Schmolz+Bickenbach Game Theory

All,

We have been going through plenty of game theory on S+B in the last weeks - admittedly with no single result that would have led us to taking a position.

Clearly today events have been complicated by the Swiss Regulator’s decision against granting the company a restructuring exemption, which - unless its revised - renders the thus far proposed transaction impracticable.

Nevertheless, if you do want to discuss the conditions under which a potentially re-enabled RI backstopped by Häfner along the lines recently proposed would or would not trigger a change of control, Tomas is your man.

Wolfgang