FACT SHEET

SIX Swiss Exchange Blue Chip Segment (former SWX Europe UK Exchange
Regulated Market Segment and SWX Europe EU Regulated Market Segment)

This fact sheet provides an overview of the main aspects regarding the new regulation of the SIX Swiss
Exchange Blue Chip Segment (“Blue Chip Segment”). The Blue Chip Segment will be newly
established in connection with the reunification of Swiss share trading on SIX Swiss Exchange in Zurich
as of 4 May 2009.
.

Regulation

The new Blue Chip Segment on SIX Swiss Exchange consists of the Composition
securities currently admitted to trading in the SWX Europe’s UK
Exchange Regulated Market Segment and EU Regulated Market
Segment.

The rules governing the Blue Chip Segment substantially reflect the Transitional Rule
Rules of former SWX Europe and are set out in the new "Transitional Book for Blue Chip
Rule Book for Blue Chip Trading". These rules will be subject to Trading
Swiss law as of 4. May 2009.
Further harmonised and updated rules for SIX Swiss Exchange fully
integrating the transitional rules for the Blue Chip Segment are
expected in early 2010. And will cover all segments resulting in all
members adopting the same rule book.

The rules governing the Blue Chip Segment on SIX Swiss Exchange Blue Chip Segment
consist of the Transitional Rule Book for Blue Chip Trading and the Directives
following former SWX Europe Directives (“Blue Chip Segment
Directives”) which are an integral part.
ƒ Directive 2: Registration of Individuals
ƒ Directive 3: Market Days, Phases and Hours and Clearing
Days
ƒ Directive 4: Orders, Off-order Book Trades and their Attributes
ƒ Directive 5: Price Steps and Round Lots
ƒ Directive 6: Extraordinary Situations
ƒ Directive 7: Emergency Situations (System Failure)
ƒ Directive 8: Handling of Mistrades
ƒ Directive 9: Fees
ƒ Directive 10: Use of Market Information Disseminated via the
Trading System
ƒ Directive 11: Default Procedures
ƒ Directive 15: Order Routing and other Automated Systems
ƒ Directive 19: Separate Line Trading
ƒ Directive 21: SWX Swiss Block
The following SWX Europe Directives will be entirely abolished:
ƒ Directive 1: Admission & Membership
ƒ Directive 12: Discipline and Appeal Procedures (members will
be subject to the sanctions regime of SIX Swiss
Exchange)
ƒ Directive 13: Settlement Discipline
ƒ Directive 16: UK Panel on Takeovers and Mergers
ƒ Directive 17: Exchange Traded Funds
ƒ Directive 20: Clearing (incorporated into Directive 3)

Entitlement to Trade in the Blue Chip Segment

All trading participants of SIX Swiss Exchange are entitled to trade in Who is Entitled to
the Blue Chip Segment. Trade
Members of SWX Europe as at 31 March 2009 who are not already
participants of SIX Swiss Exchange ("Former SWX Europe
Members") will benefit from a grandfathering of their membership
provided they are authorised securities dealers in Switzerland.

FINMA Authorisation How to Apply

Unless already authorised, Former SWX Europe Members are
required to apply to FINMA for a Swiss securities dealers licence and
will benefit from a fast-track authorisation procedure.
SIX Swiss Exchange Membership
Former SWX Europe Members may either apply to become full SIX
Swiss Exchange members (trading participants) or may benefit from
a grandfathering of their existing SWX Europe membership which will
entitle them to trade in the Blue Chip Segment only ("Blue Chip
Trading Membership").

Fees for administration, use of infrastructure and trading correspond No Change of Fees
to the fees of SWX Europe as set out in SWX Europe Directive 9.

Sanction Regime

Trading in the Blue Chip Segment is subject to SIX Swiss Exchange's

Rules of Procedure and consequently SIX Swiss Exchange's
sanction regime.

Trading Rules

The rules for trading in the Blue Chip Segment correspond to the In General
SWX Europe trading rules.
Changes to the trading rules are negligible, with no changes made to,
inter alia, trading hours, order matching rules, uncrossing auction
mechanisms and post-trade anonymity.
There will be no duty to trade on the exchange (otherwise known as No Concentration
the concentration rule) for trading in the Blue Chip Segment. Rule

Currently, SIX Swiss Exchange obliges members to report all on- Trade Reporting
order book and off-order book transactions executed by them in
Swiss and foreign securities that are admitted to trading on a Swiss
stock exchange.
For Swiss domiciled members there will be no change from the
current duty to report all transactions to the exchange.
Non Swiss domiciled members have no obligation to trade report off-
order book transactions to SIX Swiss Exchange as long as long as
the trade report is made to a Trade Data Monitor as defined by the
Financial Services Authority (”FSA”) or a similar trade data reporting
mechanism recognised by appropriate regulatory authorities of
European Union member states.
Members who trade report to SIX Swiss Exchange benefit from the
protection of the rules set out by SIX Swiss Exchange, including
default, buying-in and settlement.

Clearing & Settlement

The rules for clearing & settlement in the Blue Chip Segment In General
substantially correspond to the SWX Europe clearing & settlement
rules.

There is no change to the clearing arrangements for the Blue Chip Dual CCP
Segment. Dual CCP's will be maintained allowing members to
continue to clear trades through their chosen provider.

SWX Europe members who are grandfathered into SIX Swiss No Collateral Deposit
Exchange will not need to provide a collateral deposit. However, this
may change in the future when the harmonized rules of SIX Swiss
Exchange enter into force.

Default Procedures

The default procedures as outlined in the Transitional Rule Book for

Blue Chip Trading and in Blue Chip Segment Directive 11 remain
unchanged.

Technology and Data

The current trading platform and connectivity mechanisms remain No Change

unchanged.
No structural amendments to MIC code, product identifiers and other
static data items will be made during 2009 (i.e. “VTX” codes remain
unchanged).

Collection of Stamp Duty

There is no change to the current stamp duty framework for domestic Changes for Remote
(i.e. Swiss domiciled) participants of SIX Swiss Exchange. Members Only
For foreign members of a Swiss Exchange (“Remote Members”)
 certain transactions matched in the order-book (which previously
were not taxable in the UK on SWX Europe) will become subject to
stamp duty in Switzerland.
Specifically these are transactions that are executed on behalf of non
exempted clients according to Swiss Stamp Duty Law (e.g. private
clients)
Remote Member’s liability to Swiss Stamp Duty will commence on the
reunification of Swiss blue chip trading in Zurich on 4 May 2009.
Further correspondence on this matter will be issued to Remote
Members in mid-March.

Swiss Block

Swiss Block, SWX Europe's non-displayed block trading service, will

be transferred to SIX Swiss Exchange and continue to provide a
secure and high performance dark pool.

Contact

For further information please contact key account manager or

member services