On Announces Filing of Registration Statement for Proposed Initial Public Offering

ZURICH,Aug. 23,2021 -- Global performance sportswear brand On announced today that it has publicly filed a registration statement on Form F-1 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed initial public offering of its Class A ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. On has applied to list its common stock on the New York Stock Exchange under the symbol "ONON".

Goldman Sachs & Co. LLC,Morgan Stanley and J.P. Morgan are acting as joint lead book-running managers for the proposed offering,with Allen & Company LLC,UBS Investment Bank,and Credit Suisse acting as joint book-running managers.

The proposed offering will be made only by means of a prospectus,which forms a part of the Registration Statement. Copies of the Registration Statement and the preliminary prospectus included therein relating to the proposed offering,when available,may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively,copies of the prospectus,may be obtained from Goldman Sachs & Co. LLC,Attn: Prospectus Department,200 West Street,New York,NY 10282,by telephone at 866-471-2526 or by email at prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC,180 Varick Street,2nd Floor,NY 10014; or J.P. Morgan Securities LLC,c/o Broadridge Financial Solutions,1155 Long Island Avenue,Edgewood,NY 11717,by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmorganchase.com.

The Registration Statement relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold,nor may offers to buy be accepted,prior to the time the Registration Statement becomes effective.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities,nor shall there be any sale of these securities in any state or jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers,solicitations or offers to buy,or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933,as amended. The offering is subject to market conditions,and there can be no assurance as to whether or when the offering may be completed,or as to the actual size or terms of the offering.

About On

Onwas born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering allto run on clouds. Eleven years after market launch,On delivers industry-disrupting innovation in premium footwear,apparel,and accessories for high-performance running,outdoor,and all-day activities. Fueled by customer-recommendation,On's award-winning CloudTec®innovation,purposeful design andgroundbreaking strides in sportswear's circular economyhave attracted a fast-growing global fanbase — inspiring humans to explore,discover and dream on.

On is present in more than 60 countries globally and engages with a digital community on www.on-running.com.

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