Note 10 Legal reserves from capital contributions

The opening balance for 2011 is as of incorporation on 2 February 2011. The opening balance for 2012 is as of the beginning of the financial year 2012.

In 2012, the Swiss Federal Tax Administration confirmed an additional qualifying amount of capital contribution reserves of CHF 15 million. In addition, there was another reclassification from other legal reserves to legal reserves from capital contributions of issuance costs of CHF 16 million related to capital increases in previous years, which has not been confirmed by the Swiss Federal Tax Administration.

Under current Swiss tax legislation, the amount of legal reserves from capital contributions, which has been confirmed by the Swiss Federal Tax Administration, can be paid out as dividends exempt from Swiss withholding tax, and for Swiss resident individual shareholders holding shares in private wealth also exempt from Swiss income taxes.