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Proposal of the Board of Directors

The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on 4 April 2018 that the available retained earnings of CHF 5,240 million as of 31 December 2017 be appropriated as follows:

In CHF million   31.12.2017
     
Appropriation of retained earnings
Retained earnings from previous year   6,182
Ordinary dividend 1   (1,140)
Balance carried forward from prior year   5,042
Net income for the year   197
Change in treasury shares   1
Retained earnings available to the Annual General Meeting   5,240
Ordinary dividend of CHF 22.00 per share on 51,801,319 shares 1   (1,140)
Balance to be carried forward   4,100
1 Excluding treasury shares.

In the event that the proposal is approved, a dividend per share will be paid to shareholders on 10 April 2018 as follows:

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