Federal Act on the Amendment of the Swiss Civil Code

¹In the sub­sequent valu­ation, as­sets with a stock ex­change price or an­oth­er ob­serv­able mar­ket price in an act­ive mar­ket may be val­ued at that price as of the bal­ance sheet date, even if this price ex­ceeds the nom­in­al value or the ac­quis­i­tion value. Any per­son who ex­er­cises this right must value all as­sets in cor­res­pond­ing po­s­i­tions on the bal­ance sheet that have an ob­serv­able mar­ket price at the mar­ket price as of the bal­ance sheet date. In the notes to the ac­counts, ref­er­ence must be made to this valu­ation. The total value of the cor­res­pond­ing as­sets must be dis­closed sep­ar­ately for se­cur­it­ies and oth­er as­sets with ob­serv­able mar­ket price.

²If as­sets are val­ued at the stock ex­change price or at the mar­ket price as of the bal­ance sheet date, a value ad­just­ment to be charged to the profit and loss ac­count may be made in or­der to take ac­count of fluc­tu­ations in the price de­vel­op­ment. Such valu­ation ad­just­ments are not per­mit­ted, however, if they would res­ult in both the ac­quis­i­tion value and the lower mar­ket value be­ing un­der­cut. The total amount of fluc­tu­ation re­serves must be shown sep­ar­ately on the bal­ance sheet or in the notes to the ac­counts.