WORST OF BARRIER REVERSE CONVERTIBLE LINKED TO WORST OF - GIVAUDAN/SWISSCOM N/GEBERIT N Stock

Swisscom AG is Switzerland's leading telecommunications operator. Net sales break down by activity as follows: - fixed and mobile telecommunications services (67.8%): fixed and mobile telephony, data transmission, Internet access, TV and radio broadcasting services, etc.; - realisation, maintenance and operation of communication infrastructures (10.6%); - interconnection services (8.3%): for telecommunications operators; - sale of fixed and mobile telephones (8%); - other (5.3%). Net sales are distributed geographically as follows: Switzerland (77.6%) and Italy (22.4%).