Switzerland

On January 26, 2026, Zürcher Kantonalbank successfully completed its issuance of EUR 500 m 2.950 per cent. Fixed Rate Bonds due January 26, 2031 (the Bonds). The senior unsecured Bonds have been issued under Zürcher Kantonalbank’s Swiss base prospectus consisting of the applicable summary and securities note for the issue of bonds and short term notes of Zürcher Kantonalbank dated June 20, 2025 and the registration form for debt securities dated June 20, 2025, as updated, approved by SIX Exchange Regulation AG and final terms issued thereunder. BNP PARIBAS, Deutsche Bank Aktiengesellschaft, UBS AG London Branch, and Zürcher Kantonalbank acted as the Joint Lead Managers. Homburger acted as counsel to Zürcher Kantonalbank as issuer. The Homburger team was led by Benjamin Leisinger and included Yulia Shaburnykova (both Capital Markets). Tax aspects were covered by Dieter Grünblatt.

Niederer Kraft Frey advised SWISSto12 on the transactions. SWISSto12, one of the world’s fastest-growing aerospace companies and leading manufacturer of advanced satellite systems and radio frequency (RF) products, has secured EUR 73 million (USD 85.5 million) in financial support from European Space Agency (ESA) Member States through the HummingSat ARTES partnership project. In addition, SWISSto12 raised funding from European private investors, bringing its total funding to more than EUR 100 million (USD 117.2 million). Signaling strong institutional and private investor confidence in the company’s commercial potential and operational readiness, the funding will accelerate SWISSto12’s development and industrialization of Hummingsat, SWISSto12’s next-gen affordable, compact satellite, to meet growing demand for commercial and sovereign communications, as well as the scaling up its manufacturing capacity and accelerating new product innovations. These initiatives address increasing global demand for cost-effective, agile and sovereign communications in both government and commercial sectors. The investment will also allow SWISSto12 to further develop its phased-array antenna technologies to be used onboard LEO/MEO/GEO satellite payloads and ground products such as user terminals. The NKF team was led by Corporate/M&A partner Jacques Bonvin, working with associate Boris Catzeflis (Corporate/M&A and Technology).

On 21 January 2026, the successful completion of the sale of UBS Switzerland AG's ("UBS") 50% stake in Swisscard AECS GmbH ("Swisscard") to American Express Swiss Holdings GmbH was published in the Swiss Official Gazette of Commerce. Previously, UBS and Swisscard had successfully completed the transition of Swisscard's Credit Suisse branded card portfolios to UBS. Bär & Karrer acted as legal advisor to UBS in this transaction. The team was led by Vera Naegeli and included Rolf Watter, Linus Zweifel, Matthias Tanner, Fabian Schlegel and Morris Rigling (all M&A and Corporate & Commercial), Susanne Schreiber, Cyrill Diefenbacher, Fabian Capt and Martin Leu (all Tax), Daniel Flühmann and Christina Werren (both Regulatory), Mani Reinert and Martin Werner (both Competition), Lukas Roesler (Finance), Cinzia Catelli, Predrag Sunaric and Yves Tjon-A-Meeuw (all Litigation) as well as Laura Widmer (Employment). For further information please contact: Media Relations, Eric Stupp Tel: +41 58 261 50 00 Email: [email protected] Bär & Karrer is a leading Swiss law firm with more than 200 lawyers, providing customized legal advice in complex transactions and litigation. Clients range from multinational corporations to private individuals in Switzerland and abroad. Bär & Karrer is present with offices in all main language regions in Switzerland and operates globally via an international network of leading law firms. For further information please visit baerkarrer.ch.

Niederer Kraft Frey advised the shareholder of Vibro-Consult AG on its successful sale to TIC. Vibro-Consult is one of the leading specialists in vibration and machine diagnostics. With decades of expertise in measurement and vibration technology, the company is a market leader in Switzerland and also supports clients internationally in the analysis, monitoring and optimisation of rotating machinery such as turbines, generators, pumps and similar equipment. The NKF team was led by Corporate/M&A partner Deirdre Ní Annracháin, working together with associate Manuel Hirlinger (Corporate/M&A) and partner Marc Vogelsang (Tax).