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Articles of Association

The Federal Ordinance on Excessive Remuneration (the “Ordinance”) requires extensive amendments to the Articles of Association. Following the adoption of a new constitutional provision (Art. 95 III) by the Swiss voters, the Swiss government has adopted the Federal Ordinance on Excessive Compensation (hereinafter the “Ordinance”) which has an impact on the corporate governance of all Swiss companies listed on a Swiss or foreign Stock Exchange.

Said Ordinance has come into force on 1 January 2014 and requires Cavotec to amend its Articles of Association.