3. Conditional share capital

As of 31 December 2019, the company had the following conditional share capital:

• a. As of 31 December 2016, the conditional capital thus amounted to CHF 301 935 (301 935 shares with a nominal value of CHF 1.00 each). On 18 May 2017, the Annual General Meeting authorized to increase the conditional share capital from CHF 301 935 to CHF 1 500 000 (1 500 000 shares with a nominal value of CHF 1.00 each) according to Article 3a of the Articles of Association. On 18 May 2017, the right to convert a convertible loan was exercised to purchase shares. The capital increase amounted to CHF 150 000 (150 000 shares with a nominal value of CHF 1.00 each). The exercise price was CHF 3.20 per share. There was no change in 2019. As of 31 December 2019, the conditional share capital amounted to CHF 1 350 000 (1 350 000 shares with a nominal value of CHF 1.00 each).
• b. Additionally, according to Article 3b of the Articles of Association, the share capital of the company may be increased by the maximum amount of CHF 46 638 by the issuance of no more than 46 638 (2018: 46 638) registered shares that are to be fully paid in and have a nominal value of CHF 1.00 each; this increase being the result of the exercise of option rights that can be granted to employees of the company or of affiliated companies As of 31 December 2019, the conditional share capital thus amounted to CHF 46 638 (46 638 shares with a nominal value per CHF 1.00 each).