Directive to the Listing Procedure for Derivatives (15.07.2025)

[non-binding translation]

Directive to the Listing Procedure for Derivatives Date of entry into force: 15 July 2025

List of contents

1 Purpose and subject matter

1.1. In addition to the Additional Rules for the Listing of Derivatives (ARD) and the Additional Rules for the Listing of Exchange Traded Products (ARETP), this directive lays down the specific requirements for the procedures for listing, maintaining, and terminating the listing of derivatives on BX Swiss AG (BX Swiss).

2 Listing applications

2.1. The application shall be submitted via an electronic interface 3recognised by BX Swiss, on which a sufficient description of the conditions of the issuance is ensured.

2.2. At the earliest, derivatives may be admitted to trading on the trading day immediately following the submission of the application (T+1). Such admission is only possible if the correct and complete listing application is received by 15:30 the latest and is approved on the same day.

2.3. The listing application is deemed to have been validly transmitted or delivered upon receipt of the response from the BX Swiss system.

2.4. Listing applications that are not submitted via a recognised electronic interface shall be submitted in writing to the admission office at least ten trading days before the first trading day.

2.5. Prior to the listing, the issuer and any guarantor shall provide the following declaration:

a) The competent bodies of the issuer or the guarantor agree with the issuance.

b) The issuer has a valid prospectus which has been approved by a Prospectus Review Office in accordance with FinSA, or which is deemed approved in accordance with FinSA.

c) The issuance fulfils all listing conditions pursuant to the applicable rules of BX Swiss.

d) Starting with the listing, all disclosure and information obligations pursuant to the applicable rules of BX Swiss are complied with in due time.

e) If collective investment schemes serve as underlying, there is no circumvention in relation to the Federal Act on Collective Investment Schemes of 23 June 2006 (Collective Investment Schemes Act, CISA), and the public offer is permissible according to the applicable law and the provisions of FINMA.

f) The listing fees will be paid.

2.5bis If the assets serving as collateral pursuant to clause 6.1 ARETP are crypto assets, the following additional declarations must be submitted

a) that he or the guarantor is a bank under the Federal Banking Act of 8 November 1934 (BankA), an insurance company under the Federal Act of on the Supervision of Insurance Companies of 17 December 2004 (Insurance Oversight Act, IOA), a securities firm under the Federal Act on Financial Institutions of 15 June 2018 (Financial Institutions Act, FinIA) or a foreign institution subject to equivalent prudential supervision, or that a collateralisation 3within the meaning of Art. 70 para. 2 lit. b FinSA is guaranteed; and

b) if applicable, that the custodian holds the assets serving as collateral on behalf of the issuer and that it is a custodian within the meaning of section 6.4 ARETP; and

c) if applicable, that the custodian keeps the assets serving as collateral available at all times within the meaning of clause 6.4 ARETP and that these can either be allocated individually to the issuer or are allocated to a community and it is clear what share of the community assets the issuer is entitled to.

The issuer must ensure that the collateral fulfils the requirements of Art. 70 para. 2 lit. b FinSA.

2.6. In the event that the issuer is, in accordance with FinSA, exempted from the requirement to produce a prospectus, this fact shall be explained in the listing application and the confirmation according to clause 2.5 lit. b is not required.

2.7. The declaration pursuant to section 2.5 may be submitted once. It shall refer to all securities that are listed on BX Swiss as part of the relevant prospectus. The prospectus shall be clearly identified in the declaration.

2.8. In the case of listing applications for derivatives that are submitted in writing in accordance with clause 2.4, the application must be accompanied by documents containing the information that is essential for assessing whether the listing requirements have been fulfilled (e.g. securities description, final terms, basic information sheet, etc.).

3 Authorisation of new issuers / guarantors

3.1. A new issuer is an issuer which had no securities listed on BX Swiss for over three years.

3.2. The issuer or its representative shall submit the application for 4authorisation of a new issuer and any guarantors to the admission office no later than 20 trading days before the desired date of the authorisation.

3.3. The following enclosures shall be submitted together with the application to the Admission Board:

a) Copy of the last audited annual report;

b) interim reports and disclosures of new, price-relevant facts which have been published since the last annual report;

c) copy of the current excerpt from the commercial registry or a comparable foreign registry;

d) copy of the currently effective BX Swiss articles of association;

e) if applicable: Proof that the issuer or alternatively the guarantor has a license or 4authorisation pursuant to clause 3.2. ARD.

3.4. New issuers who are already trading participants on BX Swiss or are applying for admission at the same time, are not obligated to apply as a new issuer.

4 Form of applications

4.1. Applications and written confirmations pursuant to clause 2 and 3 shall be duly signed or have a qualified electronic signature within the meaning of Article 14 paragraph 2bis of the

Federal Act on the Amendment of the Swiss Civil Code of 30 March 1911 (Part Five: The Code of Obligations, CO) and shall be submitted to the Admission Board either in writing or electronically via email to zulassung@bxswiss.com.

4.2. BX Swiss may provide the respective forms for the electronic submission of documents on its website or provide a web portal for this purpose.

5 Final provisions

5.1. This directive was adopted by the Admission Board and enters into force on 15 July 2025. It replaces the directive of 16 November 2020.