Currency
As determined by the Articles of Association, the Company currency is Euro. The remuneration of the Members of the Board of Directors and the Members of the Executive Committee is determined and paid in Swiss Francs (CHF). For Members of the Executive Committee employed by a non-Swiss entity, an average conversion rate to Euro applies. For the purpose of establishing the maximum remuneration amounts for the Board of Directors and the Executive Committee as approved by the General Meetings, a 1-to-1 conversion rate for CHF to € was assumed (‘Assumed Fx rate’). For accounting purposes, payments during the year provided in CHF were converted to € using a monthly average rate. The 2023 average exchange rate was €1 = CHF0.97176 (‘Average Fx Rate’). These converted amounts, plus any items (cash or equity) provided for in Euro, represent the actual remuneration. In accordance with the Swiss Code of Obligations (art. 734 para. 2 in connection with art. 958d, para. 3), the actual remuneration stated in Euro must be expressed in local currency (i.e., CHF) as well. In line with the accounting principles, the year-end Fx rate equal to €1 = CHF0.9260 (‘Year-end Fx rate’) applies in this respect. Amounts calculated by this means are referred to as ‘CHF Value’.