7. Changes of control and defence measures

The pro­vi­sions of the Stock Ex­change Act con­cern­ing pub­lic takeover of­fers ap­ply only to com­pa­nies whose reg­is­tered of­fices are in Switzer­land. Ac­cord­ingly, the Ar­ti­cles of In­cor­po­ra­tion of VP Bank Group con­tain no clauses gov­ern­ing the duty to make an of­fer or changes in con­trol.