ARTICLE · 03 SEPTEMBER 1997

Articles of Association V - Liquidation

Niederer Kraft Frey AG

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Article 20 Dissolution and Liquidation

The Shareholders Meeting may at any time resolve the dissolution and liquidation of the Corporation in accordance with the provisions of the law and of the Articles of Association.

The liquidation shall be carried out by the Board of Directors to the extent that the Shareholders Meeting has not entrusted the same to other persons (see endnote 85).

The liquidation of the Corporation shall take place in accordance with art. 742 et seq. CO. The liquidators are authorized to dispose of the assets (including real estate) by way of private contract. After all debts have been satisfied, the net proceeds shall be distributed among the shareholders in proportion to the amounts paid-in (see endnote 86).

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