Securities trading policy and black-out periods

The Board maintains a policy that prohibits corporate insiders from using confidential information. It institutes trading black-out periods to prevent insiders from trading in securities of Sonova Holding AG during sensitive time periods.

This policy defines general trading black-out periods, during which the Board members, the Group Executives, and certain employees of Sonova Group are prohibited from trading in securities of Sonova Holding AG and/or related financial instruments, subject to exemptions provided by Swiss law (e.g., for share buyback programs). The recurring trading black-out periods begin one month prior to the end of any half year or full year reporting period of Sonova and end two full trading days following the respective public release. The exact dates are communicated by email to all persons involved. Sonova may impose additional special trading black-out periods at any time for any reason.

In cases of personal hardship, the CEO and the CFO acting jointly and following consultation with the Group General Counsel & Chief Compliance Officer, may allow exceptions to a black-out period upon a reasonable request by the employee concerned. In case options or warrants granted under any employment compensation plan fall within a black-out period, and, if the applicable plan provides for the automatic exercise or sale of such options or warrants during the black-out period, such options or warrants may be automatically exercised or sold during the black-out period by the plan administrator and as provided for in the relevant plan.