Change to investment strategy as of October 1, 2015

In view of the low level of interest rates in Switzerland, and the considerable volatility in exchange rates, the Board of Trustees has decided to reduce the Pension Fund's strategic liquidity allocation from 2.5 % to 1.0 %

Date:: 11/3/15

Foreign currency bonds have been increased by one percentage point to 4.0 %, and the foreign currency risks in this asset class have now been hedged
The foreign equities allocation has been raised by 0.5 percentage points to 16.5 %

These changes mean that approx. 70 % of total assets are invested in Swiss francs, and 30% in foreign currencies.

Asset Allocation

as of October, 1 2015