior year   4,362
Net income for the year   279
Total retained earnings   4,641
Ordinary dividend of CHF 22.00 per share to 51,801,943 shares 1   (1,140)
Balance to be carried forward   3,501
1 Excluding treasury shares.

In the event that the proposal is approved, a dividend per share will be paid to shareholders on 12 April 2016 as follows:

Per registered share   CHF
Ordinary dividend, gross   22.00
Less 35% withholding tax   (7.70)
Net dividend paid   14.30