Initial Public Offering of Thurgauer Kantonalbank

Reference: CapLaw-2014-16

On 24 March 2014, Thurgauer Kantonalbank announced its initial public offering of 2,175,000 participation certifi cates with a nominal value of CHF 20 each. The final offer price per participation certifi cate was CHF 74, valuing the listed share capital of Thurgauer Kantonalbank at approximately CHF 160 million. The first day of trading of the participation certificates on the Domestic Standard of SIX Swiss Exchange was 7 April 2014. A greenshoe option allowing for the placement of up to 325,000 additional participation certifi cates was granted and has been exercised.