Proposed appropriation of retained earnings

Proposal of the Board of Directors

The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on 8 April 2015 that the retained earnings of CHF 5,502 million as of 31 December 2014 shall be ­appropriated as follows:

In CHF million31.12.2014
Appropriation of retained earnings
Balance carried forward from prior year3,030
Net income for the year2,472
Total retained earnings5,502
Ordinary dividend of CHF 22.00 per share to 51,801,794 shares in total 1(1,140)
Balance to be carried forward4,362
1 Excluding treasury shares.

In the event that the proposal is approved, a dividend per share will be paid to shareholders on 15 April 2015 as follows:

Per registered shareCHF
Ordinary dividend, gross22.00
Less 35% withholding tax(7.70)
Net dividend paid14.30