IV. FINANCIAL ACCOUNTS AND APPROPRIATION OF EARNINGS

§22

The fiscal year begins on January 1st and closes on December 31st.

The annual financial statements, consisting of the balance sheet, the income statement and the notes to the financial statements as well as the consolidated financial statements, is to be prepared in conformity with the legal requirements (Article 662 ff. SCO) as well as commonly recognised commercial and customary principles.

§23

The following rules apply to the appropriation of earnings: The legal reserves are to be allocated after accounting for commercially necessary and legally permissible depreciation and provisions, according to Article 671 SCO.

The General Meeting may dispose of the remaining earnings within the scope of the legal provisions on the request of the Board of Directors, in which case the same dividend is to be distributed to each share in accordance with its nominal value.